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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 17/03/20

Bob Mason

Litecoin

Litecoin slid by 8% on Monday. Reversing a 5.32% rally from Sunday, Litecoin ended the day at $33.33.

A mixed start to the day saw Litecoin rise to an early morning intraday high $36.28 before hitting reverse.

Falling short of the first major resistance level at $38.84, Litecoin slid to a late morning intraday low $29.17.

Litecoin fell through the first major support level at $33.79 and the second major support level at $31.35.

Finding support in the early afternoon, Litecoin broke back through the major support levels before easing back.

A late pullback saw Litecoin fall back through the first major support level to revisit $31 levels.

The second major support level at $31.35 limited the downside late in the day, supporting a return to $33 levels.

At the time of writing, Litecoin was up by 4.68% to $34.89. A bullish start to the day saw Litecoin rise from an early morning low $32.58 to a high $35.74.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through to $35 levels to support a run the first major resistance level at $36.68.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $36.28.

Barring a broad-based crypto rebound, resistance at $36 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $35 levels could see Litecoin hit reverse.

A fall back through to sub-$33 levels would bring the first major support level at $29.57 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$30 levels.

Looking at the Technical Indicators

Major Support Level: $29.57

Major Resistance Level: $36.68

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 5.82% on Monday. Reversing a 2.74% gain from Sunday, Stellar’s Lumen ended the day at $0.035318.

Tracking the broader market, Stellar’s Lumen rose to an early morning intraday high $0.038223 before hitting reverse.

Falling short of the first major resistance level at $0.04015, Stellar’s Lumen slid to a late morning intraday low $0.031561.

Stellar’s Lumen fell through the first major support level at $0.03640 and the second major support level at $0.03475.

Finding support in the late morning, Stellar’s Lumen broke back through the second major support level to revisit $0.036 levels before easing back.

The first major support level at $0.03640 pinned Stellar’s Lumen back late in the day.

At the time of writing, Stellar’s Lumen was up by 4.76% to $0.03700. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.035431 to a high $0.038231.

Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead

Stellar’s Lumen would need to move back through to $0.038 levels to support a run at the first major resistance level to $0.03851.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.038231.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through to $0.038 levels could see Stellar’s Lumen give up the morning gains.

A fall back through the morning low $0.035431 to sub-$0.035 levels would bring the first major support level at $0.03185 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.032 levels.

Looking at the Technical Indicators

Major Support Level: $0.03185

Major Resistance Level: $0.03851

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.1433

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX slid by 6.07% on Monday. Reversing a 5.61% rally from Sunday, Tron’s TRX ended the day at $0.009642.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.010361 before hitting reverse.

Falling short of the first major resistance level at $0.01050, Tron’s TRX fell to a late morning intraday low $0.008502.

Tron’s TRX fell through the first major support level at $0.00961 and the second major support level at $0.00892.

Finding support in the late morning, Tron’s TRX recovered to an afternoon high $0.00978 before easing back.

Tron’s TRX broke back through the major support levels before falling back through the first major support level.

At the time of writing, Tron’s TRX was up by 4.69% to $0.010094. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.009566 to a high $0.010378.

Tron’s TRX left the major support and resistance levels untested early on.

For the Day Ahead

Tron’s TRX would need to move back through to $0.01030 levels to support a run at the first major resistance level at $0.01050.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the Monday’s high $0.010361.

Barring an extended crypto rally, resistance at $0.013 levels would leave Tron’s TRX short of the first major resistance at $0.01050.

Failure to move through to $0.01030 levels could see Tron’s TRX struggle later in the day.

A fall through the morning low $0.009566 to sub-$0.0095 levels would bring the first major support level at $0.00864 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.0090 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.00864

Major Resistance Level: $0.01050

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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