It's a mixed start to the day for the majors. Failure to break through the pivot levels will bring support levels back into play after the Wednesday sell-off.
Litecoin slid by 3.62% on Wednesday. Following on from a 0.45% decline on Tuesday, Litecoin ended the day at $42.56.
A bullish start to the day saw Litecoin rally to a mid-morning intraday high $44.60 before hitting reverse.
Litecoin broke through the first major resistance level at $44.45 before tumbling to a mid-afternoon intraday low $42.00.
The sell-off saw Litecoin fall through the major support levels of the day before steadying.
In spite of a partial recovery, however, Litecoin failed to break back through the third major support level at $43.01.
At the time of writing, Litecoin was up by 0.49% to $42.77. A mixed start to the day saw Litecoin fall to an early morning low $42.38 before striking a high $42.79.
Litecoin left the major support and resistance levels untested early in the day.
Litecoin would need to move through the $43.0 pivot to support a run at the first major resistance level at $44.01.
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 Wednesday’s high $44.45 would likely cap any upside.
Failure to move through the $43.0 pivot could see Litecoin struggle on the day.
A fall back through Wednesday’s low $42.00 would bring the first major support level at $41.56 into play.
Barring another extended crypto sell-off, Litecoin should steer clear of sub-$40 levels. The second major support level at $40.55 should limit any downside.
Major Support Level: $41.56
Major Resistance Level: $44.01
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen slid by 4.53% on Wednesday. Following on from a 1.13% decline on Tuesday, Stellar’s Lumen ended the day at $0.068936.
Tracking the broader market, Stellar’s Lumen struck an early morning intraday high $0.072724 before hitting reverse.
Stellar’s Lumen broke through the first major resistance level at $0.07239 before sliding to a mid-afternoon intraday low $0.068275.
The sell-off saw Stellar’s Lumen fall through the first major support level at $0.07007 and second major support level at $0.06902.
Late in the day, Stellar’s Lumen briefly broke back through the second major support level before sliding back.
At the time of writing, Stellar’s Lumen was down by 0.31% to $0.068723. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.068942 to a low $0.068618.
Stellar’s Lumen left the major support and resistance levels untested early on.
Stellar’s Lumen would need to move through the $0.070 pivot to support a run at the first major resistance level at $0.07168.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.071 levels.
Barring another broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to move through the $0.070 pivot could see Stellar’s Lumen struggle throughout the day.
A fall back through this morning low $0.068618 would the first major support level at $0.06723 into play.
Barring another extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.06553.
Major Support Level: $0.06723
Major Resistance Level: $0.07168
23.6% FIB Retracement Level: $0.1051
38% FIB Retracement Level: $0.1433
62% FIB Retracement Level: $0.2050
Tron’s TRX slid by 3.44% on Wednesday. Reversing a 0.54% gain from Tuesday, Tron’s TRX ended the day at $0.015959.
A bullish start to the day saw Tron’s rally to a mid-morning intraday low $0.016841 before hitting reverse.
Coming up against the first major resistance level at $0.01681, Tron’s TRX slid to an early afternoon intraday low $0.015704.
Tron’s TRX fell through the first major support level at $0.01623 and the second major support level at $0.01594.
Finding late support, Tron’s TRX briefly moved back through to $0.016 levels before easing back.
The second major support level at $0.01594 limited the downside late in the day.
At the time of writing, Tron’s TRX was down by 0.38% to $0.015899. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015929 to a low $0.015899.
Tron’s TRX left the major support and resistance levels untested early on.
Tron’s TRX would need to move through the $0.01620 pivot to support a run at the first major resistance level at $0.01663.
Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.01650 levels.
Barring another broad-based crypto rally, the first major resistance level and Wednesday’s high $0.016841 would likely cap any upside.
In the event of another breakout, $0.017 levels and the second major resistance level at $0.01731 would come into play.
Failure to move through the $0.01620 pivot would bring the first major support level at $0.01550 into play.
Barring another extended crypto sell-off, Tron’s TRX should steer clear of the second major support level at $0.01503.
Major Support Level: $0.01550
Major Resistance Level: $0.01663
23.6% FIB Retracement Level: $0.0322
38.2% FIB Retracement Level: $0.0452
62% FIB Retracement Level: $0.0663
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Thanks, Bob
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.