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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 16/12/19

Bob Mason

Litecoin

Litecoin rose by 0.39% on Sunday. Partially reversing a 2.68% slide from Saturday, Litecoin ended the week down by 4.80% to $43.41.

A bearish start to the day saw Litecoin slide to an early morning intraday low $42.88 before finding support.

Steering clear of the first major support level at $42.75, Litecoin bounced back to a mid-afternoon intraday high $44.04.

Falling short of the first major resistance level at $44.19, Litecoin fell back to $43.2 levels before finding late support to end the day in the green.

At the time of writing, Litecoin was down by 1.34% to $42.83. A bearish start to the day saw Litecoin slide from an early morning high $43.51 to a low $42.73.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $42.85.

For the day ahead

A move through the first major support level at $42.85 to $43.45 levels would support another day in the green.

Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $44.01.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $44.04 would likely limit any upside.

Failure to move through to $43.45 levels could see Litecoin slide deeper into the red.

A fall back through the morning low $42.73 would bring the second major support level at $42.28 into play.

Barring an extended sell-off, however, Litecoin should steer clear of the third major support level at $41.12.

Looking at the Technical Indicators

Major Support Level: $42.85

Major Resistance Level: $44.01

23.6% FIB Retracement Level: $67

38.2% FIB Retracement Level: $82

62% FIB Retracement Level: $107

Stellar’s Lumen

Stellar’s Lumen rose 0.38% on Sunday. Partially reversing a 3.46% slide from Saturday, Stellar’s Lumen ended the week down 9.03% to $0.05110.

A bearish start to the day saw Stellar’s Lumen fall to a mid-morning intraday low $0.050654 before finding support.

Steering clear of the first major support level at $0.05042, Stellar’s Lumen recovered to an early afternoon intraday high $0.051624.

Falling short of the first major resistance level at $0.05234, Stellar’s Lumen eased back to $0.051 levels to limit the upside on the day.

At the time of writing, Stellar’s Lumen was down by 0.8% to $0.050687. A mixed start to the day saw Stellar’s Lumen rose to an early morning high $0.051101 before falling to a low $0.050687.

Steering clear of the major resistance levels, Stellar’s Lumen came within range of the first major support level at $0.05066.

For the day ahead

Stellar’s Lumen would need to move back through to $0.051 levels to support a run at the first major resistance level at $0.05158.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.051101.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.051624 would likely limit any upside.

Failure to move through to $0.051 levels could see Stellar’s Lumen struggle throughout the day.

A fall through the first major support level at $0.05066 would bring the second major support level at $0.05022 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.050 levels.

Looking at the Technical Indicators

Major Support Level: $0.0507

Major Resistance Level: $0.0516

23.6% FIB Retracement Level: $0.1114

38% FIB Retracement Level: $0.1484

62% FIB Retracement Level: $0.2082

Tron’s TRX

Tron’s TRX rose by 0.86% on Saturday. Partially reversing a 1.80% slide from Saturday, Tron’s TRX ended the week down by 5.14% to $0.01400.

A choppy start to the day saw Tron’s TRX fall to an early morning intraday low $0.0138 before finding support.

Steering clear of the first major support level at $0.01353, Tron’s TRX recovered to a mid-morning intraday high $0.014083.

Falling short of the first major resistance level at $0.01451, Tron’s TRX fell back to sub-$0.0140 levels before finding late support to end the day in the green.

At the time of writing, Tron’s TRX was down by 0.71% to $0.01390. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.0140 to a low $0.013899.

Tron’s TRX left the major support and resistance levels untested early on.

For the Day Ahead

Tron’s TRX would need to move back through to $0.0140 levels to support a run at the first major resistance level at $0.01412.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.0140.

Barring a broad-based crypto rebound, the first major resistance level and Sunday’s high $0.014083 would likely cap any upside.

Failure to move back through to $0.0140 levels could see Tron’s TRX slide deeper into the red.

A fall back through the morning low $0.013899 would bring the first major support level at $0.01384 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.01380 levels.

Looking at the Technical Indicators

Major Support Level: $0.01410

Major Resistance Level: $0.01450

23.6% FIB Retracement Level: $0.0663

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0322

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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