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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 8th, 2020

By:
Bob Mason

It's a mixed start to the day, with Stellar's Lumen bucking the trend early. Support from the broader market would be needed to hold onto early gains...

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Litecoin

Litecoin fell by 1.54% on Tuesday. Partially reversing Monday’s 5.87% rally, Litecoin ended the day at $43.37.

A mixed start to the day saw Litecoin rise to an early morning intraday high $44.46 before hitting reverse.

Falling short of the first major resistance level at $45.03, Litecoin slid to a late intraday low $42.84.

Steering clear of the first major support level at $42.28, Litecoin recovered to $43 levels to limit the downside.

At the time of writing, Litecoin was down by 0.30% to $43.24. A bearish start to the day saw Litecoin fall from an early morning high $43.41 to a low $43.11

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

LTC/USD 08/07/20 Daily Chart

For the day ahead

Litecoin would need to move through the $43.56 pivot to support a run at the first major resistance level at $44.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $44 levels.

Barring another crypto rally, the first major resistance level and Tuesday’s high $44.46 would likely cap any upside.

Failure to move through the $43.56 pivot would bring the first major support level at $42.65 into play.

Barring an extended crypto sell-off, however, Litecoin should continue to steer clear of sub-$41 levels. The second major support level at $41.94 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $42.65

Major Resistance Level: $44.27

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 2.76% on Tuesday. Following on from a 6.86% rally on Monday, Stellar’s Lumen ended the day at $0.07376.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.070312 before finding support.

Steering clear of the first major support level at $0.06837, Stellar’s Lumen rallied to a late intraday high $0.074290.

Stellar’s Lumen broke through the first major resistance level at $0.07368. In spite of a late pullback, Stellar’s Lumen avoided a fall back through the first major resistance level.

At the time of writing, Stellar’s Lumen was up by 0.14% to $0.073861. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.073852 to a high $0.073861.

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

XLM/USD 08/07/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.07280 pivot to support a run at the first major resistance level at $0.07526.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.074290.

Barring another broad-based crypto rally, the first major resistance level at $0.07526 would likely limit any upside.

Failure to avoid a fall through the $0.07280 pivot could see Stellar’s Lumen struggle throughout the day.

A pullback through to sub-$0.072 levels would bring the first major support level at $0.07128 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.070 levels. The second major support level sits at $0.06881.

Looking at the Technical Indicators

Major Support Level: $0.07128

Major Resistance Level: $0.07526

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 slid by 4.81% on Tuesday. Reversing most of Monday’s 6.53% rally, Tron’s TRX ended the day at $0.01726.

It was a mixed start to the day. Tron’s TRX rallied to an early morning intraday high $0.018150 before hitting reverse.

Falling short of the first major resistance level at $0.018520, Tron’s TRX slid to a late intraday low $0.017111.

Tron’s TRX fell through the first major resistance level at $0.01732 before finding support. A move back through to $0.01720 levels reduced the deficit on the day.

At the time of writing, Tron’s TRX was down by 1.41% to $0.017018. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017146 to a low $0.016865.

Tron’s TRX tested the first major support level at $0.01686 early on.

TRX/USD 08/07/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through the $0.01750 pivot level to support a run at the first major resistance level at $0.01790.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.01750 levels.

Barring an extended crypto rally, the first major resistance level at $0.01790 would likely cap any upside.

Failure to move through the $0.01750 pivot level would bring the first major support level at $0.01686 back into play.

Barring another extended crypto sell-off, Tron’s TRX should steer clear of the second major support level at $0.01647

Looking at the Technical Indicators

Major Support Level: $0.01686

Major Resistance Level: $0.01790

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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