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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 22/01/20

Bob Mason

Litecoin

Litecoin gained 0.65% on Tuesday. Partially reversing a 0.76% decline from Monday, Litecoin ended the day at $57.49.

A bullish start to the day saw Litecoin rise to an early morning intraday high $57.98 before hitting reverse.

Falling short of the first major resistance level at $58.29, Litecoin slid to an early evening intraday low $55.76.

Litecoin found support at the first major support level at $55.81 to move back through to $57 levels and into the green.

At the time of writing, Litecoin was down by 0.05% to $57.46. A mixed start to the day saw Litecoin fall to an early morning low $57.37 before striking a high $57.81.

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

For the day ahead

Litecoin would need to move back through the morning high $57.81 to support a run at the first major resistance level at $58.03.

Support from the broader market would be needed, however, for Litecoin to break back through Tuesday’s high $57.98.

Barring a broad-based crypto rally, the first major resistance level at $58.03 and Tuesday’s high $57.98 would likely limit any upside.

Failure to move back through the morning high could likely see Litecoin spend the day in the red.

A fall back through to sub-$57.40 levels would bring the first major support level at $56.91 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$56 levels on the day. The second major support level at $56.32 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $56.91

Major Resistance Level: $58.03

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 0.32% on Tuesday. Following on from a 4.19% rally on Monday, Stellar’s Lumen ended the day at $0.062868.

A relatively bullish start to the day saw Stellar’s Lumen rise to an early afternoon intraday high $0.06446 before hitting reverse.

Falling short of the first major resistance level at $0.06521, Stellar’s Lumen slid to an early evening intraday low $0.061496.

Holding above the first major support level at $0.05980, Stellar’s Lumen bounced back to $0.064 levels before easing back.

At the time of writing, Stellar’s Lumen was up by 0.14% to $0.062955. A range-bound start to the day saw Stellar’s Lumen rise from an early morning low $0.062943 to a high $0.062955.

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

For the day ahead

Stellar’s Lumen would need to move through to $0.063 levels to support a run at the first major resistance level at $0.06439.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.064 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.06446 should limit any upside.

Failure to move back through to sub-$0.063 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through to sub-$0.06290 levels would bring the first major support level at $0.06142 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.0600 levels.

Looking at the Technical Indicators

Major Support Level: $0.06142

Major Resistance Level: $0.06439

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.1433

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rallied by 4.39% on Tuesday. Following a flat Monday, Tron’s TRX ended the day at $0.017308.

A bullish start to the day saw Tron’s TRX rally from an early morning intraday low $0.01658 to an early afternoon intraday high $0.017591.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01686 and the second major resistance level at $0.01708.

Coming within range of the third major resistance level at $0.01763, Tron’s TRX fell back to sub-$0.017 levels.

Finding support at the first major resistance level at $0.01686, Tron’s TRX broke back through the second major resistance level to wrap the day at $0.017 levels.

At the time of writing, Tron’s TRX was up by 0.76% to $0.017439. A relatively bullish start to the day saw Tron’s TRX rise from an early morning low $0.017395 to a high $0.017439.

Tron’s TRX left the major support and resistance levels untested early on.

For the Day Ahead

Tron’s TRX would need to move back through Tuesday’s high $0.017591 to support a run at the first major resistance level at $0.01774.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.0177 levels.

Barring a broad-based crypto rally, Tuesday’s high $0.017591 and first major resistance level would likely cap any upside.

Failure to move through to Tuesday’s high could see Tron’s TRX hit reverse.

A fall back through to sub-$0.01716 levels would bring the first major support level at $0.01673 into play

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.016 levels. The second major support level at $0.01615 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.01673

Major Resistance Level: $0.01774

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 posted on FX Empire

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