Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 3rd, 2020

Bob Mason
6 min read
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Litecoin

Litecoin slid by 8.02% on Sunday. Reversing a 6.01% rally from Saturday, Litecoin ended the week up by 17.95% to $56.77.

It was a mixed start to the day. Litecoin rallied to an early morning intraday high $65.31 before hitting reverse.

Litecoin broke through the first major resistance level at $63.51 before tumbling to an early morning intraday low $52.70.

The second major resistance level at $65.29 capped the upside in the early morning.

Litecoin fell through the first major support level at $58.79 and the second major support level at $55.85.

Avoiding sub-$55 support levels, Litecoin briefly revisited $59 levels before falling back through the first and second major support levels.

A late move back through the second major support level reduced the deficit on the day.

At the time of writing, Litecoin was up by 0.93% to $57.30. A mixed start to the day saw Litecoin fall to an early morning low $55.72 before striking a high $57.60.

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

For the day ahead

Litecoin would need to move through the $58.26 pivot to support a run at the first major resistance level at $63.82.

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 $58.26 pivot would bring the 23.6% FIB of $54 and the first major support level at $51.21 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $45.65.

Looking at the Technical Indicators

First Major Support Level: $51.21

First Major Resistance Level: $63.82

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 4.85% on Sunday. Partially reversing a 10.76% rally from Saturday, Stellar’s Lumen ended the week up by 3.29% to $0.10265.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.11585 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.11191 before sliding to an early morning intraday low $0.090025.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.10029 and the second major support level at $0.092920 and 23.6% FIB of $0.0928.

Finding support, Stellar’s Lumen briefly revisited $0.1075 levels before falling back through the first major support level to sub-$0.10 levels.

Finding late support, however, Stellar’s Lumen moved back through the first major support level to reduce the deficit.

At the time of writing, Stellar’s Lumen was up by 2.21% to $0.10492. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.10199 before striking a high $0.10573.

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 back through the $0.10284 pivot to support a run at the first major resistance level at $0.11566.

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 would likely limit any upside.

Failure to avoid a fall back through the $0.0.10284 pivot would bring the first major support level at $0.08983 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.090 levels on the day.

The 23.6% FIB of $0.09280 should limit any downside on the day.

Looking at the Technical Indicators

First Major Support Level: $0.08983

First Major Resistance Level: $0.11566

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 7.24% on Sunday. Reversing a 3.92% gain from Saturday, Tron’s TRX ended the week up by 2.29% to $0.019013.

Tracking the broader market, Tron’s TRX rallied to an early morning intraday high $0.021237 before hitting reverse.

Coming up against the first major resistance level at $0.02101, Tron’s TRX tumbled to an early intraday low $0.017800.

Tron’s TRX fell through the first major support level at $0.01969 and the second major support level at $0.01892.

Steering clear of the third major support level at $0.01760, Tron’s TRX revisited $0.01960 levels before sliding back.

The first major support level pinned Tron’s TRX back.

At the time of writing, Tron’s TRX was up by 1.90% to $0.019375. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.018847 before rising to a high $0.019375.

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

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.01935 pivot level to support a run at the first major resistance level at $0.02090.

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

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

Failure to avoid a fall back through the $0.01935 pivot level would bring the first major support level at $0.01746 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should avoid a return to sub-$0.018 levels on the day.

Looking at the Technical Indicators

First Major Support Level: $0.01746

First Major Resistance Level: $0.02090

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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