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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 28th, 2020

By:
Bob Mason
Published: Jul 28, 2020, 01:26 UTC

It's a bullish start to the day for the majors. Steering clear of the day's pivot levels would bring resistance levels into play.

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Litecoin

Litecoin rallied by 10.91% on Monday. Reversing a 2.21% slide from Sunday, Litecoin ended the day at $53.38.

It was a mixed start to the day. Litecoin rose to a mid-day high $49.70 before falling to a mid-afternoon intraday low $46.93.

Finding support at the first major support level at $46.92, Litecoin rallied to a late intraday high $56.27.

Litecoin broke through the day’s major resistance levels before pulling back.

The pullback saw Litecoin fall through the third major resistance level at $55.16 to wrap up the day at $53 levels.

At the time of writing, Litecoin was up by 0.96% to $53.89. A bullish start to the day saw Litecoin rise from an early morning low $53.59 to a high $54.07.

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

LTC/USD 28/07/20 Daily Chart

For the day ahead

Litecoin would need to avoid a fall through the $52.19 pivot to support a run at the first major resistance level at $57.46.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $56.27.

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

Failure to avoid a fall through the $52.19 pivot would bring the first major support level at $48.12 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$48 levels. The second major support level sits at $42.85.

Looking at the Technical Indicators

First Major Support Level: $48.12

First Major Resistance Level: $57.46

23.6% FIB Retracement Level: $

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 4.75% on Monday. Following on from a 1.42% decline on Sunday, Stellar’s Lumen ended the day at $0.09466.

It was a bullish start to the day. Stellar’s Lumen rose to an early morning intraday high $0.10044 before hitting reverse.

Falling short of the first major resistance level at $0.10419, Stellar’s Lumen slid to a mid-afternoon intraday low $0.088367.

Stellar’s Lumen fell through the first major support level at $0.09611 and the second major support level at $0.09288.

Finding late support, Stellar’s Lumen broke back through the second major support level to limit the downside on the day.

At the time of writing, Stellar’s Lumen was up 0.96% to $0.09557. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.09391 before rising to a high $0.09583.

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

XLM/USD 28/07/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.09449 pivot to support a run at the first major resistance level at $0.10061.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.10044.

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

A fall through the $0.09449 pivot would bring the first major support level at $0.08854 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.08242.

Looking at the Technical Indicators

First Major Support Level: $0.08854

First Major Resistance Level: $0.10061

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 rose by 0.94% on Monday. Reversing a 0.99% fall from Sunday, Tron’s TRX ended the day at $0.01876.

It was a mixed start to the day. Tron’s TRX rose to an early morning high $0.018978 before hitting reverse.

Falling short of the first major resistance level at $0.01921, Tron’s TRX slid to a mid-afternoon intraday low $0.017685.

Tron’s TRX fell through the first major support level at $0.01815 and the second major support level at $0.01772.

Finding late support, Tron’s TRX broke back through the support levels to strike a late intraday high $0.019177.

Tron’s TRX came within range of the first major resistance level at $0.01921 before tumbling back to $0.01820 levels.

Finding support at the first major support level at $0.01815, Tron’s TRX recovered to end the day in the green.

At the time of writing, Tron’s TRX was up by 0.56% to $0.018868. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.018755 to a high $0.019031.

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

TRX/USD 28/07/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.01854 pivot level to support another run at the first major resistance level at $0.01940.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.019013.

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

Failure to avoid a fall through the $0.01854 pivot level would bring the first major support level at $0.01791 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 $0.01705 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.01791

First Major Resistance Level: $0.01940

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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