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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 09/01/20

By:
Bob Mason
Published: Jan 9, 2020, 03:16 UTC

While it's a positive start to the day, the majors will need to move through early highs to key levels to bring the resistance levels back into play...

Bitcoin coin on white keyboard

Litecoin

Litecoin slid by 2.33% on Wednesday. Reversing a 1.2% gain from Tuesday, Litecoin ended the day at $45.28.

A bullish start to the day saw Litecoin strike an early morning intraday high $48.59.

Litecoin broke through the first major resistance level at $47.34 and second major resistance level at $48.32 before hitting reverse.

The reversal saw Litecoin slide to a late afternoon intraday low $44.08. Litecoin fell through the first major support level at $44.93 before steadying.

A move back through to $45 levels limited the downside on the day.

At the time of writing, Litecoin was up by 0.44% to $45.48. A mixed start to the day saw Litecoin fall to an early morning low $44.86 before striking a high $45.75.

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

LTC/USD 09/01/20 Daily Chart

For the day ahead

Litecoin would need to move through to $46 levels to support a run at the first major resistance level at $47.89.

Litecoin would need the support of the broader market to break back through to $47 levels.

Barring an extended crypto rally, however, Litecoin would likely come up short of Wednesday’s high $48.60.

Failure to move through to $46 levels could see Litecoin cough up the early gains.

A fall back through the morning low $44.86 would bring the first major support level at $43.37 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$43 levels and the second major support level at $41.47.

Looking at the Technical Indicators

Major Support Level: $43.37

Major Resistance Level: $47.89

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 2.51% on Wednesday. Following on from a 3.93% slide from Tuesday, Stellar’s Lumen ended the day at $0.047318.

A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.048225 before striking a mid-morning intraday high $0.049368.

Steering clear of the first major support level at $0.04694, Stellar’s Lumen also fell short of the first major resistance level at $0.050553.

Bearish through the 2nd half of the day, Stellar’s Lumen slid to a late afternoon intraday low $0.046902.

Stellar’s Lumen fell through the first major support level at $0.046940 before moving back through to $0.047 levels.

At the time of writing, Stellar’s Lumen was up by 1.31% to $0.047936. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.047313 to a high $0.047936.

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

XLM/USD 09/01/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.04800 levels to support a run at the first major resistance level at $0.04882.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.047936.

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 $0.04800 levels could see Stellar’s Lumen struggle throughout the day.

A fall through the morning low $0.0473130 would bring the first major support level at $0.046360 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: $0.04636

Major Resistance Level: $0.04882

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 2.84% on Wednesday. Following on from a 3% slide from Tuesday, Tron’s TRX ended the day at $0.013991.

A relatively bullish start to the day saw Tron’s TRX rise to an early morning intraday high $0.014595.

Falling short of the first major resistance level at $0.01466, Tron’s TRX slid to a late afternoon intraday low $0.013779.

The sell-off saw Tron’s TRX fall through the first major support level at $0.01399 before finding support.

A recovery to $0.014 levels was brief, however, with Tron’s TRX wrapping up the day at sub-$0.014 levels.

The first major support level at $0.01399 limited the downside on the day.

At the time of writing, Tron’s TRX was up by 0.34% to $0.014038. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.013995 to a high $0.014038.

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

TRX/USD 09/01/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.01415 levels to support a run at the first major resistance level at $0.01446.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014038.

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 $0.01415 levels could see Tron’s TRX slide into the red.

A fall back through the morning low $0.013995 would bring the first major support level at $0.013650 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.013 levels on the day.

The second major support level at $0.01331 should limit any downside in the event of an extended sell-off.

Looking at the Technical Indicators

Major Support Level: $0.01365

Major Resistance Level: $0.01446

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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