Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 23rd, 2020
Litecoin
Litecoin rose by 2.83% on Wednesday. Following a 4.53% rally on Tuesday, Litecoin ended the day at $45.02.
It was a mixed start to the day. Litecoin rose to an early morning high $44.00 before hitting reverse.
Falling short of the first major resistance level at $44.66, Litecoin fell to a late morning intraday low $43.22.
Steering clear of the first major support level at $42.45, Litecoin recovered to a late intraday high $45.17.
Litecoin fell broke through the first major resistance level at $44.66 to wrap up the day at $45 levels.
At the time of writing, Litecoin was up by 1.00% to $45.47. A bullish start to the day saw Litecoin rise from an early morning low $44.96 to a high $45.75.
Litecoin came up against the first major resistance level at $45.72 earl in the day.
For the day ahead
Litecoin would need to avoid a fall through the $44.50 pivot to support another run at the first major resistance level at $45.72.
Support from the broader market would be needed, however, for Litecoin to break back through to $45.70 levels.
Barring another crypto rally, the first major resistance level and the morning high $45.75 would likely cap any upside.
Failure to avoid a fall through the $44.50 pivot would bring the first major support level at $43.77 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$43 levels. The second major support level sits at $42.52.
Looking at the Technical Indicators
First Major Support Level: $43.77
First Major Resistance Level: $45.72
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen gained 1.10% on Wednesday. Following on from a 2.59% rally on Tuesday, Stellar’s Lumen ended the day at $0.097241.
It was a mixed start to the day. Stellar’s Lumen rose to an early morning high $0.096339 before hitting reverse.
Falling short of the first major resistance level at $0.09887, Stellar’s Lumen slid to a late morning intraday low $0.094291.
Finding support the first major support level at $0.09439, Stellar’s Lumen rallied to a late intraday high $0.098196.
Coming up short of the first major resistance level at $0.09887, Stellar’s Lumen eased back to sub-$0.09750 levels.
At the time of writing, Stellar’s Lumen was up by 2.12% to $0.099306. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.09737 to a high $0.099396.
Stellar’s Lumen broke through the first major resistance level at $0.09886.
For the day ahead
Stellar’s Lumen would need to avoid a fall through the first major resistance level to support a run at the second major resistance level at $0.10048.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.099306.
Barring another broad-based crypto rally, the second major resistance level would likely limit any upside.
Failure to avoid a fall through the first major resistance level at $0.9886 would bring sub-$0.097 levels into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should avoid the pivot level at $0.09658. The first major support level sits at $0.09496.
Looking at the Technical Indicators
First Major Support Level: $0.09496
First Major Resistance Level: $0.09886
23.6% FIB Retracement Level: $0.1051
38% FIB Retracement Level: $0.14336518
62% FIB Retracement Level: $0.2050
Tron’s TRX
Tron’s TRX rose by 2.25% on Wednesday. Following a 2.42% rally on Tuesday, Tron’s TRX ended the day at $0.017984.
It was a mixed start to the day. Tron’s TRX rose to an early morning high $0.017630 before hitting reverse.
Falling short of the first major resistance level at $0.01786, Tron’s TRX fell to a mid-morning intraday low $0.017425.
Steering clear of the first major support level at $0.01732, Tron’s TRX rallied to a late intraday high $0.018001 before easing back.
Tron’s TRX broke through the first major resistance level at $0.01786 before easing back to sub-$0.018 levels.
The second major resistance level at $0.01807 capped the upside on the day.
At the time of writing, Tron’s TRX was up by 0.42% to $0.018059. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.017968 to a high $0.018100.
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 $0.01780 pivot level to support another run at the first major resistance level at $0.018180.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.01810.
Barring an extended crypto rally, the first major resistance level and morning high would likely cap any upside.
Failure to avoid a fall through the $0.01780 pivot level would bring the first major support level at $0.01761 into play.
Barring another extended crypto sell-off, Tron’s TRX should steer clear of sub-$0.01720 levels. The second major support level at $0.01723 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $0.01761
First Major Resistance Level: $0.01818
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
This article was originally posted on FX Empire