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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 20/01/20

Bob Mason

Litecoin

Litecoin fell by 2.82% on Sunday. Following on from a 2.61% fall from Saturday, Litecoin ended the week up 11.98% to $57.57.

A bullish start to the day saw Litecoin rise to an early morning intraday high $62.50 before hitting reverse.

Litecoin broke through the first major resistance level at $61.81 and 23.6% FIB of $62 before sliding to a mid-day intraday low $55.33.

The reversal saw Litecoin slide through the first major support level at $57.33.

Finding support at the second major support level at $55.39, Litecoin broke back through the first major support level to reduce the loss on the day.

At the time of writing, Litecoin was down by 0.56% to $57.25. A mixed start to the day saw Litecoin rise to an early morning high $57.84 before falling to a low $56.78.

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

For the day ahead

Litecoin would need to break through to $58.50 levels to support a run at the first major resistance level at $61.60.

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

Barring a broad-based crypto rebound, however, resistance at $60 would likely limit any upside on the day.

Failure to move back through to $58.50 levels would likely see Litecoin spend the day in the red.

A fall back through Sunday’s low $55.33 would bring the first major support level at $54.47 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$54 levels on the day.

Looking at the Technical Indicators

Major Support Level: $54.43

Major Resistance Level: $61.60

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 1.87% on Sunday. Reversing a 1.27% gain from Saturday, Stellar’s Lumen end the week up 22.70% to $0.06010.

A bullish start to the day saw Stellar’s Lumen rally to a late morning intraday high $0.066108 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.06568 before sliding to a mid-day intraday low $0.05826.

Steering clear of the first major support level at $0.05722, Stellar’s Lumen found support through the 2nd half of the day.

Stellar’s Lumen moved back through to $0.061 levels before easing back.

At the time of writing, Stellar’s Lumen was down by 1.05% to $0.059469. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.060162 before falling to a low $0.059469.

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 to $0.06150 levels to support a run at the first major resistance level at $0.06472.

Support from the broader market would be needed for Stellar’s Lumen to break out from the morning high to $0.061 levels

Barring a broad-based crypto rebound, however, Stellar’s Lumen would likely come up short of the morning high $0.060162.

Failure to move back through to $0.06150 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through Sunday’s low $0.05826 would bring the first major support level at $0.05687 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.0580 levels.

Looking at the Technical Indicators

Major Support Level: $0.05687

Major Resistance Level: $0.06472

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 slid by 5.93% on Sunday. Reversing a 1.06% gain from Saturday, Tron’s TRX ended the week up by 10.64% to $0.016613.

A bullish start to the day saw Tron’s TRX rise to an early morning intraday high $0.018081 before hitting reverse.

Falling short of the first major resistance level at $0.01820, Tron’s TRX fell to a mid-day intraday low $0.015964.

Tron’s TRX fell through the first major support level at $0.01723 and the second major support level at $0.01674.

Through the 2nd half of the day, Tron’s TRX moved back through to $0.0166 levels to cut the deficit on the day. In spite of the partial recovery, Tron’s TRX failed to break back through the support levels.

At the time of writing, Tron’s TRX was down by 0.23% to $0.016574. A mixed start to the day saw Tron’s TRX move to an early morning high $0.016704 before falling to a low $0.016514.

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 to $0.01690 levels to bring the first major resistance level at $0.01781 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.01700 levels.

Barring a broad-based crypto rebound, resistance at $0.017 would likely cap any upside.

Failure to move back through to $0.01690 levels could see Tron’s TRX fall deeper into the red

A fall back through to Sunday’s low $0.015964 would bring the first major support level at $0.01569 into play

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.015 levels and the second major support level at $0.01477.

Looking at the Technical Indicators

Major Support Level: $0.01569

Major Resistance Level: $0.01781

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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