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

Bob Mason

Litecoin

Litecoin slid by 2.56% on Tuesday. Following on from a 1.88% decline on Monday, Litecoin ended the day at $41.10.

A bullish start to the day saw Litecoin rise to a mid-morning high $42.59 before easing back to sub-$42 levels.

Litecoin steered clear of the major support and resistance levels before striking an early afternoon intraday high $43.00.

Falling short of the first major resistance level at $43.59, Litecoin slid to a late afternoon intraday low $40.82.

Litecoin fell through the first major support level at $41.29 before finding support. In spite of late support, Litecoin failed to break back through the first major support level…

At the time of writing, Litecoin was up by 0.39% to $41.26. A bullish start to the day saw Litecoin rise from an early morning low $40.99 to a high $41.74.

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

For the day ahead

Litecoin would need to move back through to $41.70 levels to support a run at the first major resistance level at $42.46.

Litecoin would need the support of the broader market to break back through to $42 levels.

Barring a crypto rebound, however, the first major resistance level and Tuesday’s high $43.00 would likely cap any upside.

Failure to move through the $41.70 could see Litecoin hit reverse.

A fall back through to sub-$41.00 levels would bring the first major support level at $40.28 into play.

Barring an extended sell-off, however, Litecoin should steer clear the second major support level at $39.46.

Looking at the Technical Indicators

Major Support Level: $40.28

Major Resistance Level: $42.46

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 0.94% on Tuesday. Following on from a 1.09% decline on Monday, Stellar’s Lumen ended the day at $0.045138.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.045884 before hitting reverse.

Falling short of the first major resistance level at $0.04665, Stellar’s Lumen slid to a late afternoon intraday low $0.044742.

Stellar’s Lumen fell through the first major support level at $0.04520 before finding support.

In spite of the late support, however, Stellar’s Lumen failed to break back through the first major support level.

At the time of writing, Stellar’s Lumen was up by 0.44% to $0.045335. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.044994 before striking a high $0.045418.

Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead

Stellar’s Lumen would need to steer clear of sub-$0.04530 levels to support a run at the first major resistance level at $0.04577.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.045418.

Barring a broad-based crypto rally, the first major resistance level at $0.04577 and Tuesday’s high $0.045884 would likely pin Stellar’s Lumen back.

Failure to steer clear of sub-$0.04530 levels could see Stellar’s Lumen hit reverse.

A fall through the morning low $0.044994 would bring the first major support level at $0.04463 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear the second major support level at $0.04411.

Looking at the Technical Indicators

Major Support Level: $0.04463

Major Resistance Level: $0.04577

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 0.46% on Tuesday. Partially reversing a 2.53% slide from Monday, Tron’s TRX ended the day at $0.013331.

A relatively choppy start to the day saw Tron’s TRX fall from an early morning high $0.13444 to a late morning low $0.013234.

Steering clear of the major support and resistance levels, Tron’s TRX struck an early afternoon intraday high $0.013510.

Falling short of the first major resistance level at $0.01373, Tron’s TRX slid to a late intraday low $0.01315.

Holding above the first major support level at $0.01307, Tron’s TRX bounced back to $0.0133 levels to wrap up the day in the green.

At the time of writing, Tron’s TRX was down by 0.08% to $0.013320. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.013410 before falling to a low $0.01332.

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 $0.013350 levels to support a run at the first major resistance level at $0.013510.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.013410

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.013510 would likely pin Tron’s TRX back on the day.

Failure to move back through to $0.013350 levels could see Tron’s TRX slide deeper into the red.

A fall back through the morning low $0.013320 would bring the first major support level at $0.01315 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01297.

Looking at the Technical Indicators

Major Support Level: $0.01315

Major Resistance Level: $0.01351

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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