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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 30/01/20

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Bob Mason
·5 min read
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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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