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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 30th, 2020

Bob Mason
·5 min read

Litecoin

Litecoin fell by 1.20% on Wednesday. Following a 4.61% rally on Tuesday, Litecoin ended the day at $55.20.

It was another mixed start to the day. Recovering from an early low $55.22, Litecoin rose to a mid-morning intraday high $56.99 before hitting reverse.

Falling short of the first major resistance level at $58.66, Litecoin fell to an early afternoon intraday low $54.77.

Steering clear of the first major support level at $52.38, Litecoin revisited $56 levels before sliding back to $55 levels. Litecoin also avoided a fall back through the 23.6% FIB of $54.

At the time of writing, Litecoin was up by 0.40% to $55.42. A mixed start to the day saw Litecoin fall to an early morning low $54.24 before striking a high $55.42.

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

For the day ahead

Litecoin would need to move through the $55.65 pivot to support a run at the first major resistance level at $56.54.

Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.

Barring another crypto rally, the first major resistance level and Wednesday’s high $56.99 would likely cap any upside.

Failure to move through the $55.65 pivot would bring the first major support level at $54.32 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$54 levels and the second major support level at 53.43. The 23.6% FIB of $54 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $54.32

First Major Resistance Level: $56.54

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 2.36% on Wednesday. Partially reversing a 3.66% gain from Tuesday, Stellar’s Lumen ended the day at $0.09520.

It was a mixed start to the day. Stellar’s Lumen fell to an early morning low $0.096459 before making a move.

Steering clear of the first major support level at $0.09466, Stellar’s Lumen rallied to an early morning intraday high $0.09959.

Coming up against the first major resistance level at $0.09960, Stellar’s Lumen slid to a late afternoon intraday low $0.094872.

Finding support at the first major support level at $0.09466, Stellar’s Lumen moved back through to $0.095 levels.

At the time of writing, Stellar’s Lumen was up by 0.59% to $0.095759. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.09450 before striking a high $0.095959.

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

For the day ahead

Stellar’s Lumen would need to move through the $0.09655 pivot to support a run at the first major resistance level at $0.09824.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.098 levels.

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

Failure to move through the $0.09655 pivot would bring the first major support level at $0.09351 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.09182.

Looking at the Technical Indicators

First Major Support Level: $0.09351

First Major Resistance Level: $0.09824

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 slipped by 0.12% on Wednesday. Following a 2.26% gain on Tuesday, Tron’s TRX ended the day at $0.019224.

A bearish start saw Tron’s TRX fall to an early morning intraday low $0.018989 before making a move.

Steering clear of the first major support level at $0.01844, Tron’s TRX rallied to an early morning intraday high $0.019990.

Tron’s TRX broke through the first major resistance level at $0.01971 before falling back to $0.01910 levels.

Finding late support, however, Tron’s TRX revisited $0.0195 levels before sliding to $0.0192 levels and into the red.

At the time of writing, Tron’s TRX was down by 0.50% to $0.019128. A bearish start to the day saw Tron’s TRX fall to an early morning low $0.018829 before rising to a high $0.019169.

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 $0.01940 pivot level to support a run at the first major resistance level at $0.01981.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.01950 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.01999 would likely cap any upside.

Failure to move through the $0.01940 pivot level would bring the first major support level at $0.01881 into play.

Barring another extended crypto sell-off, Tron’s TRX should steer clear of the second major support level sits at $0.01840.

Looking at the Technical Indicators

First Major Support Level: $0.01881

First Major Resistance Level: $0.01981

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

This article was originally posted on FX Empire

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