Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 29/01/20

Litecoin

Litecoin rose by 3.68% on Tuesday. Following on from a 4.19% rally on Monday, Litecoin ended the day at $60.62.

A bullish start to the day saw Litecoin rally to an early morning intraday high $61.44 before hitting reverse.

Litecoin broke through the first major resistance level at $60.05 before sliding to a late afternoon intraday low $57.17.

In spite of the pullback, Litecoin steered clear of the first major support level at $56.31. Late in the day, Litecoin broke back through the first major resistance level to wrap up the day at $60 levels.

At the time of writing, Litecoin was up by 0.28% to $60.79. A mixed start to the day saw Litecoin rise from an early morning low $60.25 to a high $62.40 before falling back.

Litecoin broke through the 23.6% FIB of $62 and the first major resistance level at $62.32 early on.

For the day ahead

Litecoin would need to break back through 23.6% FIB to support a run at the first major resistance level at $62.32.

Support from the broader market would be needed, however, for Litecoin to break back through to $61 levels.

Barring an extended crypto rally, the 23.6% FIB and first major resistance level would likely limit any upside.

In the event of another crypto breakout, the second major resistance level at $64.01 would likely limit any upside on the day.

Failure to break back through the 23.6% FIB could see Litecoin come under pressure.

A fall back through the morning low $60.25 to sub-$60 levels would bring the first major support level at $58.05 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of Tuesday’s low $57.17.

Looking at the Technical Indicators

Major Support Level: $58.05

Major Resistance Level: $62.32

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 0.78% on Tuesday. Following on from a 1.87% gain on Monday, Stellar’s Lumen ended the day at $0.060676.

A choppy start to the day saw Stellar’s Lumen fall to a late morning intraday low $0.059087 before finding support.

Steering clear of the first major support level at $0.05816, Stellar’s Lumen rallied to an early afternoon intraday high $0.061917.

Stellar’s Lumen broke through the first major resistance level at $0.06112 before falling back to sub-$0.060 levels.

Finding support late on, Stellar’s Lumen broke back through the first major resistance level before easing back to $0.060 levels.

At the time of writing, Stellar’s Lumen was up by 0.80% to $0.061161. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.060802 to a high $0.061544.

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

For the day ahead

Stellar’s Lumen would need to break back through the morning high $0.061544 to support a run at the first major resistance level at $0.06203.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through the Tuesday’s high $0.061917.

Barring an extended crypto rally, the first major resistance level at $0.06203 and Tuesday’s high should limit any upside.

Failure to move back through the morning high $0.061544 could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.06060 levels would bring the first major support level at $0.05920 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.059 levels.

Looking at the Technical Indicators

Major Support Level: $0.05920

Major Resistance Level: $0.06203

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 surged by 8.97% on Tuesday. Following on from a 1.09% gain on Monday, Tron’s TRX end the day at $0.018681.

Tracking the broader market, Tron’s TRX rallied from an early morning intraday low $0.017144 to an early afternoon intraday high $0.018942.

Tron’s TRX broke through the major resistance levels before falling back to sub-$0.018 levels.

Finding late support, Tron’s TRX broke back through the major resistance levels to close out the day at $0.018 levels.

At the time of writing, Tron’s TRX was up by 1.37% to $0.018936. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.018573 before striking a high $0.018936.

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

For the Day Ahead

Tron’s TRX would need to move through Tuesday’s high $0.018942 levels to support a run at the first major resistance level at $0.01937.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.019 levels.

Barring an extended crypto rally, first major resistance level, and Tuesday’s high would likely pin Tron’s TRX back.

Failure to move through to Tuesday’s high could see Tron’s TRX hit reverse.

A fall back through the morning low $0.018573 to sub-$0.01830 levels would bring the first major support level at $0.01757 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of the second major support level at $0.01646 on the day.

Looking at the Technical Indicators

Major Support Level: $0.01757

Major Resistance Level: $0.01937

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