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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 24/03/20

By:
Bob Mason
Published: Mar 24, 2020, 04:45 UTC

It's a choppy start to the day. Failure to move back through early highs will test investor resilience later in the day.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Litecoin

Litecoin rallied by 10.38% on Monday. Reversing a 7.66% slide from Sunday, Litecoin ended the day at $39.12.

A mixed start to the day saw Litecoin fall to an early morning intraday low $34.51 before making a move.

Steering clear of the first major support level at $33.63, Litecoin rallied to an early afternoon intraday high $40.14.

Litecoin broke through the first major resistance level at $38.49 before falling back to $37 levels.

Finding support from the broader market, however, Litecoin broke back through the first major resistance level to wrap up the day at $39 levels.

At the time of writing, Litecoin was down by 1.05% to $38.71. A mixed start to the day saw Litecoin strike an early morning high $39.94 before falling to a low $38.39.

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

LTC/USD 24/03/20 Daily Chart

For the day ahead

Litecoin would need to move through the morning high $39.94 to support another run the first major resistance level at $41.34.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $40.14.

Barring an extended crypto rally, resistance at $40 would likely leave Litecoin short of the first major resistance at $41.34.

Failure to move through the morning high $39.94 could see Litecoin fall deeper into the red.

A fall back through the morning low $38.39 to sub-$38 levels would bring the first major support level at $35.71 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $32.29.

Looking at the Technical Indicators

Major Support Level: $35.71

Major Resistance Level: $41.34

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 8.24% on Monday. Reversing a 7.94% slide from Sunday, Stellar’s Lumen ended the day at $0.039475

A choppy start saw Stellar’s Lumen fall to a late morning intraday low $0.036461 before making a move.

Steering clear of the first major support level at $0.03539, Stellar’s Lumen rallied to an early afternoon intraday high $0.039926.

Stellar’s Lumen broke through the first major resistance level at $0.03940 before falling back to $0.038 levels.

Finding late support, Stellar’s Lumen broke back through the first major resistance level to wrap up the day at $0.039475.

At the time of writing, Stellar’s Lumen was down by 0.24% to $0.039381. It was a mixed start to the day. Stellar’s Lumen rose to an early morning high $0.039950 before falling to a low $0.039381

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

XLM/USD 24/03/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through the morning high $0.039950 to support a run at the first major resistance level to $0.040790.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.040 levels.

Barring an extended crypto rally, resistance at $0.040 would leave Stellar’s Lumen short of the first major resistance level.

Failure to move through the morning high $0.039950 could see Stellar’s Lumen hit reverse

A fall back through the morning low to sub-$0.03860 levels would bring the first major support level at $0.03729 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.038 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03729

Major Resistance Level: $0.04079

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 10.63% on Monday. Reversing an 8.39% slide from Sunday, Tron’s TRX ended the day at $0.011368.

A mixed start saw Tron’s TRX fall to an early morning intraday low $0.01009 before making a move.

Steering clear of the first major support level at $0.00978, Tron’s TRX rallied to an early afternoon intraday high $0.011552.

Tron’s TRX broke through the first major resistance level at $0.01119 before sliding back to sub-$0.011 levels.

Finding support from the broader market, however, Tron’s TRX broke back through the first major resistance level to wrap up the day at $0.0113 levels.

At the time of writing, Tron’s TRX was down by 0.01% to $0.011367. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.011354 before striking a high $0.011549.

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

TRX/USD 24/03/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through the morning high $0.011549 to support a run at the first major resistance level at $0.01192.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.011552.

Barring an extended crypto rally, the first major resistance at $0.01192 would likely cap any upside.

Failure to move through the morning high $0.011549 could see Tron’s TRX struggle later in the day.

A fall through to sub-$0.011 levels would bring the first major support level at $0.01045 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.010 support levels.

Looking at the Technical Indicators

Major Support Level: $0.01045

Major Resistance Level: $0.01192

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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