Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 08/01/20

It’s a bullish start to the day but could hit reverse as the majors struggle to hold onto early gains…
Bob Mason
Cryptomania

Litecoin

Litecoin rose by 1.2% on Tuesday. Following on from a 5.80% rally from Monday, Litecoin ended the day at $46.36.

A mixed start to the day saw Litecoin strike an early morning high $46.21. Falling short of the major resistance levels, Litecoin slid to an early afternoon intraday low $44.48.

Steering clear of the major support levels, Litecoin rallied to a late afternoon intraday high $46.89.

The first major resistance level at $46.94 limited the upside on the day.

At the time of writing, Litecoin was up by 2.85% to $47.68. A bullish start to the day saw Litecoin rise from an early morning low $46.34 to a high $48.60.

Litecoin broke through the first major resistance level at $47.34 and the second major resistance level at $48.32 early on.

For the day ahead

Litecoin would need to hold above the first major resistance level to support another run at the second major resistance level at $48.32.

Litecoin would need the support of the broader market to break back through to $48 levels.

Barring an extended crypto rally, however, Litecoin would likely come up short of $50 levels on the day.

Failure to hold above the first major resistance level could see Litecoin cough up the early gains.

A fall back through the morning low to sub-$46 would bring the first major support level at $44.93 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$44 levels and the second major support level at $43.50.

Looking at the Technical Indicators

Major Support Level: $44.93

Major Resistance Level: $47.34

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 3.93% on Tuesday. Partially reversing a 10.88% jump from Monday, Stellar’s Lumen ended the day at $0.048441.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.051104 before hitting reverse.

Falling short of the first major resistance level at $0.052020, Stellar’s Lumen slid to a late afternoon intraday low $0.047514.

Steering clear of the first major support level at $0.04704, Stellar’s Lumen hit $0.049 levels before sliding back.

At the time of writing, Stellar’s Lumen was up by 0.14% to $0.048511. A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.048225 to a high $0.049090.

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 $0.04900 levels to support a run at the first major resistance level at $0.05053.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.049090.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move back through to $0.04900 levels could see Stellar’s Lumen struggle throughout the day.

A fall through the morning low $0.048225 would bring the first major support level at $0.046940 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.04600 levels.

Looking at the Technical Indicators

Major Support Level: $0.046940

Major Resistance Level: $0.050530

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 3% on Tuesday. Partially reversing a 7.36% rally from Monday, Tron’s TRX ended the day at $0.014278.

Tracking the broader market, Tron’s TRX struck an early morning intraday high $0.014748 before hitting reverse.

Falling short of the first major resistance level at $0.01485, Tron’s TRX slid to a mid-afternoon intraday low $0.014076.

Steering clear of the first major support level at $0.01385, Tron’s TRX bounced back to $0.01460 levels before sliding back into the deep red.

At the time of writing, Tron’s TRX was up by 0.83% to $0.014396. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.014369 to a high $0.014595.

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 $0.01440 levels to support a run at the first major resistance level at $0.01466.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014595.

Barring an extended crypto rally, the first major resistance level would likely pin Tron’s TRX back on the day.

Failure to move back through to $0.01440 levels could see Tron’s TRX slide into the red.

A fall back through the morning low $0.014369 would bring the first major support level at $0.013990 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.01399

Major Resistance Level: $0.01466

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

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