Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – September 8th, 2020
In This Article:
Litecoin
Litecoin rose by 1.90% on Monday. Following on from a 0.15% gain on Sunday, Litecoin ended the day at $48.85.
A mixed start to the day saw Litecoin rise to an early morning high $48.74 before hitting reverse.
Falling short of the first major resistance level at $49.28, Litecoin fell to a mid-day intraday low $45.31.
Litecoin fell through the first major support level at $46.41 before striking a late intraday high $49.16.
In spite of the recovery, Litecoin failed to test the first major support level at $49.28 on the day.
At the time of writing, Litecoin was down by 0.94% to $48.39. A mixed start to the day saw Litecoin rise to an early morning high $49.00 before falling to a low $48.32.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $47.77 pivot to support a run at the first major resistance level at $50.24.
Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $49.16.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $47.77 pivot would bring the first major support level at $46.39 into play.
Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $43.92.
Looking at the Technical Indicators
First Major Support Level: $46.39
First Major Resistance Level: $50.24
23.6% FIB Retracement Level: $54
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Stellar’s Lumen
Stellar’s Lumen rose by 1.67% on Monday. Following on from a 2.59% rally on Sunday, Stellar’s Lumen ended the day at $0.07862.
A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.079144 before hitting reverse.
Falling short of the first major resistance level at $0.08004, Stellar’s Lumen slid to a mid-day intraday low $0.07392.
Steering clear of the first major support level at $0.07367, Stellar’s Lumen recovered to $0.078 levels to end the day in the green.
At the time of writing, Stellar’s Lumen was down by 0.86% to $0.077944. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.078881 before falling to a low $0.077591.
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 $0.07723 pivot to support a run at the first major resistance level at $0.08054.