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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 16/01/20

Bob Mason

Litecoin

Litecoin fell by 0.48% on Wednesday. Following a 17.81% rally on Tuesday, Litecoin ended the day at $58.12.

A bearish start to the day saw Litecoin slide from an early intraday high $60.25 to a mid-morning intraday low $55.24.

Steering clear of the major support and resistance levels, Litecoin recovered to an afternoon high $59.58.

Falling short of $60 levels, Litecoin fell back to $56 levels before finding late support to limit the loss on the day.

At the time of writing, Litecoin down by 5.02% to $55.20. A bearish start to the day saw Litecoin fall from an early morning high $58.40 to a low $54.88.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $55.49.

For the day ahead

Litecoin would need to break back through the first major support level to $55.49  to support a run at the first major resistance at $60.50.

Support from the broader market would be needed for Litecoin to move back through the morning high $58.40.

Barring a broad-based crypto rebound, however, Litecoin would likely fall well short of $60 levels on the day.

Failure to move back through to $57.8 levels would likely see Litecoin spend the day in the red.

A fall back through the morning low $54.88 would bring the second major support level at $52.86 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: $55.49

Major Resistance Level: $60.50

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 4.29% on Wednesday. Following on from a 9.03% rally on Tuesday, Stellar’s Lumen end the day at $0.05475.

Tracking the broader market, Stellar’s Lumen fell from an early morning high $0.054682 to a mid-morning intraday low $0.051721.

Steering clear of the first major support level at $0.04787, Stellar’s Lumen rallied to an early afternoon intraday high $0.05629.

Stellar’s Lumen broke through the first major resistance level at $0.05555 before sliding back to $0.053 levels.

Finding late support, Stellar’s Lumen recovered to 0.054 levels to wrap up the day in the green.

At the time of writing, Stellar’s Lumen was down by 4.66% to $0.052200. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.054880 to a low $0.052146.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.052220.

For the day ahead

Stellar’s Lumen would need to move back through to $0.05425 levels to support a run at the first major resistance level at $0.05679.

Support from the broader market would be needed for Stellar’s Lumen to break out from the morning high $0.054880.

Barring a broad-based crypto rebound, however, Stellar’s Lumen would likely come up short of the morning high $0.054880

Failure to move back through to $0.05425 levels would see Stellar’s Lumen struggle throughout the day.

A fall back through the first major support level would bring sub-$0.052 levels into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.0500 levels.

Looking at the Technical Indicators

Major Support Level: $0.05222

Major Resistance Level: $0.05679

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 rose by 3.70% on Wednesday. Following on from a 13.38% rally on Tuesday, Tron’s TRX ended the day at $0.017241.

A choppy start to the day saw Tron’s TRX fall to a mid-morning intraday low $0.016035.

Steering clear of the first major support level at $0.01524, Tron’s TRX hit a late morning intraday high $0.018079.

Tron’s TRX broke through the first major resistance level at $0.01761 before sliding back to sub-$0.017 levels.

Finding late support, Tron’s TRX broke back through to $0.017 levels to deliver the upside on the day.

At the time of writing, Tron’s TRX was down by 5.95% to $0.016215. A bearish start to the day saw Tron’s TRX slide from an early morning high $0.017366 to a low $0.016100.

Steering clear of the major resistance levels, Tron’s TRX slid through the first major support level at $0.016160.

For the Day Ahead

Tron’s TRX would need to break back through to $0.017 levels to bring the first major resistance level at $0.01820 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.017366.

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

Failure to move back through to $0.017 levels could see Tron’s TRX give up more of Tuesday’s gains.

A fall back through the first major support level at $0.01616 would bring sub-$0.016 levels into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.01507.

Looking at the Technical Indicators

Major Support Level: $0.01616

Major Resistance Level: $0.01820

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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