Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 31st, 2020

Litecoin

Litecoin rallied by 10.37% on Sunday. Reversing a 0.71% decline from Saturday, Litecoin ended the week up by 3.76% to $62.89.

It was a bullish day. Litecoin rallied from an early morning intraday low $56.94 to a late intraday high $62.94.

Litecoin broke through the day’s major resistance levels to return to $60 levels for the first time since Monday.

At the time of writing, Litecoin was down by 0.22% to $62.75. A mixed start to the day saw Litecoin rise to an early morning high $63.73 before falling to a low $62.70.

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

For the day ahead

Litecoin would need to avoid a fall through the $60.92 pivot to support a run at the first major resistance level at $64.91.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $63.73.

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

Failure to avoid a fall through the $60.92 pivot would bring the first major support level at $58.91 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $54.92.

Looking at the Technical Indicators

First Major Support Level: $58.91

First Major Resistance Level: $64.91

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Stellar’s Lumen

Stellar’s Lumen rose 2.01% on Sunday. Following on from a 0.59% gain on Saturday, Stellar’s Lumen ended the week down by 4.55% to $0.098204.

It was a mixed start to the day. Stellar’s Lumen rose to an early morning high $0.09750 before hitting reverse.

Falling short of the first major resistance level at $0.09775, Stellar’s Lumen fell to a late morning intraday low $0.096160.

Steering clear of the first major support level at $0.09461, Stellar’s Lumen rose to a late intraday high $0.098390.

Stellar’s Lumen broke through the first major resistance level at $0.09775 before falling back to sub-$0.09720 levels.

Finding late support, however, Stellar’s Lumen broke back through the first major resistance level to end the day at $0.098 levels.

At the time of writing, Stellar’s Lumen was up by 0.41% to $0.098602. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.098204 to a high $0.098881.

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 $0.09758 pivot to support a run at the first major resistance level at $0.09901.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.098881.

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

Failure to avoid a fall through the $0.09758 pivot would bring the first major support level at $0.09678 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.096 levels. The second major support level sits at $0.09535.

Looking at the Technical Indicators

First Major Support Level: $0.09678

First Major Resistance Level: $0.9901

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 rallied by 8.65% on Sunday. Following on from a 4.22% gain on Saturday, Tron’s TRX ended the week up by 11.05% to $0.027048.

It was a bullish day. Tron’s TRX rallied from an early morning intraday low $0.024865 to a late intraday high $0.02831.

Tron’s TRX broke through the first major resistance level at $0.02568 and the second major resistance level at $0.02646.

Coming up against the third major resistance level at $0.02831, Tron’s TRX fell back to sub-$0.02680 levels.

Avoiding a fall back through the second major resistance level, Tron’s TRX found support to end the day at $0.027 levels.

At the time of writing, Tron’s TRX was up by 0.22% to $0.027108. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.026897 to a high $0.027553.

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 $0.02674 pivot level to support a run at the first major resistance level at $0.02861.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Sunday’s high $0.02831.

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

Failure to avoid a fall through the $0.02674 pivot level would bring the first major support level at $0.02518 into play.

Barring an extended crypto sell-off, however, Tron’s TRX would likely steer clear of the second major support level at $0.02331.

Looking at the Technical Indicators

First Major Support Level: $0.02518

First Major Resistance Level: $0.02861

23.6% FIB Retracement Level: $0.0291

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob