Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 20/01/20
In This Article:
Litecoin
Litecoin fell by 2.82% on Sunday. Following on from a 2.61% fall from Saturday, Litecoin ended the week up 11.98% to $57.57.
A bullish start to the day saw Litecoin rise to an early morning intraday high $62.50 before hitting reverse.
Litecoin broke through the first major resistance level at $61.81 and 23.6% FIB of $62 before sliding to a mid-day intraday low $55.33.
The reversal saw Litecoin slide through the first major support level at $57.33.
Finding support at the second major support level at $55.39, Litecoin broke back through the first major support level to reduce the loss on the day.
At the time of writing, Litecoin was down by 0.56% to $57.25. A mixed start to the day saw Litecoin rise to an early morning high $57.84 before falling to a low $56.78.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to break through to $58.50 levels to support a run at the first major resistance level at $61.60.
Support from the broader market would be needed for Litecoin to move back through $60 levels.
Barring a broad-based crypto rebound, however, resistance at $60 would likely limit any upside on the day.
Failure to move back through to $58.50 levels would likely see Litecoin spend the day in the red.
A fall back through Sunday’s low $55.33 would bring the first major support level at $54.47 into play.
Barring a crypto meltdown, however, Litecoin should steer clear of sub-$54 levels on the day.
Looking at the Technical Indicators
Major Support Level: $54.43
Major Resistance Level: $61.60
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen fell by 1.87% on Sunday. Reversing a 1.27% gain from Saturday, Stellar’s Lumen end the week up 22.70% to $0.06010.
A bullish start to the day saw Stellar’s Lumen rally to a late morning intraday high $0.066108 before hitting reverse.
Stellar’s Lumen broke through the first major resistance level at $0.06568 before sliding to a mid-day intraday low $0.05826.
Steering clear of the first major support level at $0.05722, Stellar’s Lumen found support through the 2nd half of the day.
Stellar’s Lumen moved back through to $0.061 levels before easing back.
At the time of writing, Stellar’s Lumen was down by 1.05% to $0.059469. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.060162 before falling to a low $0.059469.
Stellar’s Lumen left the major support and resistance levels untested early on.