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

By:
Bob Mason
Published: Feb 10, 2020, 01:50 UTC

It's a choppy start to the day. Failure to move back through to key levels could see heavy losses later in the day.

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.

LTC/USD 10/02/20 Daily Chart

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.

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.

XLM/USD 10/02/20 Daily Chart

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.

TRX/USD 10/02/20 Daily Chart

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

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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