Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 02/06/20

Litecoin

Litecoin rallied by 5.92% on Monday. Reversing a 4.48% slide from Sunday, Litecoin ended the day at $48.27.

A bullish start to the day saw Litecoin rise from an early morning intraday low $45.34 to an early morning high $46.62.

Falling short of the major resistance levels, Litecoin fell back to $45.6 levels before a 2^nd half of a day breakout.

The breakout saw Litecoin surge to a final hour intraday high $48.96.

Litecoin broke through the first major resistance level at $47.17 and second major resistance level at $48.73 before easing back.

At the time of writing, Litecoin was down by 0.27% to $48.14. A bearish start to the day saw Litecoin fall from an early morning high $48.37 to a low $47.91.

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

For the day ahead

Litecoin would need to avoid sub-$47.50 levels to bring the first major resistance level at $49.71 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Monday’s high $48.96.

Barring another extended crypto rally, the first major resistance level should limit any upside.

Failure to avoid sub-$47.50 levels could see Litecoin fall deeper into the red.

A fall back through the morning low to sub-$47.50 levels would bring the first major support level at $46.09 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$45 and the second major support level at $43.90.

Looking at the Technical Indicators

Major Support Level: $46.09

Major Resistance Level: $49.71

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 9.25% on Monday. Reversing a 2.61% fall from Sunday, Stellar’s Lumen ended the day at $0.076403.

Bullish through the day, Stellar’s Lumen rallied from an early morning intraday low $0.069934 to a final hour intraday high $0.076500.

Stellar’s Lumen broke through the first major resistance level at $0.07499 to wrap up the day at $0.07640 levels.

At the time of writing, Stellar’s Lumen was up by 0.03% to $0.076425. At the start of the day, Stellar’s Lumen opened at $0.076425, up from an end of Monday $0.076403.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.077 levels to bring the first major resistance level at $0.07862 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.07650.

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

Failure to move through to $0.077 levels could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.07430 levels would bring the first major support level at $0.07206 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.070 support levels.

Looking at the Technical Indicators

Major Support Level: $0.07206

Major Resistance Level: $0.07862

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.1433

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rallied by 7.97% on Monday. Reversing a 2.99% fall from Sunday, Tron’s TRX ended the day at $0.017065.

It was a bullish start to the month. Tron’s TRX rallied from an early morning intraday low $0.015753 to a final hour intraday high $0.017096.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01691.

It was the first time that Tron’s TRX wrapped up the day at $0.017 levels since early March.

At the time of writing, Tron’s TRX was down by 0.45% to $0.016989. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017150 to a low $0.016989.

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

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01665 levels to support a run at the first major resistance level at $0.01752.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.017150.

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

Failure to avoid sub-$0.01665 levels could see Tron’s TRX fall deeper into the red.

A fall through the morning low to sub-$0.01665 levels would bring the first major support level at $0.01618 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01530.

Looking at the Technical Indicators

Major Support Level: $0.01618

Major Resistance Level: $0.01752

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