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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 19/03/20

By:
Bob Mason
Published: Mar 19, 2020, 04:54 UTC

It's a mixed start to the day, with Litecoin trailing the pack. Failure to move through Wednesday's high s will test the pack later in the day.

Bitcoin coin on white keyboard

Litecoin

Litecoin rose by 1.96% on Wednesday. Following a 2.4% gain on Tuesday, Litecoin ended the day at $34.85.

A bullish start to the day saw Litecoin rise to a mid-morning high $34.89 before hitting reverse.

Falling short of the first major resistance level at $35.95, Litecoin fell to an early afternoon intraday low $32.37.

Finding support at the first major support level at $32.48, Litecoin rallied to a final hour intraday high $34.95.

While falling well short of the first major resistance level at $35.95, Litecoin closed out the day in the green.

At the time of writing, Litecoin was down by 1.87% to $34.20. A mixed start to the day saw Litecoin rise to an early morning high $35.50 before sliding to a low $34.08.

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

LTC/USD 19/03/20 Daily Chart

For the day ahead

Litecoin would need to move through to $35 levels to support another run the first major resistance level at $35.70.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $35.50.

Barring an extended crypto rally, the first major resistance at $35.70 would likely limit any upside on the day.

Failure to move through to $35 levels could see Litecoin fall deeper into the red.

A fall back through to sub-$34 levels would bring the first major support level at $33.18 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $31.52.

Looking at the Technical Indicators

Major Support Level: $33.18

Major Resistance Level: $35.70

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 1.59% on Wednesday, Partially reversing a 4.43% gain from Tuesday, Stellar’s Lumen ended the day at $0.036963.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.037942 before hitting reverse.

Falling short of the first major resistance level at $0.03848, Stellar’s Lumen fell back to an early afternoon intraday low $0.034737.

Stellar’s Lumen fell through the first major support level at $0.03568 before recovering to $0.037 levels.

Failing to recover losses from the day, Stellar’s Lumen fell back to sub-$0.037 levels at the day end.

At the time of writing, Stellar’s Lumen was up by 0.37% to $0.037098. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.036911 before striking a high $0.037675.

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

XLM/USD 19/03/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through the morning high $0.037675 to support a run at the first major resistance level to $0.03836.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.037942.

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

Failure to move through the morning high could see Stellar’s Lumen hit reverse

A fall back through the morning low $0.036911 to sub-$0.03660 levels would bring the first major support level at $0.03515 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.034 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03515

Major Resistance Level: $0.03836

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 1.00% on Wednesday. Following on from a 4.43% rally on Tuesday, Tron’s TRX ended the day at $0.010222.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.010246 before hitting reverse.

Falling short of the major resistance levels, Tron’s TRX slid to an early afternoon intraday low $0.009671.

Finding support at the first major support level at $0.00962, Tron’s TRX struck an early afternoon intraday high $0.010306.

Coming up short of the first major resistance level at $0.010480, Tron’s TRX fell back to sub-$0.010 levels before finding late support.

The late recovery delivered the upside on the day.

At the time of writing, Tron’s TRX was up by 0.26% to $0.010248. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.010371 before falling to a low $0.010132.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 19/03/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.01030 levels to support a run at the first major resistance level at $0.01046.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.010371.

Barring an extended crypto rally, the first major resistance at $0.01046 would likely cap any upside.

Failure to move through to $0.01030 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 $0.00983 into play.

Barring another crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.00943.

Looking at the Technical Indicators

Major Support Level: $0.00983

Major Resistance Level: $0.01046

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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