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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 19/12/19

By:
Bob Mason
Published: Dec 19, 2019, 07:12 UTC

The majors hit reverse through the morning. A move back through early highs would bring the major resistance levels back into play.

Shiny Ripple crypto-currency background

Litecoin

Litecoin rallied by 10.28% on Wednesday. Reversing a 7.39% slide from Tuesday, Litecoin ended the day at $40.77.

A bearish morning saw Litecoin fall from an early morning high $37.98 to an early afternoon intraday low and new swing lo $35.88.

Steering clear of the first major support level at $35.41, Litecoin rallied to a late intraday high $41.65.

Breaking through the first major resistance level at $39.31, Litecoin came up against the second major resistance level at $41.63 before easing back.

At the time of writing, Litecoin was down by 2.75% to $39.65. A bearish start to the day saw Litecoin fall from an early morning high $41.12 to a low $39.55.

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

LTC/USD 19/12/19 Daily Chart

For the day ahead

Litecoin would need to move back through to $40.0 levels to support a run at the first major resistance level at $42.99.

Litecoin would need the support of the broader market to break out from the morning high $41.12.

Barring a broad-based crypto rally, however, Litecoin would likely fall well short of $42 levels on the day.

Failure to move through to $40.0 levels could see Litecoin slide deeper into the red.

A fall back through the morning low $39.55 would bring the first major support level at $37.22 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$34 levels and the second major support level at $33.66.

Looking at the Technical Indicators

Major Support Level: $37.22

Major Resistance Level: $42.99

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 7.85% on Wednesday. Reversing most of an 8.30% tumble on Tuesday, Stellar’s Lumen ended the day at $0.046809.

A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.045041 before sliding to an early afternoon intraday low and new swing lo $0.042082.

Steering clear of the first major support level at $0.04144, Stellar’s Lumen rallied to a late intraday high $0.048159.

Stellar’s Lumen broke through the first major resistance level at $0.04645 before easing back.

At the time of writing, Stellar’s Lumen was down by 2.76% to $0.045518. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.047261 to a low $0.045518.

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

XLM/USD 19/12/19 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through to $0.04570 levels to support a run at the first major resistance level at $0.04928.

Support from the broader market would be needed for Stellar’s Lumen to break out from Wednesday’s high $0.048159 levels.

Barring a broad-based crypto rally, however, the resistance at $0.048 levels would likely pin Stellar’s Lumen back.

Failure to steer clear of $0.04570 levels could see Stellar’s Lumen slide deeper into the red.

A fall back through to sub-$0.044 levels would bring the first major support level at $0.04321 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.040 levels.

Looking at the Technical Indicators

Major Support Level: $0.04321

Major Resistance Level: $0.04928

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 7.33% on Wednesday. Reversing a 7.01% slide from Tuesday, Tron’s TRX ended the day at $0.013423.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.012797 before sliding to an early afternoon intraday low $0.01216.

Steering clear of the first major support level at $0.01204, Tron’s TRX rallied to a late intraday high $0.013654.

Tron’s TRX broke through the first major resistance level at $0.01321 to close out the day at $0.013 levels.

At the time of writing, Tron’s TRX was down by 2.29% to $0.013115. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.013554 to a low $0.013115.

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

TRX/USD 19/12/19 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through the morning high $0.013554 to support a run at the first major resistance level at $0.01400.

Support from the broader market would be needed for Tron’s TRX to break out from Wednesday’s high $0.013654.

Barring a broad-based crypto rebound, however, Tron’s TRX would likely fall short of the first major resistance level.

Failure to move back through the morning high $0.013554 could see Tron’s TRX struggle throughout the day.

A fall through to sub-$0.013110 would bring the first major support level at $0.01250 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.012 support levels.

Looking at the Technical Indicators

Major Support Level: $0.01250

Major Resistance Level: $0.01400

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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