Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 12th, 2020
In This Article:
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.