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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 22nd, 2020

By:
Bob Mason
Published: Jul 22, 2020, 02:12 UTC

It's a bearish start to the day. Failure to break out from Tuesday's highs would bring support levels into play.

Bitcoin and Litecoin over dollar banknotes.

Litecoin

Litecoin rallied by 4.53% on Tuesday. Reversing a 1.69% loss from Monday, Litecoin ended the day at $43.83.

It was a bullish start to the day. Litecoin rallied from an early morning intraday low $41.89 to a mid-day intraday high $44.10.

Litecoin broke through the first major resistance level at $42.72 and the second major resistance level at $43.48.

In the 2nd half of the day, Litecoin slipped back to sub-$43.50 levels before closing out the day at $43.80 levels. The second major resistance level at $43.48 limited the downside late in the day.

At the time of writing, Litecoin was down by 0.02% to $43.82. A mixed start to the day saw Litecoin fall to an early morning low $43.53 before rising to a high $44.00.

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

LTC/USD 22/07/20 Daily Chart

For the day ahead

Litecoin would need to avoid a fall through the $43.27 pivot to support a run at the first major resistance level at $44.66.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $44.10.

Barring another crypto rally, the first major resistance level and Tuesday’s high $44.10 would likely cap any upside.

Failure to avoid a fall through the $43.27 pivot would bring the first major support level at $42.45 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 levels. The second major support level at $41.06 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $42.45

Major Resistance Level: $44.66

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 2.59% on Tuesday. Partially reversing a 5.63% slide from Monday, Stellar’s Lumen ended the day at $0.096744.

It was also a bullish start to the day. Stellar’s Lumen rose from an early morning low $0.09430 to a late morning intraday high $0.09863 before hitting reverse.

Falling short of the first major resistance level at $0.09980, Stellar’s Lumen slid to a late intraday low $0.094153.

Steering clear of the first major support level at $0.09165, Stellar’s Lumen moved back through to $0.096 levels.

At the time of writing, Stellar’s Lumen was down by 0.97% to $0.095806. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.09618 to a low $0.095503.

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

XLM/USD 22/07/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through the $0.09651 pivot to support a run at the first major resistance level at $0.09887.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.098 levels.

Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $0.09863 would likely limit any upside.

Failure to move through the $0.09651 pivot would bring the first major support level at $0.09439 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should avoid sub-$0.090 levels. The second major support level at $0.09203 should limit the downside.

Looking at the Technical Indicators

Major Support Level: $0.09439

Major Resistance Level: $0.09887

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rallied by 2.42% on Tuesday. Reversing a 2.24% slide from Monday, Tron’s TRX ended the day at $0.01765.

It was a mixed start to the day. Tron’s TRX fell to an early morning intraday low $0.017209 before making a move.

Steering clear of the first major support level at $0.01689, Tron’s TRX rallied to a late morning intraday high $0.017746.

Tron’s TRX broke through the first major resistance level at $0.01755 before easing back to sub-$0.01760 levels.

Finding support at the first major resistance level, Tron’s TRX recovered to $0.0176 levels late in the day.

At the time of writing, Tron’s TRX was down by 0.25% to $0.017605. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.017571 before rising to a high $0.017605.

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

TRX/USD 22/07/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.01754 pivot level to support a run at the first major resistance level at $0.01786.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday high $0.017746.

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

Failure to avoid a fall through the $0.01754 pivot level would bring the first major support level at $0.01732 into play.

Barring another extended crypto sell-off, Tron’s TRX should steer clear of sub-$0.017 levels. The second major support level at $0.01700 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01732

Major Resistance Level: $0.01786

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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