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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 13/02/20

It’s a bullish start to the day as the broader market makes a move. Failure to break out from early highs could test investor resilience, however…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Litecoin

Litecoin rallied by 5.94% on Wednesday. Following on from a 3.80% gain on Tuesday, Litecoin ended the day at $81.37.

Bullish through the day, Litecoin rallied from an early morning intraday low $76.62 to a late intraday high $82.90.

Steering clear of the major support levels, Litecoin broke through the day’s major resistance levels to wrap up the day at $80 levels for the 1st time since August.

In spite of a late pullback, Litecoin held well above the third major resistance level at $78.54 at the day end.

At the time of writing, Litecoin was up by 1.28% to $82.41. A bullish start to the day saw Litecoin rise from an early morning low $81.34 to a high $82.94.

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

For the day ahead

Litecoin would need to move back through the morning high $82.94 to $83 levels to support a run the first major resistance level at $83.97.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $82.94 and Wednesday’s high $82.9.

Barring an extended crypto rally through the day, the first major resistance level at $83.97 would likely limit any upside.

In the event of another crypto breakout, Litecoin test the second major resistance level at $86.58 before any pullback.

Failure to break back through the morning high $82.94 could see Litecoin hit reverse.

A fall back through the morning low $81.34 to sub-$80.30 levels would bring the first major support level at $77.69 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$80 levels on the day.

Looking at the Technical Indicators

Major Support Level: $77.69

Major Resistance Level: $83.97

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen jumped by 7.96% on Wednesday. Following on from a 4.94% rally on Tuesday, Stellar’s Lumen ended the day at $0.079747.

It was bullish throughout much of the day on Wednesday. Stellar’s Lumen rallied from an early morning intraday low $0.073866 to a late intraday high $0.082770.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.07619 and the second major resistance level at $0.07846.

It was also a first visit to $0.080 levels since mid-November. While a late pullback saw Stellar’s Lumen fall back to sub-$0.080, Stellar’s Lumen held above the second major resistance level.

At the time of writing, Stellar’s Lumen was up by 0.63% to $0.080252. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.080214 to a high $0.080497.

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 Wednesday’s high $0.08277 to support a run at the first major resistance level at $0.083720.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.082 levels.

Barring a broad-based crypto rebound, resistance at $0.083 would likely limit any upside on the day.

Failure to move through Wednesday’s high $0.08277 could see Stellar’s Lumen hit reverse.

A fall back through the morning low $0.080214 to sub-$0.0790 levels would bring the first major support level at $0.074820 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.079 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07482

Major Resistance Level: $0.08372

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 rallied by 5.03% on Wednesday. Following on from a 3.16% gain on Tuesday, Tron’s TRX ended the day at $0.023972.

Tracking the broader market, Tron’s TRX rallied from an early intraday low $0.022825 to an early afternoon intraday high $0.024267.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.02332 and the second major resistance level at $0.02386.

A brief dip to $0.02344 levels saw Tron’s TRX fall back through the second major resistance level before bouncing back to wrap up the day at $0.0239 levels.

At the time of writing, Tron’s TRX was up by 2.24% to $0.024510. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.023886 to a high $0.024510.

Steering clear of the major support levels, Tron’s TRX came up against the first major resistance level at $0.02455 early on.

For the Day Ahead

Tron’s TRX would need to move through to $0.2470 levels to support a run at the second major resistance level at $0.025130.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.2450 levels.

Barring an extended crypto rally, the first major resistance at $0.024550 would likely limit any upside on the day.

Failure to move through to $0.2470 levels could see Tron’s TRX give up the early gains.

A fall back through the morning low $0.23886 to sub-$0.02370 levels would bring the first major support level at $0.02311 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.023 levels, however.

Looking at the Technical Indicators

Major Support Level: $0.02311

Major Resistance Level: $0.02455

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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