Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 12th, 2020

Litecoin

Litecoin slid by 7.22% on Tuesday. Reversing a 2.35% gain from Monday, Litecoin ended the day at $54.12.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $59.70 before hitting reverse.

Pinned back by the first major resistance level at $59.68, Litecoin slid to a late intraday low $52.41.

Litecoin fell through the first major support level at $56.76 and the second major support level at $55.20.

The sell-off also saw Litecoin fall through the 23.6% FIB of $54 before recovering to $54 levels to cut the deficit.

At the time of writing, Litecoin was down by 0.67% to $53.76. A mixed start to the day saw Litecoin rise to an early morning high $54.20 before falling to a low $53.64.

While leaving the major support and resistance levels untested, Litecoin fell through the 23.6% FIB of $54.

For the day ahead

Litecoin would need to move through the $55.41 pivot to support a run at the first major resistance level at $58.41.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB of $54.0.

Barring another crypto rally, the first major resistance level and Tuesday’s high $59.70 would likely cap any upside.

Failure to move through the $55.41 pivot would bring the first major support level at $51.12 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $48.12.

Looking at the Technical Indicators

First Major Support Level: $51.12

First Major Resistance Level: $58.41

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 5.81% on Tuesday. Reversing a 0.64% gain from Monday, Stellar’s Lumen ended the day at $0.10009.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.10836 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.10796 before falling to a late intraday low $0.096231.

Stellar’s Lumen fell through the first major support level at $0.10333 and the second major support level at $0.10065.

Finding support at the third major support level at $0.09602, Stellar’s Lumen recovered to $0.10 levels to cut the deficit.

At the time of writing, Stellar’s Lumen was down by 2.07% to $0.098021. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.099551 to a low $0.098021.

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 $0.10156 pivot to support a run at the first major resistance level at $0.10689.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.10 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.10836 would likely limit any upside.

Failure to move through the $0.10156 pivot would bring the first major support level at $0.09476 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.09 levels. The second major support level sits at $0.08943.

Looking at the Technical Indicators

First Major Support Level: $0.09476

First Major Resistance Level: $0.10689

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 slid by 6.02% on Tuesday. Reversing a 4.83% rally from Monday, Tron’s TRX ended the day at $0.020194.

A bearish day saw Tron’s TRX slide from an early morning intraday high $0.021487 to a late intraday low $0.01940.

Tron’s TRX fell through the first major support level at $0.02073 and the second major support level at $0.01996.

Finding late support, Tron’s TRX moved back through the second major support level to reduce the loss on the day.

At the time of writing, Tron’s TRX was down by 1.50% to $0.019891. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.02007 to a low $0.019889.

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 the $0.02036 pivot level to support a run at the first major resistance level at $0.02132.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.021 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.021487 would likely cap any upside.

Failure to move through the pivot level at $0.02036 would bring the first major support level at $0.01923 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.019 levels and the second major support level at $0.01827.

Looking at the Technical Indicators

First Major Support Level: $0.01923

First Major Resistance Level: $0.02132

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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