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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 19/02/20

It’s a bearish start to the day for the majors. Expect Bitcoin to provide direction later in the day. A move through Tuesday’s highs would signal a breakout.
Bob Mason
Crypto00 567

Litecoin

Litecoin rallied by 5.41% on Tuesday. Reversing a 1.63% decline from Monday, Litecoin ended the day at $77.40.

A choppy start to the day saw Litecoin rise to an early morning high $75.42 before hitting reverse.

Falling short of the major resistance levels, Litecoin slid to an early afternoon intraday low $70.22 before making a move.

Steering clear of the first major support level at $69.52, Litecoin rallied to a late intraday high $79.17.

Litecoin broke through the first major resistance level at $76.41 and the 38.2% FIB of $78 before falling back to sub-$78 levels.

The second major resistance level at $79.38 capped Litecoin’s upside on the day.

At the time of writing, Litecoin was down by 0.97% to $76.65. A bearish start to the day saw Litecoin fall from an early morning high $77.45 to a low $76.00.

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

For the day ahead

Litecoin would need to move back through to $77 levels to support a run the first major resistance level at $80.97.

Support from the broader market would be needed, however, for Litecoin to breakout from the 38.2% FIB of $78.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to break back through to $77 levels could see Litecoin fall deeper into the red.

A fall back through to sub-$75.60 levels would bring the first major support level at $72.02 into play.

Barring another crypto sell-off, however, Litecoin should steer clear of sub-$70 levels on the day.

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Looking at the Technical Indicators

Major Support Level: $72.02

Major Resistance Level: $80.97

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 4.42% on Tuesday. Reversing a 2.93% slide from Monday, Stellar’s Lumen ended the day at $0.076106.

A choppy start to the day saw Stellar’s Lumen rise to an early morning high $0.074383 before hitting reverse.

Falling short of the major resistance levels, Stellar’s Lumen fell to an early afternoon intraday low $0.070196.

Steering clear of the major support levels, Stellar’s Lumen rallied to a late intraday high $0.076564.

Stellar’s Lumen broke through the first major resistance level at $0.07599 before falling back to sub-$0.075 levels.

A bullish end to the day, however, saw Stellar’s Lumen break back through the first major resistance level to wrap up the day at $0.076 levels.

At the time of writing, Stellar’s Lumen was down by 1.17% to $0.075212. A bearish start to the day saw Stellar’s Lumen fall from the early morning high $0.075869 to a low $0.074612.

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 $0.076 levels to support a run at the first major resistance level at $0.07857.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the Tuesday’s high $0.076848.

Barring an extended crypto rally, resistance at $0.077 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.076 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through to sub-$0.07440 levels would bring the first major support level at $0.07192 into play.

Barring another crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.070 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07192

Major Resistance Level: $0.07857

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 3.48% on Tuesday. Reversing a 2.21% decline from Monday, Tron’s TRX ended the day at $0.02259.

Tracking the broader market, Tron’s TRX fell from an early morning high $0.022282 to an early afternoon intraday low $0.020545.

Steering clear of the major support and resistance levels, Tron’s TRX rallied to a late intraday high $0.022929.

Tron’s TRX broke through the first major resistance level at $0.02281 before falling back to $0.2260 levels.

At the time of writing, Tron’s TRX was down by 1.18% to $0.022324. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.022531 to a low $0.022096.

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 the morning high $0.022531 to support a run at the first major resistance level at $0.02350.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.022929.

Barring an extended crypto rally, resistance at $0.0230 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move back through the morning high could see Tron’s TRX fall deeper into the red.

A fall back through to sub-$0.022 levels would bring the first major support level at $0.02111 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.020 levels, however.

Looking at the Technical Indicators

Major Support Level: $0.02111

Major Resistance Level: $0.02350

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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