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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 27/02/20

By:
Bob Mason
Published: Feb 27, 2020, 05:23 UTC

A mixed start to the day gives a number of the majors a breather. Support from the broader market would be needed to test resistance levels, however.

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Litecoin

Litecoin tumbled by 14.81% on Wednesday. Following on from a 6.08% slide on Tuesday, Litecoin ended the day at $60.42.

A bearish start to the day saw Litecoin fall from an early morning intraday high $72.16 to a late afternoon intraday low $57.52.

Steering clear of the major resistance levels, Litecoin fell through the major support levels of the day. Litecoin also slid through the 23.6% FIB of $62.00.

Late in the day, Litecoin briefly broke back through the third major support level at $58.49 and 23.6% FIB before wrapping up the day at $60 levels.

At the time of writing, Litecoin was down by 0.22% to $60.29. A mixed start to the day saw Litecoin fall to an early morning low $57.10 before striking a high $61.02.

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

LTC/USD 27/02/20 Daily Chart

For the day ahead

Litecoin would need to move through to $63.40 levels to support a run the first major resistance level at $69.21.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB of $62.

Barring a broad-based crypto rebound, Litecoin would likely fall well short of the first major resistance level.

Failure to move through to $63.40 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $57.10 would bring the first major support level at $54.57 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$50 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $54.57

Major Resistance Level: $69.21

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 7.57% on Wednesday. Following on from a 6.47% fall on Tuesday, Stellar’s Lumen ended the day at $0.059109.

Tracking the broader market, Stellar’s Lumen slid from an early morning intraday high $0.064759 to a late afternoon intraday low $0.056106.

Stellar’s Lumen fell through the first major support level at $0.06249 and the second major support level at $0.06024.

Finding support late on, Stellar’s Lumen briefly moved back through the second major support level before wrapping up the day at sub-$0.060 levels.

At the time of writing, Stellar’s Lumen was down by 1.73% to $0.058088. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.058438 to a low $0.056181.

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

XLM/USD 27/02/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through to $0.060 levels to support a run at the first major resistance level at $0.06388.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.058438.

Barring a broad-based crypto rebound, resistance at $0.060 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.060 levels could see Stellar’s Lumen struggle in the day.

A fall back through the morning low $0.0561818 would bring the first major support level at $0.05522 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.055 support levels.

Looking at the Technical Indicators

Major Support Level: $0.05522

Major Resistance Level: $0.06388

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 tumbled by 13.26% on Wednesday. Following on from a 4.65% fall on Tuesday, Tron’s TRX ended the day at $0.016410.

Bearish through the day, Tron’s TRX fell from an early morning intraday high $0.019145 to a late afternoon intraday low $0.015610.

The reversal saw Tron’s TRX slide through the major support levels of the day before finding support.

Finding support late on, Tron’s TRX recovered to $0.0167 levels before easing back. The third major support level at $0.01670 pinned Tron’s TRX back late in the day.

At the time of writing, Tron’s TRX was up by 1.83% to $0.016710. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.015910 before striking a high $0.01680.

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

TRX/USD 27/02/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through to $0.0170 levels to support a run at the first major resistance level at $0.01850.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.01680.

Barring an extended crypto rebound, resistance at $0.018 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move through to $0.0170 levels could see Tron’s TRX slide back into the red.

A fall back through to sub-$0.016 levels would bring the first major support level at $0.01497 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.015 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.01497

Major Resistance Level: $0.01850

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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