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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 18/03/20

It’s a bullish start to the day as the majors find further support following Tuesday’s gains. A move back through early highs would bring resistance levels into play.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Litecoin

Litecoin rose by 2.4% on Tuesday. Partially reversing an 8% slide from Monday, Litecoin ended the day at $34.17.

A bullish start to the day saw Litecoin rise from an early morning intraday low $32.58 to a mid-morning intraday high $36.05.

Falling short of the first major resistance level at $36.68, Litecoin fell back to an early afternoon low $33.12.

Finding support from the broader, market, Litecoin recovered to $35 levels before a final hour pullback.

At the time of writing, Litecoin was up by 1.29% to $34.61. A mixed start to the day saw Litecoin fall to an early morning low $34.02 before striking a high $34.81.

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

For the day ahead

Litecoin would need to move through to $35 levels to support a run the first major resistance level at $35.95.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $34.81.

Barring an extended crypto rally, the first major resistance at $35.95 would likely limit any upside on the day.

Failure to move through to $35 levels could see Litecoin hit reverse.

A fall back through to sub-$34.30 levels would bring the first major support level at $32.48 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$30 levels.

The second major support level at $32.48 would likely limit any downside.

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Looking at the Technical Indicators

Major Support Level: $32.48

Major Resistance Level: $35.95

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 4.43% on Tuesday. Partially reversing a 5.82% fall from Monday, Stellar’s Lumen ended the day at $0.037198.

A bullish start to the day saw Stellar’s Lumen rise from an early morning intraday low $0.035431 to an early morning intraday high $0.038231.

Falling short of the first major resistance level at $0.03851, Stellar’s Lumen fell back to an afternoon low $0.035754.

Finding support from the broader market, Stellar’s Lumen recovered to $0.038 levels before a final hour pullback.

At the time of writing, Stellar’s Lumen was up by 1.68% to $0.037823. A mixed start to the day saw Stellar’s Lumen fall to a morning low $0.037354 before striking a high $0.037864.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.038 levels to support a run at the first major resistance level to $0.03848.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.038231.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through to $0.038 levels could see Stellar’s Lumen give up the morning gains.

A fall back through the morning low to sub-$0.037 levels would bring the first major support level at $0.03568 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.035 levels.

Looking at the Technical Indicators

Major Support Level: $0.03568

Major Resistance Level: $0.03848

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 4.43% on Tuesday. Partially reversing a 6.07% slide from Monday, Tron’s TRX ended the day at $0.010082.

A bullish start to the day saw Tron’s TRX rally from an early morning intraday low $0.009566 to a mid-morning intraday high $0.010425.

Falling short of the first major resistance level at $0.01050, Tron’s TRX fell back to sub-$0.010 levels before finding support.

Tron’s TRX recovered to $0.01030 levels before a final hour pullback. In spite of the pullback, Tron’s TRX managed to hold onto $0.010 levels.

At the time of writing, Tron’s TRX was up by 1.63% to $0.010246. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.010022 before striking a high $0.010246.

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 $0.01020 levels to support a run at the first major resistance level at $0.01048.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.010246.

Barring an extended crypto rally, the first major resistance at $0.01048 would likely cap any upside.

Failure to move through to $0.01020 levels could see Tron’s TRX struggle later in the day.

A fall through the morning low to sub-$0.010 levels would bring the first major support level at $0.00962 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.00917.

Looking at the Technical Indicators

Major Support Level: $0.00962

Major Resistance Level: $0.01048

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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