Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 5th, 2020

Litecoin

Litecoin fell by 1.54% on Tuesday. Partially reversing a 3.06% gain from Monday, Litecoin ended the day at $57.65.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $59.60 before hitting reverse.

Falling short of the first major resistance level at $60.52, Litecoin fell to an early afternoon intraday low $55.72.

Litecoin fell through the first major support level at $56.14 before briefly revisiting $58 levels.

At the time of writing, Litecoin was down by 0.29% to $57.48. A bearish start to the day saw Litecoin fall from an early morning high $57.85 to a low $56.73.

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

For the day ahead

Litecoin would need to move through the $57.86 pivot to support a run at the first major resistance level at $59.39.

Support from the broader market would be needed, however, for Litecoin to break back through to $59 levels.

Barring another crypto rally, the first major resistance level and Tuesday’s high $59.60 would likely cap any upside.

Failure to move through the $57.86 pivot would bring the first major support level at $56.12 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$54 levels. The second major support level at $54.59 and the 23.6% FIB of $54 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $56.12

First Major Resistance Level: $59.39

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 5.51% on Tuesday. Following on from a 3.14% gain on Monday, Stellar’s Lumen ended the day at $0.11077.

It was a bullish day. Stellar’s Lumen rallied from an early morning intraday low $0.10499 to a late intraday high $0.11143.

Stellar’s Lumen broke through the first major resistance level at $0.10891 and the second major resistance level at $0.11260.

A late pullback, however, saw Stellar’s Lumen fall back through the second major resistance level.

At the time of writing, Stellar’s Lumen was down by 2.67% to $0.10781. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.11134 to a low $0.10749.

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 $0.10906 pivot to support a run at the first major resistance level at $0.11314.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.11 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.11143 would likely limit any upside.

Failure to move through the $0.10906 pivot would bring the first major support level at $0.10670 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.10 levels. The second major support level at $0.10262 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.10670

First Major Resistance Level: $0.11314

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 rose by 2.35% on Tuesday. Following on from a 4.72% rally on Monday, Tron’s TRX  ended the day at $0.020382.

A bullish start to the day saw Tron’s TRX rise to a late morning intraday high $0.020649 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.020370 before falling to an early afternoon intraday low $0.019904.

Steering clear of the first major support level at $0.01913, Tron’s TRX moved back through to $0.020 levels to deliver the upside.

At the time of writing, Tron’s TRX was down by 0.58% to $0.020265. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.020449 to a low $0.020112.

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 the $0.02031 pivot level to support a run at the first major resistance level at $0.02072.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.020649.

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

Failure to move through the $0.02031 pivot level would bring the first major support level at $0.01997 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should avoid a return to sub-$0.019 levels on the day. The second major support level at $0.01957 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.01997

First Major Resistance Level: $0.02072

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