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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 27/02/20

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·5 min read
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Litecoin

Litecoin tumbled by 14.81% on Wednesday. Following on from a 6.08% slide on Tuesday, Litecoin ended the day at $60.42.

A bearish start to the day saw Litecoin fall from an early morning intraday high $72.16 to a late afternoon intraday low $57.52.

Steering clear of the major resistance levels, Litecoin fell through the major support levels of the day. Litecoin also slid through the 23.6% FIB of $62.00.

Late in the day, Litecoin briefly broke back through the third major support level at $58.49 and 23.6% FIB before wrapping up the day at $60 levels.

At the time of writing, Litecoin was down by 0.22% to $60.29. A mixed start to the day saw Litecoin fall to an early morning low $57.10 before striking a high $61.02.

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

For the day ahead

Litecoin would need to move through to $63.40 levels to support a run the first major resistance level at $69.21.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB of $62.

Barring a broad-based crypto rebound, Litecoin would likely fall well short of the first major resistance level.

Failure to move through to $63.40 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $57.10 would bring the first major support level at $54.57 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$50 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $54.57

Major Resistance Level: $69.21

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 7.57% on Wednesday. Following on from a 6.47% fall on Tuesday, Stellar’s Lumen ended the day at $0.059109.

Tracking the broader market, Stellar’s Lumen slid from an early morning intraday high $0.064759 to a late afternoon intraday low $0.056106.

Stellar’s Lumen fell through the first major support level at $0.06249 and the second major support level at $0.06024.

Finding support late on, Stellar’s Lumen briefly moved back through the second major support level before wrapping up the day at sub-$0.060 levels.

At the time of writing, Stellar’s Lumen was down by 1.73% to $0.058088. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.058438 to a low $0.056181.

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 $0.060 levels to support a run at the first major resistance level at $0.06388.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.058438.

Barring a broad-based crypto rebound, resistance at $0.060 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.060 levels could see Stellar’s Lumen struggle in the day.

A fall back through the morning low $0.0561818 would bring the first major support level at $0.05522 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.055 support levels.

Looking at the Technical Indicators

Major Support Level: $0.05522

Major Resistance Level: $0.06388

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 tumbled by 13.26% on Wednesday. Following on from a 4.65% fall on Tuesday, Tron’s TRX ended the day at $0.016410.

Bearish through the day, Tron’s TRX fell from an early morning intraday high $0.019145 to a late afternoon intraday low $0.015610.

The reversal saw Tron’s TRX slide through the major support levels of the day before finding support.

Finding support late on, Tron’s TRX recovered to $0.0167 levels before easing back. The third major support level at $0.01670 pinned Tron’s TRX back late in the day.

At the time of writing, Tron’s TRX was up by 1.83% to $0.016710. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.015910 before striking a high $0.01680.

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 $0.0170 levels to support a run at the first major resistance level at $0.01850.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.01680.

Barring an extended crypto rebound, resistance at $0.018 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move through to $0.0170 levels could see Tron’s TRX slide back into the red.

A fall back through to sub-$0.016 levels would bring the first major support level at $0.01497 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.015 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.01497

Major Resistance Level: $0.01850

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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