Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 11th, 2020

Litecoin

Litecoin rose by 2.35% on Monday. Partially reversing a 2.55% fall from Sunday, Litecoin ended the day at $58.31.

It was a mixed start to the day. Litecoin rose to a late morning high $58.64 before hitting reverse.

Litecoin broke through the first major resistance level at $58.43 before sliding to a late morning intraday low $56.57.

Steering clear of the first major support level at $55.81, Litecoin rallied to a late afternoon intraday high $59.49.

Litecoin broke back through the first major resistance level at $58.43 before falling back through to sub-$58 levels.

Finding late support, Litecoin moved back through to $58 levels, with the first major resistance level capping the upside.

At the time of writing, Litecoin was up by 1.22% to $59.02. A bullish start to the day saw Litecoin rise from an early morning low $58.13 to a high $59.10.

Litecoin left the major support and resistance levels untested early in the day.

For the day ahead

Litecoin would need to avoid a fall through the $58.12 pivot to support a run at the first major resistance level at $59.68.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $59.49.

Barring another crypto rally, the first major resistance level and Monday’s high would likely cap any upside. In the event of a breakout, the second major resistance level at $61.04 would likely come into play.

A fall through the $58.12 pivot would bring the first major support level at $56.76 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$56 levels. The second major support level sits at $55.20.

Looking at the Technical Indicators

First Major Support Level: $56.76

First Major Resistance Level: $59.68

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 0.64% on Monday. Following on from a 2.03% gain on Sunday, Stellar’s Lumen ended the day at $0.10600.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.10724 before hitting reverse.

Stellar’s Lumen came up against the first major resistance level at $0.10700 before falling to a late morning intraday low $0.10261.

Finding support at the first major support level at $0.10257, Stellar’s Lumen recovered to $0.1060 levels to end the day in the green.

At the time of writing, Stellar’s Lumen was up by 0.80% to $0.10685. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.10626 to a high $0.10685.

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

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.10528 pivot to support another run at the first major resistance level at $0.10796.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.10724.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high would likely limit any upside.

A fall through the $0.10528 pivot would bring the first major support level at $0.10333 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should continue to steer of sub-$0.10 levels. The second major support level at $0.10065 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.10333

First Major Resistance Level: $0.10796

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rallied by 4.83% on Monday. Reversing a 0.43% fall from Sunday, Tron’s TRX ended the day at $0.021491.

It was a bullish start to the day. Tron’s TRX rallied from an early morning intraday low $0.020501 to a mid-morning intraday high $0.021824 before hitting reverse.

Tron’s TRX broke through the day’s major resistance levels before falling back to $0.0212 levels.

The pullback saw Tron’s TRX fall through the third major resistance level at $0.02141.

Finding late support, however, Tron’s TRX broke back through the third major resistance level to wrap up the day at $0.02149 levels.

At the time of writing, Tron’s TRX was down by 0.58% to $0.021367. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.021487 to a low $0.021367.

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

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.02128 pivot level to support a run at the first major resistance level at $0.02204.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.021824.

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

A fall through the pivot level at $0.02128 would bring the first major support level at $0.02073 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.020 levels and the second major support level at $0.01996.

Looking at the Technical Indicators

First Major Support Level: $0.02073

First Major Resistance Level: $0.02204

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