Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 26th, 2020

Updated: Sep 8, 2020, 13:33 UTC•4min read

It’s a mixed start to the day for the majors. A move through the day’s pivot levels would support the recovery of Tuesday’s losses.

Litecoin

Litecoin slid by 5.91% on Tuesday. Reversing a 2.36% gain from Monday, Litecoin ended the day at $58.38.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $62.32 before hitting reverse.

Falling short of the first major resistance level at $63.34, Litecoin slid to a late afternoon intraday low $56.63.

Litecoin fell through the first major support level at $60.38 and the second major support level at $58.73.

Finding late support, Litecoin revisited $58.80 levels before easing back into the deep red. The second major support level at $58.73 pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.26% to $58.23. A bearish start to the day saw Litecoin fall from an early morning high $58.40 to a low $57.62.

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

For the day ahead

Litecoin would need to move through the $59.11 pivot to support a run at the first major resistance level at $61.59.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

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

Failure to move through the $59.11 pivot would bring the first major support level at $55.90 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $53.42.

Looking at the Technical Indicators

First Major Support Level: $55.90

First Major Resistance Level: $61.59

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Stellar’s Lumen

Stellar’s Lumen slid by 5.58% on Tuesday. Reversing a 0.14% gain from Monday, Stellar’s Lumen ended the day at $0.09727.

It was a mixed start to the day. Stellar’s Lumen rose to an early morning intraday high $0.10316 before hitting reverse.

Falling short of the first major resistance level at $0.10602, Stellar’s Lumen slid to a late afternoon intraday low $0.09508.

Stellar’s Lumen fell through the first major support level at $0.1005 and the second major support level at $0.09801.

Finding late support, Stellar’s Lumen briefly revisited $0.098 levels before easing back. The second major support level at $0.09801 pinned Stellar’s Lumen back late in the day.

At the time of writing, Stellar’s Lumen was up by 0.67% to $0.09793. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.09602 before rising to a high $0.09801.

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

For the day ahead

Stellar’s Lumen would need to move through the $0.09850 pivot to support a run at the first major resistance level at $0.10193.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.10 levels.

Barring a broad-based crypto rally, the first major resistance level would like cap any upside.

Failure to move through the $0.09850 pivot would bring the first major support level at $0.09385 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.09042. The 23.6% FIB of $0.09280 should limit any downside on the day.

Looking at the Technical Indicators

First Major Support Level: $0.0.09385

First Major Resistance Level: $0.10193

23.6% FIB Retracement Level: $0.09280

38% FIB Retracement Level: $0.1333

62% FIB Retracement Level: $0.1989

Tron’s TRX

Tron’s TRX tumbled by 8.54% on Tuesday. Reversing a 3.34% gain from Monday, Tron’s TRX ended the day at $0.022998.

A bullish start to the day saw Tron’s TRX rise to an early morning intraday high $0.02555 before hitting reverse.

Falling short of the first major resistance level at $0.02602, Tron’s TRX slid to a late afternoon intraday low $0.022114.

Tron’s TRX fell through the first major support level at $0.02407 and the second major support level at $0.02296.

Finding late support, Tron’s TRX moved back through the second major support level to $0.0234 levels before easing back.

At the time of writing, Tron’s TRX was up by 0.73% to $0.02316. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.022735 before rising to a high $0.023434.

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

TRX/USD 26/08/20 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move through the $0.02355 pivot level to support a run at the first major resistance level at $0.02499.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.024 levels.

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

Failure to move through the pivot level at $0.02355 would bring the first major support level at $0.02156 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.020 levels. The second major support level at $0.02012 would likely limit any downside.