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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – September 7th, 2020

By:
Bob Mason
Published: Sep 7, 2020, 01:12 UTC

It's a bullish start to the day for the majors. Avoiding the day's pivot levels would bring resistance levels into play on the day.

Crypto00 567

Litecoin

Litecoin rose by 0.15% on Sunday. Following a 5.77% slide from Saturday, Litecoin ended the week down by 23.85% to $47.90.

A mixed start to the day saw Litecoin fall to an early morning intraday low $46.30 before making a move.

Steering clear of the first major support level at $44.96, Litecoin rose to a late morning intraday high $49.17.

Falling short of the first major resistance level at $50.89, Litecoin slid back to sub-$47 levels before finding support.

A late recovery delivered the upside on the day.

At the time of writing, Litecoin was up by 1.06% to $48.41. A bullish start to the day saw Litecoin rise from an early morning low $47.89 to a high $48.56.

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

LTC/USD 07/09/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $47.79 pivot to support a run at the first major resistance level at $49.28.

Support from the broader market would be needed, however, for Litecoin to break back through to $49 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $49.17 would likely cap any upside.

Failure to avoid a fall through the $47.79 pivot would bring the first major support level at $46.41 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $44.92.

Looking at the Technical Indicators

First Major Support Level: $46.41

First Major Resistance Level: $49.28

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Stellar’s Lumen

Stellar’s Lumen rose by 2.59% on Sunday. Partially reversing a 7.32% slide from Saturday, Stellar’s Lumen ended the week down by 21.20% to $0.077388.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.072593 before making a move.

Steering clear of the first major support level at $0.07114, Stellar’s Lumen rallied to a late intraday high $0.078962.

Falling short of the first major resistance level at $0.08150, Stellar’s Lumen eased back to end the day at $0.077 levels.

At the time of writing, Stellar’s Lumen was up by 1.55% to $0.078589. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.077285 to a high $0.079122.

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

XLM/USD 07/09/20 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.07631 pivot to support a run at the first major resistance level at $0.08004.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.080 levels.

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

Failure to avoid a fall through the $0.07631 pivot would bring the first major support level at $0.07367 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.06995.

Looking at the Technical Indicators

First Major Support Level: $0.07367

First Major Resistance Level: $0.08004

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 5.39% on Sunday. Partially reversing a 15.95% tumble from Saturday, Tron’s TRX ended the week up by 16.44% to $0.031499.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.027885 before making a move.

Steering clear of the first major support level at $0.02576, Tron’s TRX rallied to a mid-day intraday high $0.032658.

While falling short of the first major resistance level at $0.03545, Tron’s TRX broke through the 23.6% FIB of $0.0291.

An afternoon pullback saw Tron’s TRX fall back to a low $0.02947 before recovering to $0.031 levels.

At the time of writing, Tron’s TRX was up by 1.28% to $0.031901. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.031371 before striking a high $0.032213.

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

TRX/USD 07/09/20 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.03068 pivot level to support a run at the first major resistance level at $0.03348.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Sunday’s high $0.032658.

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

Failure to avoid a fall through the $0.03068 pivot level would bring the first major support level at $0.02870 into play.

Barring an extended crypto sell-off, however, Tron’s TRX would likely steer clear of sub-$0.028 levels. The second major support level sits at $0.02591.

Looking at the Technical Indicators

First Major Support Level: $0.02870

First Major Resistance Level: $0.03348

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

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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