Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 20th, 2020

Litecoin

Litecoin slid by 5.13% on Wednesday. Following on from a 2.62% loss on Tuesday, Litecoin ended the day at $62.12.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $67.15 before hitting reverse.

Falling short of the first major resistance level at $68.25, Litecoin fell to a late intraday low $58.76.

Litecoin fell through the first major support level at $63.05 and the second major support level at $60.58.

Finding late support, Litecoin moved back through the second major support level to wrap up the day at $62 levels.

At the time of writing, Litecoin was up by 0.92% to $62.69. A bullish start to the day saw Litecoin rise from an early morning low $62.13 to a high $63.28.

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

For the day ahead

Litecoin would need to avoid a fall through the $62.68 pivot to support a run at the first major resistance level at $66.59.

Support from the broader market would be needed, however, for Litecoin to break out from $65 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $67.15 would likely cap any upside.

Failure to avoid a fall through the $62.68 pivot would bring the first major support level at $58.20 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$55 levels. The second major support level sits at $54.29.

Looking at the Technical Indicators

First Major Support Level: $58.20

First Major Resistance Level: $66.59

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 5.66% on Wednesday. Following on from a 4.90% loss on Tuesday, Stellar’s Lumen ended the day a $0.10214.

Tracking the broader market, Stellar’s Lumen rose to an early morning intraday high $0.10966 before hitting reverse.

Falling short of the first major resistance level at $0.11502, Stellar’s Lumen slid to a late intraday low $0.0.098625.

Stellar’s Lumen fell through the first major support level at $0.10931 before briefly revisiting $0.1027 levels.

A bearish end to the day, however, left Stellar’s Lumen at $0.1021 levels.

At the time of writing, Stellar’s Lumen was up by 1.03% $0.103192. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.10201 to a high $0.10351.

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 the $0.10347 pivot to support a run at the first major resistance level at $0.10832.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.1050 levels.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $0.10966 would like cap any upside.

Failure to move through the $0.10347 pivot would bring the first major support level at $0.09729 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer of the second major support level at $0.09244.

Looking at the Technical Indicators

First Major Support Level: $0.09729

First Major Resistance Level: $0.10832

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX slumped by 7.76% on Wednesday. Following on from a 5.15% slide on Tuesday, Tron’s TRX ended the day at $0.026455.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.028974 before hitting reverse.

Falling short of the first major resistance level at $0.03191, Tron’s TRX slid to a late intraday low $0.025348.

Tron’s TRX fell through the first major support level at $0.02658 and the second major support level at $0.02434.

Finding late support, Tron’s TRX broke back through the second major support level. The first major support level pinned Tron’s TRX back late in the day.

At the time of writing, Tron’s TRX was up by 4.46% to $0.027635. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.026436 to a high $0.027799.

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

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.02693 pivot level to support a run at the first major resistance level at $0.02850.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.028 levels.

Barring an extended crypto rebound, the first major resistance level and Wednesday’s high $0.028974 would likely cap any upside.

Failure to avoid a fall back through the pivot level at $0.02693 would bring the first major support level at $0.02488 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.02330.

Looking at the Technical Indicators

First Major Support Level: $0.02488

First Major Resistance Level: $0.02850

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

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Thanks, Bob

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