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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 19/03/20

Bob Mason

Litecoin

Litecoin rose by 1.96% on Wednesday. Following a 2.4% gain on Tuesday, Litecoin ended the day at $34.85.

A bullish start to the day saw Litecoin rise to a mid-morning high $34.89 before hitting reverse.

Falling short of the first major resistance level at $35.95, Litecoin fell to an early afternoon intraday low $32.37.

Finding support at the first major support level at $32.48, Litecoin rallied to a final hour intraday high $34.95.

While falling well short of the first major resistance level at $35.95, Litecoin closed out the day in the green.

At the time of writing, Litecoin was down by 1.87% to $34.20. A mixed start to the day saw Litecoin rise to an early morning high $35.50 before sliding to a low $34.08.

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 another run the first major resistance level at $35.70.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $35.50.

Barring an extended crypto rally, the first major resistance at $35.70 would likely limit any upside on the day.

Failure to move through to $35 levels could see Litecoin fall deeper into the red.

A fall back through to sub-$34 levels would bring the first major support level at $33.18 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $31.52.

Looking at the Technical Indicators

Major Support Level: $33.18

Major Resistance Level: $35.70

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 1.59% on Wednesday, Partially reversing a 4.43% gain from Tuesday, Stellar’s Lumen ended the day at $0.036963.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.037942 before hitting reverse.

Falling short of the first major resistance level at $0.03848, Stellar’s Lumen fell back to an early afternoon intraday low $0.034737.

Stellar’s Lumen fell through the first major support level at $0.03568 before recovering to $0.037 levels.

Failing to recover losses from the day, Stellar’s Lumen fell back to sub-$0.037 levels at the day end.

At the time of writing, Stellar’s Lumen was up by 0.37% to $0.037098. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.036911 before striking a high $0.037675.

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 the morning high $0.037675 to support a run at the first major resistance level to $0.03836.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.037942.

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

Failure to move through the morning high could see Stellar’s Lumen hit reverse

A fall back through the morning low $0.036911 to sub-$0.03660 levels would bring the first major support level at $0.03515 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.034 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03515

Major Resistance Level: $0.03836

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 rose by 1.00% on Wednesday. Following on from a 4.43% rally on Tuesday, Tron’s TRX ended the day at $0.010222.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.010246 before hitting reverse.

Falling short of the major resistance levels, Tron’s TRX slid to an early afternoon intraday low $0.009671.

Finding support at the first major support level at $0.00962, Tron’s TRX struck an early afternoon intraday high $0.010306.

Coming up short of the first major resistance level at $0.010480, Tron’s TRX fell back to sub-$0.010 levels before finding late support.

The late recovery delivered the upside on the day.

At the time of writing, Tron’s TRX was up by 0.26% to $0.010248. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.010371 before falling to a low $0.010132.

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 $0.01046.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.010371.

Barring an extended crypto rally, the first major resistance at $0.01046 would likely cap any upside.

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

A fall through the morning low to sub-$0.010 levels would bring the first major support level at $0.00983 into play.

Barring another crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.00943.

Looking at the Technical Indicators

Major Support Level: $0.00983

Major Resistance Level: $0.01046

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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