Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 24th, 2020

Litecoin

Litecoin rose by 0.53% on Sunday. Following on from a 2.08% gain on Saturday, Litecoin ended the week down by 5.22% to $60.60.

It was a mixed start to the day. Litecoin rose to an early morning high $60.65 before hitting reverse.

Falling short of the first major resistance level at $61.32, Litecoin fell to a late morning intraday low $58.08.

Litecoin fell through the first major support level at $58.53 before striking a late intraday high $61.61.

Litecoin broke through the first major resistance level at $61.32 before easing back to sub-$61 levels.

At the time of writing, Litecoin was down by 0.48% to $60.31. A bearish start to the day saw Litecoin fall from an early morning high $60.69 to a low $60.03.

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

For the day ahead

Litecoin would need to avoid a fall through the $60.10 pivot to support a run at the first major resistance level at $62.11.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $61.61.

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

Failure to avoid a fall through the $60.10 pivot would bring the first major support level at $58.58 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $56.57.

Looking at the Technical Indicators

First Major Support Level: $58.58

First Major Resistance Level: $62.11

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 0.60% on Sunday. Following on from a 2.62% gain on Saturday, Stellar’s Lumen ended the week down by 10.86% to $0.102879.

Tracking the broader market, Stellar’s Lumen rose to an early morning high $0.102596 before hitting reverse.

Falling short of the first major resistance level at $0.10431, Stellar’s Lumen slid to a late morning intraday low $0.09850.

Finding support at the first major support level at $0.09859, Stellar’s Lumen rallied to a late intraday high $0.103199.

While falling short of the first major resistance level at $0.10431, the late rebound delivered the upside on the day.

At the time of writing, Stellar’s Lumen was down by 1.12% to $0.101727. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.102985 to a low $0.10100.

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 $0.10153 pivot to support a run at the first major resistance level at $0.10455.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Sunday’s high $0.1032.

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

Failure to avoid a fall through the $0.10153 pivot would bring the first major support level at $0.09985 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.09683.

Looking at the Technical Indicators

First Major Support Level: $0.09985

First Major Resistance Level: $0.10455

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX slid by 3.52% on Sunday. Reversing a 3.61% rally from Saturday, Tron’s TRX ended the week down by 13.82% to $0.24337.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.025383 before hitting reverse.

Falling short of the first major resistance level at $0.02614, Tron’s TRX slid to a late morning intraday low $0.023510.

Tron’s TRX fell through the first major support level at $0.02372 before briefly revisiting $0.025 levels.

A bearish end to the day, however, left Tron’s TRX at sub-$0.025 levels and in the deep red.

At the time of writing, Tron’s TRX was down by 1.02% to $0.024089. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.024473 to a low $0.023873.

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

For the Day Ahead

Tron’s TRX would need to move through the $0.02441 pivot level to support a run at the first major resistance level at $0.02531.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0253 levels.

Barring an extended crypto rebound, the first major resistance level and Sunday’s high $0.025383 would likely cap any upside.

Failure to move through the pivot level at $0.02441 would bring the first major support level at $0.02344 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.023 levels. The second major support level sits at $0.02254.

Looking at the Technical Indicators

First Major Support Level: $0.02344

First Major Resistance Level: $0.02531

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