Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 08/06/20

Litecoin

Litecoin fell by 0.30% on Sunday. Following a flat Saturday, Litecoin ended the week up by 2.30% to $46.62.

A mixed start to the day saw Litecoin rise to an early morning intraday high $47.00 before hitting reverse.

Falling short of the first major resistance level at $47.29, Litecoin slid to an early afternoon intraday low $45.10.

Litecoin fell through the first major support level at $46.12 and the second major support level at $45.57.

Late in the day, Litecoin bounced back to a high $46.98 before easing back.

At the time of writing, Litecoin was down by 0.02% to $46.61. A mixed start to the day saw Litecoin fall to an early morning low $46.48 before striking a high $46.76.

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

For the day ahead

Litecoin would need to avoid sub-$46.25 levels to support a run at the first major resistance level at $47.38.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $47.00.

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

Failure to avoid sub-$46.25 levels could see Litecoin struggle at the start of the week.

A fall back through the morning low $46.48 to sub-$46.25 levels would bring the first major support level at $45.48 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$45 and the second major support level at $44.34.

Looking at the Technical Indicators

Major Support Level: $45.48

Major Resistance Level: $47.38

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 1.85% on Sunday. Reversing a 1.64% gain from Saturday, Stellar’s Lumen ended the week up by 12.65% to $0.078779.

A bullish start to the day saw Stellar’s Lumen strike an early morning intraday high $0.080267 before hitting reverse.

Coming up short of the first major resistance level at $0.081310, Stellar’s Lumen slid to an early afternoon intraday low $0.075646.

Stellar’s Lumen fell through the first major support level at $0.07837 and the second major support level at $0.07682.

Finding late support, Stellar’s Lumen recovered to $0.079 levels before easing back. In spite of the ease back, Stellar’s Lumen avoided a fall back through the first major support level.

At the time of writing, Stellar’s Lumen was down by 0.12% to $0.078681. A mixed start to the day saw Stellar’s Lumen rally to an early morning high $0.079368 before falling to low $0.078681

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

For the day ahead

Stellar’s Lumen would avoid sub-$0.07825 levels to take a run at the first major resistance level at $0.08082.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Sunday’s high $0.080267.

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

Failure to avoid sub-$0.07825 levels could see Stellar’s Lumen fall deeper into the red.

A fall through the morning low to sub-$0.07825 levels would bring the first major support level at $0.07619 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.07361.

Looking at the Technical Indicators

Major Support Level: $0.07619

Major Resistance Level: $0.08082

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 6.86% on Sunday. Following on from a 0.94% gain on Saturday, Tron’s TRX ended the week up by 14.99% to $0.018175.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.017638 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01724 and the second major resistance level at $0.01750.

The reversal saw Tron’s TRX slide to a mid-afternoon intraday low $0.016877 before making a move.

Steering clear of the first major support level at $0.01662, Tron’s TRX rallied to a final hour intraday high $0.018220.

Tron’s TRX broke through the day’s major resistance levels to wrap up the day at $0.018 levels for the 1^st time since March.

At the time of writing, Tron’s TRX was up by 0.25% to $0.018220. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.017993 before striking a high $0.018220.

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-$0.01770 levels to support a run at the first major resistance level at $0.01859.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.018220.

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

Failure to avoid sub-$0.01770 levels would bring the first major support level at $0.01732 into play.

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

Looking at the Technical Indicators

Major Support Level: $0.01732

Major Resistance Level: $0.01859

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