Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 13th, 2020


Litecoin

Litecoin rose by 0.83% on Wednesday. Following Tuesday’s 7.22% slide, Litecoin ended the day at $54.55.

It was a bearish start to the day. Litecoin slid to a mid-morning intraday low $51.61 before making a move.

The reversal saw Litecoin fall through the 23.6% FIB of $54.00.

Steering clear of the first major support level at $51.12, Litecoin rose to a mid-afternoon intraday high $55.09.

Falling short of the first major resistance level at $58.41, slipped back to a low $54.01 before steadying.

The 23.6% FIB of $54 delivered support late in the day.

At the time of writing, Litecoin was up by 1.06% to $55.13. A mixed start to the day saw Litecoin fall to an early morning low $54.34 before rising to a high $55.20.

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

For the day ahead

Litecoin would need to avoid a fall through the 23.6% FIB and $53.75 pivot to support a run at the first major resistance level at $55.89.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $55.20.

Barring another crypto rally, the first major resistance level would likely cap any upside.

A fall through the 23.6% FIB and $53.75 pivot would bring the first major support level at $52.41 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.27 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.41

First Major Resistance Level: $55.89

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 1.32% on Wednesday. Partially reversing a 5.79% slide from Tuesday, Stellar’s Lumen ended the day at $0.10141.

A bearish start to the day saw Stellar’s Lumen fall to a mid-morning intraday low $0.09550 before making a move.

Steering clear of the first major support level at $0.09477, Stellar’s Lumen rallied to an early afternoon intraday high $0.10248.

Falling short of the first major resistance level at $0.10703, Stellar’s Lumen fell back to a low $0.10008.

Finding support at $0.1000, Stellar’s Lumen wrapped up the day at $0.10140 levels.

At the time of writing, Stellar’s Lumen was up by 0.11% to $0.10153. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.10106 before rising to a high $0.10231

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

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.0998 pivot to support a run at the first major resistance level at $0.10409.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.10248.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

A fall through the $0.0998 pivot would bring the first major support level at $0.09712 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer of the second major support level at $0.09282.

Looking at the Technical Indicators

First Major Support Level: $0.09712

First Major Resistance Level: $0.10409

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 rose by 0.42% on Wednesday. Partially reversing a 6.21% slide from Tuesday, Tron’s TRX ended the day at $0.02024.

A bearish day saw Tron’s TRX slide to a mid-morning intraday low $0.01896 before making a move.

Tron’s TRX fell through the first major support level at $0.01909 before striking an early afternoon intraday high $0.02058.

Falling short of the first major resistance level at $0.02146, Tron’s TRX fell back to a low $0.01987 before moving back through to $0.020 levels.

At the time of writing, Tron’s TRX was up by 0.58% to $0.02036. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.01998 before rising to a high $0.020416

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 through the $0.01992 pivot level to support a run at the first major resistance level at $0.20890.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Wednesday’s high $0.020576.

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

A fall through the pivot level at $0.01992 would bring the first major support level at $0.01927 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01830.

Looking at the Technical Indicators

First Major Support Level: $0.01927

First Major Resistance Level: $0.02089

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 published on FX Empire
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