Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 08/04/20

Litecoin

Litecoin fell by 0.71% on Tuesday. Following an 11.77% rally on Monday, Litecoin ended the day at $44.89.

A bullish start to the day saw Litecoin rally to midday intraday high $47.69 before hitting reverse. Litecoin broke through the first major resistance level at $46.72 before sliding to a late intraday low $43.63.

Steering clear of the first major support level at $41.94, Litecoin recovered to $44 levels to limit the loss.

At the time of writing, Litecoin was up by 4.00% to $46.59. A bullish start to the day saw Litecoin rally from an early morning low $44.27 to a high $47.25.

Steering clear of the major support levels, Litecoin tested the first major resistance level at $47.12 early on.

For the day ahead

Litecoin would need to move back through to $47 levels to support a breakout from the first major resistance level at $47.12.

Support from the broader market would be needed, however, for Litecoin to move through the morning high $47.25.

Barring an extended crypto rally, the first major resistance and Tuesday’s high $47.69 would likely pin Litecoin back on the day.

Failure to move back through to $47 levels could see Litecoin give up the morning gains.

A fall back through the morning low to sub-$45.40 levels would bring the first major support level at $43.06 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$46 levels on the day.

Looking at the Technical Indicators

Major Support Level: $43.06

Major Resistance Level: $47.12

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 2.73% on Tuesday. Partially reversing a 14.42% rally from Monday, Stellar’s Lumen ended the day at $0.048618.

A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.04889 before striking a noon intraday high $0.05199.

Falling short of the first major resistance level at $0.05210, Stellar’s Lumen slid to a late intraday low $0.04755.

Steering clear of the first major support level at $0.04580, Stellar’s Lumen recovered to $0.048 levels to limit the loss.

At the time of writing, Stellar’s Lumen was up by 2.84% to $0.05000. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.048345 to a high $0.050550.

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

For the day ahead

Stellar’s Lumen would need to avoid sub-$0.050 levels to support a run at the first major resistance level at $0.05122.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through the morning high $0.050550.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.051989 would likely cap any upside.

Failure to avoid sub-$0.050 levels could see Stellar’s Lumen struggle later in the day.

A fall back through to sub-$0.04940 levels would bring the first major support level at $0.04678 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.047 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.04678

Major Resistance Level: $0.05122

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 slid by 3.60% on Tuesday. Partially reversing an 8.36% rally from Monday, Tron’s TRX ended the day at $0.013267.

A bullish day saw Tron’s TRX strike an early morning intraday high $0.014069 before easing back.

Falling short of the first major resistance level at $0.01457, Tron’s TRX fell back to sub-$0.01350 levels before finding support.

Through the late morning, Tron’s TRX revisited $0.014 levels before sliding to a late intraday low $0.013161.

Steering clear of the first major support level at $0.01301, Tron’s TRX recovered to $0.01320 levels to limit the loss.

At the time of writing, Tron’s TRX was up by 3.00% to $0.013665. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.013039 to a high $0.013800.

Steering clear of the major support levels, Tron’s TRX came within range of the first major resistance level at $0.01384.

For the Day Ahead

Tron’s TRX would need to move back through to $0.01370 levels to support another run at the first major resistance level at $0.01384.

Support from the broader market would be needed, however, for Tron’s TRX to breakout from the morning high $0.01380.

Barring an extended crypto rally, the first major resistance would likely leave Tron’s TRX short of $0.014 levels.

Failure to move back through to $0.01370 levels could see Tron’s TRX slide into the red.

A fall through to sub-$0.01350 levels would bring the first major support level at $0.01293 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.1300 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.01293

Major Resistance Level: $0.01384

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