Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 02/03/20

Litecoin

Litecoin fell by 0.76% on Sunday. Following on from a 3.23% slide on Saturday, Litecoin ended the week down by 27.77% at $57.63.

A mixed start to the day saw Litecoin rise to an early morning high $60.24 before falling back to $58 levels.

Steering clear of the major support levels, Litecoin struck a mid-day intraday high $60.27 before hitting reverse.

Falling short of the first major resistance level at $60.58, Litecoin slid to a late intraday low $56.06.

The reversal saw Litecoin fall through the first major support level at $56.71 before recovering to $57 levels.

At the time of writing, Litecoin was up by 1.58% to $58.54. A bullish start to the day saw Litecoin rise from an early morning low $57.24 to a high $58.58.

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

For the day ahead

Litecoin would need to move through the morning high to $59 levels to support a run the first major resistance level at $59.92.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $58.58

Barring an extended crypto rally, Litecoin would likely fall well short the 23.6% FIB of $62.

Failure to move through to $59 levels could see Litecoin hit reverse.

A fall back through the morning low $57.24 would bring the first major support level at $55.70 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$55 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $55.70

Major Resistance Level: $59.92

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 1.50% on Sunday. Following on from a 3.21% slide on Saturday, Stellar’s Lumen ended the week down by 23.21% at $0.056381.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.058851.

Falling short of the first major resistance level at $0.05912, Stellar’s Lumen fell back to sub-$0.058 levels.

A return to $0.058 levels at mid-day was brief, with Stellar’s Lumen sliding to a late intraday low $0.055149.

Stellar’s Lumen fell through the first major support level at $0.05569 before returning to $0.057 levels.

At the time of writing, Stellar’s Lumen was up by 2.12% to $0.057594. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.056644 to a high $0.057594.

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

For the day ahead

Stellar’s Lumen would need to move through to $0.058 levels to support a run at the first major support level to $0.05844

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.057594.

Barring a broad-based crypto rebound, the first major resistance level would likely leave Stellar’s Lumen short of $0.060 levels.

Failure to move through to $0.058 levels could see Stellar’s Lumen struggle later in the day.

A fall back through to sub-$0.05680 levels would bring the first major support level at $0.05474 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.055 levels.

Looking at the Technical Indicators

Major Support Level: $0.05474

Major Resistance Level: $0.05844

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 fell by 0.64% on Sunday. Following on from a 3.54% slide on Saturday, Tron’s TRX ended the week down 22.70% at $0.016510.

It was a mixed start to the day. Tron’s TRX rose from an early morning low $0.01657 to an early morning high $0.01711.

Coming within range of the first major resistance level at $0.01716, Tron’s TRX fell back to $0.01650 levels.

A late morning rebound saw Tron’s TRX rally to a mid-day intraday high $0.017146 before hitting reverse.

Coming up against the first major resistance level at $0.01716, Tron’s TRX slid to a late intraday low $0.016190.

Tron’s TRX fell through the first major support level at $0.01630 before returning to $0.01650 levels.

At the time of writing, Tron’s TRX was up by 2.67% to $0.016950. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.016457 to a high $0.016950.

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

For the Day Ahead

Tron’s TRX would need to move through to $0.0170 levels to support a run at the first major resistance level at $0.017250.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.016950.

Barring an extended crypto rebound, the short of the first major resistance level should limit any upside on the day.

Failure to move through to $0.0170 levels could see Tron’s TRX slide into the red.

A fall back through to sub-$0.01672 levels would bring the first major support level at $0.01598 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01545.

Looking at the Technical Indicators

Major Support Level: $0.01598

Major Resistance Level: $0.01725

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