Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 6th, 2020

Litecoin

Litecoin rose by 2.29% on Wednesday. Reversing a 1.54% decline from Tuesday, Litecoin ended the day at $58.97.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $56.73 before making a move.

Steering clear of the first major support level at $56.12, Litecoin rallied to a late intraday high $59.92.

Litecoin broke through the first major resistance level at $59.39 before falling back to end the day at $58 levels.

At the time of writing, Litecoin was down by 1.42% to $58.13. A bearish start to the day saw Litecoin fall from an early morning high $59.22 to a low $57.78.

Litecoin left the major support and resistance levels untested early in the day.

For the day ahead

Litecoin would need to move through the $58.54 pivot to support a run at the first major resistance level at $60.35.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

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

Failure to move through the $58.54 pivot would bring the first major support level at $57.16 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$55 levels. The second major support level at $55.35 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $57.16

First Major Resistance Level: $60.35

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 2.66% on Wednesday. Partially reversing a 5.51% rally from Tuesday, Stellar’s Lumen ended the day at $0.10760.

It was a bearish day. Stellar’s Lumen fell from an early morning intraday high $0.11134 to a late intraday low $0.10666.

Late in the day, the first major support level at $0.10670 limited the downside.

At the time of writing, Stellar’s Lumen was down by 0.65% to $0.10690. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.10768 before falling to a low $0.10574.

Stellar’s Lumen tested the first major support level at $0.10573 early on.

For the day ahead

Stellar’s Lumen would need to move through the $0.10853 pivot to support a run at the first major resistance level at $0.11041.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.11 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.11134 would likely limit any upside.

Failure to move through the $0.10853 pivot would bring the first major support level at $0.10573 back into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.10 levels. The second major support level at $0.10385 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.10573

First Major Resistance Level: $0.11041

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 fell by 0.68% on Wednesday. Partially reversing a 2.35% gain from Tuesday, Tron’s TRX ended the day at $0.020309.

It was a mixed start to the day. Tron’s TRX fell to an early morning low $0.020112 before striking a late morning intraday high $0.020649.

Falling short of the first major resistance level at $0.02072, Tron’s TRX slid to a late intraday low $0.019991.

Finding support at the first major support level at $0.01997, Tron’s TRX recovered to $0.020 levels to limit the loss.

At the time of writing, Tron’s TRX was down by 1.89% to $0.019926. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.020316 to a low $0.019926.

Tron’s TRX fell through the first major support level at $0.01996 early on.

For the Day Ahead

Tron’s TRX would need to move through the first major support level and the $0.02034 pivot level to support a run at the first major resistance level at $0.02068.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.020 levels.

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

Failure to move through the first major support level would bring the second major support level at $0.01962 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should avoid a return to sub-$0.019 levels on the day. The third major support level sits at $0.01889.

Looking at the Technical Indicators

First Major Support Level: $0.01996

First Major Resistance Level: $0.02068

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