Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 20/02/20

Bob Mason
·5-min read

Litecoin

Litecoin slid by 8.65% on Wednesday. Reversing a 5.41% rally from Tuesday, Litecoin ended the day at $70.67.

A mixed start to the day saw Litecoin fall to a mid-morning low $75.61 before striking a late afternoon intraday high $79.75.

While steering clear of the major support and resistance levels, Litecoin broke through the 38.2% FIB of $78 before hitting reverse.

The reversal saw Litecoin saw Litecoin slide to a late intraday low $67.78. Litecoin fell through the 38.2% FIB and first major support level at $72.02 before briefly recovering to $73 levels.

Litecoin fell back through the first major support level to wrap up the day at $70 levels.

At the time of writing, Litecoin was up by 1.32% to $71.60. A bullish start to the day saw Litecoin rise from an early morning low $70.20 to a high $72.40.

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

For the day ahead

Litecoin would need to move through to $72.70 levels to support a run the first major resistance level at $77.69.

Support from the broader market would be needed, however, for Litecoin to break out from $75 levels.

Barring a broad-based crypto rally, resistance at $75 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $72.7 levels could see Litecoin hit reverse.

A fall back through to sub-$70.00 levels would bring the first major support level at $65.72 into play.

Barring another crypto sell-off, however, Litecoin should steer clear of sub-$67 levels on the day.

Looking at the Technical Indicators

Major Support Level: $65.72

Major Resistance Level: $77.69

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 8.04% on Wednesday. Reversing a 4.42% rally from Tuesday, Stellar’s Lumen ended the day at $0.069602.

It was a bullish start to the day. Stellar’s Lumen rose from an early morning low $0.074612 to a late afternoon intraday high $0.079624 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.07857 before sliding to a late intraday low $0.067895.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.07192 before briefly returning to $0.070 levels.

At the time of writing, Stellar’s Lumen was up by 1.87% to $0.070907. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.069552 to a high $0.071310.

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 $0.07240 levels to support a run at the first major resistance level at $0.076850.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.07500 levels.

Barring an extended crypto rally, resistance at $0.075 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.07240 levels could see Stellar’s Lumen struggle later in the day.

A fall back through to sub-$0.070 levels would bring the first major support level at $0.06512 into play.

Barring another crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.0670 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06512

Major Resistance Level: $0.07685

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 slumped by 10.27% on Wednesday. Reversing a 3.48% gain from Tuesday, Tron’s TRX ended the day at $0.020217.

It was a mixed start to the day. Tron’s TRX recovered from a mid-morning low $0.021668 to strike a late afternoon intraday high $0.022949 before hitting reverse.

Falling short of the first major resistance level at $0.02350, Tron’s TRX tumbled to a late intraday low $0.019358.

The reversal saw Tron’s TRX slide through the first major support level at $0.02111 and the second major support level at $0.1964.

Finding support late on, Tron’s TRX managed to move back through the second major support level to $0.020 levels.

At the time of writing, Tron’s TRX was flat at $0.020216. A mixed start to the day saw Tron’s TRX rise from an early morning low $0.020134 to a high $0.020463 before easing back.

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

For the Day Ahead

Tron’s TRX would need to move through to $0.02085 levels to support a run at the first major resistance level at $0.02232.

Support from the broader market would be needed, however, for Tron’s TRX to break out from any return to $0.021 levels.

Barring an extended crypto rally, resistance at $0.0210 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move through to $0.02085 levels could see Tron’s TRX slide back into the red.

A fall back through to sub-$0.020 levels would bring the first major support level at $0.01873 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.019 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.01873

Major Resistance Level: $0.02232

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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