Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 30/01/20
Litecoin
Litecoin fell by 1.65% on Wednesday. Partially reversing a 3.68% gain from Tuesday, Litecoin ended the day at $59.62.
A bullish start to the day saw Litecoin rally to an early morning intraday high $62.40 before hitting reverse.
Litecoin broke through 23.6% FIB of $62 and the first major resistance level at $60.32 before sliding to a late afternoon intraday low $59.32.
In spite of the pullback, Litecoin steered clear of the first major support level at $58.05.
Late in the day, Litecoin broke back through to $60 levels before a final hour slide back to sub-$60.
At the time of writing, Litecoin was down by 1.33% to $58.83. A bearish start to the day saw Litecoin fall from an early morning high $59.73 to a low $58.10.
Litecoin fell through the first major support level at $58.49 early on.
For the day ahead
Litecoin would need to move back through to $60.50 levels to support a run at the first major resistance level at $61.57.
Support from the broader market would be needed, however, for Litecoin to break out from the morning high $59.73.
Barring an extended crypto rally, first major resistance level and the 23.6% FIB of $62 would likely limit any upside.
In the event of another crypto breakout, the second major resistance level at $63.53 would likely limit any upside on the day.
Failure to break back through to $60.50 levels could see Litecoin struggle throughout the day.
A fall back through the first major support level at $58.49 would bring sub-$58 levels into play.
Barring a crypto meltdown, however, Litecoin should steer clear of the second major support level at $57.37.
Looking at the Technical Indicators
Major Support Level: $58.49
Major Resistance Level: $61.57
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 0.52% on Wednesday. Partially reversing a 0.78% gain from Tuesday, Stellar’s Lumen ended the day at $0.060581.
A bullish start to the day saw Stellar’s Lumen rally to a mid-morning intraday high $0.063061 before hitting reverse.
Stellar’s Lumen broke through the first major resistance level at $0.06203 before sliding to a mid-afternoon intraday low $0.060088.
Steering clear of the first major support level at $0.05920, Stellar’s Lumen recovered to 0.06150 levels before a late pullback into the red.
At the time of writing, Stellar’s Lumen was down by 0.71% to $0.060153. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.060788 to a low $0.059893.
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 $0.06124 levels to support a run at the first major resistance level at $0.06240.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.061 levels.
Barring an extended crypto rally, the first major resistance level at $0.06240 would likely leave Stellar’s Lumen short of $0.063 levels.
Failure to move through to $0.06124 could see Stellar’s Lumen slide deeper into the red.
A fall back through to sub-$0.060 levels would bring the first major support level at $0.05943 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.059 levels.
Looking at the Technical Indicators
Major Support Level: $0.05943
Major Resistance Level: $0.06240
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 slipped by 0.1% on Wednesday. Following an 8.97% surge on Tuesday, Tron’s TRX ended the day at $0.018619.
A bullish start to the day saw Tron’s TRX rally to a mid-morning intraday high $0.019799 before hitting reverse.
Tron’s TRX broke through the first major resistance level at $0.01937 before sliding back to a late morning intraday low $0.018561.
Steering clear of the first major support level at $0.01747, Tron’s TRX recovered to $0.0192 levels before a final hour slide into the red.
At the time of writing, Tron’s TRX was down by 2.67% to $0.018121. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.018561 to a low $0.017748.
Steering clear of the major resistance levels, Tron’s TRX fell through the first major support level at $0.01819. The second major support level at $0.01776 limited the downside early on.
For the Day Ahead
Tron’s TRX would need to break through the first major support level at $0.01819 and move through to $0.019 levels support a run at the first major resistance level at $0.01943.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.018561.
Barring a broad-based crypto rebound, resistance at $0.019 would likely limit any upside on the day.
Failure to move through to $0.019 levels could see Tron’s TRX struggle throughout the day.
A fall back through the second major support level at $0.01776 would bring sub-$0.017 levels into play.
Barring a crypto meltdown, however, Tron’s TRX should steer well clear of the third major support level at $0.01652 on the day.
Looking at the Technical Indicators
Major Support Level: $0.01819
Major Resistance Level: $0.01943
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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