Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 9th, 2020

Litecoin

Litecoin rallied by 4.47% on Wednesday. Reversing a 1.54% fall from Tuesday, Litecoin ended the day at $45.33.

A mixed start to the day saw Litecoin fall to an early morning intraday low $43.11 before making a move.

Steering clear of the first major support level at $42.65, Litecoin rallied to a late intraday high $45.63.

Litecoin broke through the first major resistance level at $44.27 and the second major resistance level at $45.18.

The second major resistance level at $45.18 delivered support late in the day.

At the time of writing, Litecoin was down by 0.93% to $44.91. A bearish start to the day saw Litecoin fall from an early morning high $45.42 to a low $44.75.

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

For the day ahead

Litecoin would need to avoid a fall through the $44.69 pivot to support a run at the first major resistance level at $46.27.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $45.63.

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

Failure to avoid a fall through the $44.69 pivot would bring the first major support level at $43.75 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$43 levels. The second major support level sits at $42.17.

Looking at the Technical Indicators

Major Support Level: $43.75

Major Resistance Level: $46.27

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen jumped by 15.61% on Wednesday. Following on from a 2.76% gain on Tuesday, Stellar’s Lumen ended the day at $0.08537.

It was a particularly bullish day. Stellar’s Lumen rallied from an early morning intraday low $0.073852 to a late intraday high $0.085486.

Stellar’s Lumen broke through the day’s major resistance levels to hit its highest level since $0.086 on 4^th June.

At the time of writing, Stellar’s Lumen was up by 1.32% to $0.086510. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.084334 before striking a high $0.086979.

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 $0.08157 pivot to support a run at the first major resistance level at $0.08929.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.086979.

Barring another broad-based crypto rally, the first major resistance level at $0.08929 would likely limit any upside.

Failure to avoid a fall through the $0.08157 pivot could see Stellar’s Lumen struggle throughout the day.

A pullback through to sub-$0.080 levels would bring the first major support level at $0.07766 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should avoid sub-$0.080 levels.

Looking at the Technical Indicators

Major Support Level: $0.07766

Major Resistance Level: $0.08929

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rallied by 4.64% on Wednesday. Recovering from Tuesday’s 4.81% slide, Tron’s TRX ended the day at $0.017942.

It was a mixed start to the day. Tron’s TRX fell to an early morning intraday low $0.016865 before making a move.

Finding support at the first major support level at $0.01686, Tron’s TRX rallied to a late afternoon intraday high $0.018168.

Tron’s TRX broke through the first major resistance level at $0.01790 to revisit $0.018 levels before easing back.

While finding support at the first major resistance level, Tron’s TRX failed to wrap up the day at $0.018 levels.

At the time of writing, Tron’s TRX was down by 1.09% to $0.017747. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017960 to a low $0.017715.

Tron’s TRX tested the first major support level at $0.01686 early on.

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.01766 pivot level to support a run at the first major resistance level at $0.01845.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Wednesday’s high $0.018168.

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

Failure to avoid a fall through the $0.01766 pivot level would bring the first major support level at $0.01715 into play.

Barring an extended crypto sell-off, Tron’s TRX should steer clear of sub-$0.017 levels. The second major support level sits at $0.01636.

Looking at the Technical Indicators

Major Support Level: $0.01715

Major Resistance Level: $0.01845

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