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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 10/02/20

It’s a choppy start to the day. Failure to move back through to key levels could see heavy losses later in the day.
Bob Mason
Crypto00 567

Litecoin

Litecoin rose by 0.51% Sunday. Following on from a 3.22% rally on Saturday, Litecoin ended the week up by 10.34% to $77.05.

A bullish start to the day saw Litecoin rally to a mid-morning intraday high $78.45. While falling short of the first major resistance level at $79.22, Litecoin broke through the 38.2% FIB of $78.0 before hitting reverse.

The reversal saw Litecoin slide to an early afternoon intraday low $75.00 before a late recovery.

While falling back through the 38.2% FIB, Litecoin steered clear of the first major support level at $72.83 before a late recovery back into the green.

At the time of writing, Litecoin was down by 0.38% to $76.76. A mixed start to the day saw Litecoin rise to an early morning high $77.50 before falling to a low $76.69.

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

For the day ahead

Litecoin would need to move back through to $76.85 levels to support another run at the first major resistance level at $78.67.

Support from the broader market would be needed, however, for Litecoin to breakout from the 38.2% FIB of $78 and Sunday’s high $78.45 levels.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $78 would likely limit any upside.

In the event of another crypto breakout, the second major resistance level at $80.28 could come into play.

Failure to break back through to $76.85 levels could see Litecoin fall deeper into the red.

A fall back through the early morning low $76.30 would bring the first major support level at $75.22 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of the second major support level at $73.38.

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Looking at the Technical Indicators

Major Support Level: $75.22

Major Resistance Level: $78.67

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 2.38% on Sunday. Reversing a 0.94% fall from Saturday, Stellar’s Lumen ended the week up by 15.30% to $0.072936.

A bullish start to the day saw Stellar’s Lumen rally from an early intraday low $0.071239 to a mid-day intraday high $0.074067.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.07290 before hitting reverse.

The reversal saw Stellar’s Lumen slide to sub-$0.072 levels before finding support from the broader market.

A late rally back through to $0.072 levels delivered the upside on the day.

At the time of writing, Stellar’s Lumen was up by 0.09% to $0.0730. A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.072964 to a high $0.073643 before easing back.

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

For the day ahead

Stellar’s Lumen would need to move back through the morning high $0.073643 to support a run at the first major resistance level at $0.07426.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Sunday’s high $0.074067.

Barring an extended crypto rally, the resistance at $0.074 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through the morning high $0.073643 could see Stellar’s Lumen hit reverse.

A fall back through to sub-$0.07275 levels would bring the first major support level at $0.07143 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.070 and the second major support level at $0.06992.

Looking at the Technical Indicators

Major Support Level: $0.06992

Major Resistance Level: $0.07426

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 rose by 1.13% on Sunday. Reversing a 0.68% fall from Saturday, Tron’s TRX ended the week by up 15.55% to $0.022051.

A bullish start to the day saw Tron’s TRX rise to a late morning intraday high $0.022640 before hitting reverse.

Falling short of the first major resistance level at $0.02287, Tron’s TRX fell to an early afternoon intraday low $0.021316.

Steering clear of the first major support level at $0.02052, Tron’s TRX found support late in the day.

Tron’s TRX bounced back to $0.022 levels to close out the day in the green.

At the time of writing, Tron’s TRX was down by 1.03% to $0.021823. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.022113 to a low $0.021823.

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 $0.022 levels to support a run at the first major resistance level at $0.02269.

Support from the broader market would be needed, however, for Tron’s TRX to break through Sunday’s high $0.02264.

Barring an extended crypto rally, the first major resistance at $0.02269 and Sunday high would likely limit any upside on the day.

Failure to move through to $0.022 levels could see Tron’s TRX struggle throughout the day.

A fall back through to sub-$0.02150 levels would bring the first major support level at $0.02136 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.021 levels and the second major support level at $0.02068.

Looking at the Technical Indicators

Major Support Level: $0.02136

Major Resistance Level: $0.02269

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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