Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 09/03/20

Litecoin

Litecoin tumbled by 15.51% on Sunday. Following on from a 4.41% slide on Saturday, Litecoin ended the week down 11.26% at $51.15.

Bearish throughout the day on Sunday, Litecoin slid from an early morning intraday high $60.55 to a final hour intraday low $50.50.

Litecoin fell through the major support levels to wrap up the day at sub-$51 for the 1^st time since mid-January.

At the time of writing, Litecoin was down by 0.87% to $50.28. A mixed start to the day saw Litecoin rise to an early morning high $52.51 before falling to a low $47.50.

Steering clear of the major resistance levels, Litecoin found support at first major support level at $47.58.

For the day ahead

Litecoin would need to move through to $54 levels to support a run the first major resistance level at $57.63.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $52.51.

Barring an extended crypto rally, resistance at $55 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $54 levels could see Litecoin fall deeper into the red.

A fall back through the first major support level at $47.58 would bring the second major support level at $44.02 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$45 levels.

Looking at the Technical Indicators

Major Support Level: $47.58

Major Resistance Level: $57.63

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen tumbled by 15.07% on Sunday. Following on from a 5.10% slide on Saturday, Stellar’s Lumen ended the week down 11.89% at $0.049750.

Tracking the broader market, Stellar’s Lumen slid from an early morning intraday high $0.05858 to a late intraday low $0.049727.

Stellar’s Lumen fell through the major support levels to visit sub-$0.050 for the 1^st time since January.

At the time of writing, Stellar’s Lumen was up by 2.60% to $0.051042. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.051561 before falling to a low $0.048576. Sub-$0.050 support kicked in early.

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 0.05270 levels to support a run at the first major resistance level to $0.05564.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through the morning high $0.051561.

Barring a broad-based crypto rebound, resistance at $0.052 would likely limit any upside on the day.

Failure to move through to $0.05270 levels could see Stellar’s Lumen struggle later in the day.

A fall back through the morning low $0.048576 would bring the first major support level at $0.046790 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.048 levels.

Looking at the Technical Indicators

Major Support Level: $0.04679

Major Resistance Level: $0.05564

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 tumbled by 13.74% on Sunday. Following on from a 7.37% slide on Saturday, Tron’s TRX ended the week down 11.60% at $0.014682.

Bearish throughout the day, Tron’s TRX slumped from an early morning intraday high $0.017021 to a late intraday low $0.014600.

Tron’s TRX fell through the first major support level at $0.01628 and the second major support level at $0.01551.

It was also the first visit to sub-$0.015 levels since mid-January.

At the time of writing, Tron’s TRX was up by 0.46% to $0.014749. A mixed start saw Tron’s TRX rise to an early morning high $0.015152 before falling to a low $0.014280.

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 $0.01540 levels to support another run at the first major resistance level at $0.01627.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.015152.

Barring an extended crypto rally, resistance at $0.015 levels would likely cap any upside on the day.

Failure to move through to $0.01540 levels could see Tron’s TRX hit reverse.

A fall back through the morning low $0.014280 would bring the first major support level at $0.01385 into play.

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

Looking at the Technical Indicators

Major Support Level: $0.01385

Major Resistance Level: $0.01627

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