Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 4th, 2020
Litecoin
Litecoin rose by 3.06% on Monday. Partially reversing an 8.02% slide from Sunday, Litecoin ended the day at $58.54.
It was a mixed start to the day. Litecoin fell to an early morning intraday low $55.72 before making a move.
Steering clear of the first major support level at $51.21, Litecoin rallied to a late afternoon intraday high $60.10.
Falling well short the first major resistance level at $63.82, however, Litecoin slid back to sub-$58 levels.
A late move back through $58 levels supported the upside on the day.
At the time of writing, Litecoin was up by 1.52% to $59.43. A bullish start to the day saw Litecoin rise from an early morning low $58.53 to a high $59.60.
Litecoin left the major support and resistance levels untested early in the day.
For the day ahead
Litecoin would need to avoid a fall through the $58.12 pivot to support a run at the first major resistance level at $60.52.
Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $60.10.
Barring another crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $58.12 pivot would bring the first major support level at $56.14 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$54 levels the second major support level at $53.74. The 23.6% FIB of $54 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $56.14
First Major Resistance Level: $60.52
23.6% FIB Retracement Level: $54
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen rose by 3.14% on Monday. Partially reversing a 4.85% slide from Sunday, Stellar’s Lumen ended the day at $0.10522.
It was a bullish start to the day. Stellar’s Lumen rallied from an early morning intraday low $0.10199 to an early afternoon intraday high $0.10914.
Falling short of the first major resistance level at $0.11566 Stellar’s Lumen fell back to $0.1040 levels before steadying.
At the time of writing, Stellar’s Lumen was up by 1.06% to $0.10634. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.10499 to a high $0.10666.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to avoid a fall through the $0.10545 pivot to support a run at the first major resistance level at $0.10891.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.1080 levels.
Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to avoid a fall through the $0.10545 pivot would bring the first major support level at $0.10176 into play.
Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.10 levels and the second major support level at $0.09830.
Looking at the Technical Indicators
First Major Support Level: $0.10176
First Major Resistance Level: $0.10891
23.6% FIB Retracement Level: $0.09960
38% FIB Retracement Level: $0.14336518
62% FIB Retracement Level: $0.2050
Tron’s TRX
Tron’s TRX rallied by 4.72% on Monday. Partially reversing a 7.24% slide from Sunday, Tron’s TRX ended the day at $0.019895.
Tracking the broader market, Tron’s TRX dipped to an early morning intraday low $0.018847 before making a move.
Steering clear of the first major support level at $0.01746, Tron’s TRX rallied to a late afternoon intraday high $0.020083.
Falling short of the first major resistance level at $0.02090, Tron’s TRX fell back to sub-$0.020 levels before finding support.
Late in the day, Tron’s TRX recovered to $0.01989 levels to deliver the upside on the day.
At the time of writing, Tron’s TRX was up by 1.53% to $0.02020. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.019914 to a high $0.02020.
Tron’s TRX left the major support and resistance levels untested early on.
For the Day Ahead
Tron’s TRX would need to avoid a fall through the $0.01961 pivot level to support a run at the first major resistance level at $0.02037.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.02020.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $0.01961 pivot level would bring the first major support level at $0.01913 into play.
Barring another extended crypto sell-off, however, Tron’s TRX should avoid a return to sub-$0.018 levels on the day. The second major support level at $0.01837 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.01913
First Major Resistance Level: $0.02037
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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