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

By:
Bob Mason
Published: Feb 19, 2020, 02:23 UTC

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.

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.

LTC/USD 19/01/20 Daily Chart

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.

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.

XLM/USD 19/02/20 Daily Chart

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.

TRX/USD 19/02/20 Daily Chart

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

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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