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

Litecoin

Litecoin rose by 1.90% on Monday. Following on from a 0.15% gain on Sunday, Litecoin ended the day at $48.85.

A mixed start to the day saw Litecoin rise to an early morning high $48.74 before hitting reverse.

Falling short of the first major resistance level at $49.28, Litecoin fell to a mid-day intraday low $45.31.

Litecoin fell through the first major support level at $46.41 before striking a late intraday high $49.16.

In spite of the recovery, Litecoin failed to test the first major support level at $49.28 on the day.

At the time of writing, Litecoin was down by 0.94% to $48.39. A mixed start to the day saw Litecoin rise to an early morning high $49.00 before falling to a low $48.32.

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

For the day ahead

Litecoin would need to avoid a fall through the $47.77 pivot to support a run at the first major resistance level at $50.24.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $49.16.

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

Failure to avoid a fall through the $47.77 pivot would bring the first major support level at $46.39 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $43.92.

Looking at the Technical Indicators

First Major Support Level: $46.39

First Major Resistance Level: $50.24

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 1.67% on Monday. Following on from a 2.59% rally on Sunday, Stellar’s Lumen ended the day at $0.07862.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.079144 before hitting reverse.

Falling short of the first major resistance level at $0.08004, Stellar’s Lumen slid to a mid-day intraday low $0.07392.

Steering clear of the first major support level at $0.07367, Stellar’s Lumen recovered to $0.078 levels to end the day in the green.

At the time of writing, Stellar’s Lumen was down by 0.86% to $0.077944. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.078881 before falling to a low $0.077591.

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

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.07723 pivot to support a run at the first major resistance level at $0.08054.

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 $0.07723 pivot would bring the first major support level at $0.07531 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.07200.

Looking at the Technical Indicators

First Major Support Level: $0.07531

First Major Resistance Level: $0.08054

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 rose by 3.14% on Monday. Following on from a 5.39% rally on Sunday, Tron’s TRX ended the day at $0.032481.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.032279 before hitting reverse.

Falling short of the first major resistance level at $0.03348, Tron’s TRX slid to a mid-day intraday low $0.028257.

Tron’s TRX fell through the first major support level at $0.02870 and the 23.6% FIB of 0.0291. Finding late support, however, Tron’s TRX struck a late intraday high $0.032705.

While falling short of the first major resistance level at $0.03348, Tron’s TRX broke back through the 23.6% FIB of $0.0291 to end the day in the green.

At the time of writing, Tron’s TRX was down by 1.56% to $0.031976. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.032647 before falling to a low $0.031597.

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

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.03115 pivot level to support a run at the first major resistance level at $0.03404.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.033 levels.

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

Failure to avoid a fall through the $0.03115 pivot level would bring the first major support level at $0.02959 and 23.6% FIB of $0.0291 into play.

Barring an extended crypto sell-off, however, Tron’s TRX would likely continue to steer clear of $0.028 levels. The second major support level sits at $0.02670.

Looking at the Technical Indicators

First Major Support Level: $0.02959

First Major Resistance Level: $0.03404

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