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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 16/03/20

Bob Mason

Litecoin

Litecoin rallied by 5.32% on Sunday. Partially reversing a 9.42% slide from Saturday, Litecoin ended the week down 29.09% at $36.24.

A mixed start to the day saw Litecoin fall to an early morning intraday low $33.95 before striking a mid-day high $37.17.

Coming up against the first major resistance level at $37.18, Litecoin fell back to $35 levels.

Tacking the broader market, Litecoin rallied to a late intraday high $39.00 before wrapping up the week at $36 levels.

The rally saw Litecoin break back through the first major resistance level at $37.18 before the pullback.

At the time of writing, Litecoin was down by 5.93% to $34.09. A bearish start to the day saw Litecoin fall from an early morning high $36.28 to a low $33.69.

Steering clear of the major resistance levels, Litecoin test the first major support level at $33.79 early on.

For the day ahead

Litecoin would need to move through to $36.40 levels to support a run the first major resistance level at $38.84.

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

Barring a broad-based crypto rebound, resistance at $37 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $36.40 levels could see Litecoin fall deeper into the red.

A fall back through to the first major support level at $33.79 would bring the second major support level at $31.35 into play.

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

Looking at the Technical Indicators

Major Support Level: $33.79

Major Resistance Level: $38.84

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 2.74% on Sunday. Partially reversing a 6.70% slide from Saturday, Stellar’s Lumen ended the week down 23.94% at $0.038043.

Tracking the broader market, Stellar’s Lumen fell to an early morning low $0.036832 before striking a mid-day high 0.039922.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.03945.

A pullback in the afternoon saw Stellar’s Lumen fall to an intraday low $0.036833 before making a move.

Steering clear of the first major support level at $0.03552, Stellar’s Lumen rallied to a late intraday high $0.040608.

Stellar’s Lumen broke back through the first major resistance level before wrapping up the week at $0.038 levels.

At the time of writing, Stellar’s Lumen was down by 7.59% to $0.035154. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.038223 to a low $0.034371.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.03640. The second major support level at $0.03475 limited the damage early on.

For the day ahead

Stellar’s Lumen would need to move back through to $0.03850 levels to support a run at the first major resistance level to $0.04015.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through the first major support level at $0.03640.

Barring a broad-based crypto rebound, resistance at $0.038 would likely leave Stellar’s Lumen short the first major resistance level.

Failure to move through to $0.03850 levels could see Stellar’s Lumen fall deeper into the red.

A fall back through the second major support level at $0.03475 would bring the third major support level at $0.031 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.030 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03640

Major Resistance Level: $0.04015

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 rallied by 5.61% on Sunday. Reversing a 4.25% slide from Saturday, Tron’s TRX ended the week down 29.95% at $0.010297.

A mixed start to the day saw Tron’s TRX rise from an early morning intraday low $0.0097 to a mid-day high $0.010537.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01034.

In the early afternoon, Tron’s TRX rallied from a low $0.010004 to a late intraday high $0.011173.

Tron’s TRX broke through the first major resistance level at $0.01034 and the second major resistance level at $0.01087.

A late pullback, however, saw Tron’s TRX fall back through the major resistance levels to wrap up the week at $0.1020 levels.

At the time of writing, Tron’s TRX was down by 6.80% to $0.009596. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.010361 to a low $0.009347.

Steering clear of the major resistance levels, Tron’s TRX fell through the first major support level at $0.00961 early on.

For the Day Ahead

Tron’s TRX would need to move back through to $0.01040 levels to support a run at the first major resistance level at $0.01108.

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

Barring a broad-based crypto rebound, resistance at $0.010 levels would leave Tron’s TRX short of the first major resistance at $0.01108.

Failure to move through to $0.01040 levels could see Tron’s TRX struggle throughout the day.

A fall back through the first major support level at $0.00961 would bring sub-$0.0090 levels into play.

Barring an extended crypto sell-off, however, the second major support level at $0.00892 should limit the downside.

Looking at the Technical Indicators

Major Support Level: $0.00961

Major Resistance Level: $0.01108

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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