Crypto

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 4th, 2020

Litecoin

Litecoin rose by 3.06% on Monday. Partially reversing an 8.02% slide from Sunday, Litecoin ended the day at $58.54.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $55.72 before making a move.

Steering clear of the first major support level at $51.21, Litecoin rallied to a late afternoon intraday high $60.10.

Falling well short the first major resistance level at $63.82, however, Litecoin slid back to sub-$58 levels.

A late move back through $58 levels supported the upside on the day.

At the time of writing, Litecoin was up by 1.52% to $59.43. A bullish start to the day saw Litecoin rise from an early morning low $58.53 to a high $59.60.

Litecoin left the major support and resistance levels untested early in the day.

LTC/USD 04/08/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $58.12 pivot to support a run at the first major resistance level at $60.52.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $60.10.

Barring another crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the $58.12 pivot would bring the first major support level at $56.14 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$54 levels the second major support level at $53.74. The 23.6% FIB of $54 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $56.14

First Major Resistance Level: $60.52

23.6% FIB Retracement Level: $54

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 3.14% on Monday. Partially reversing a 4.85% slide from Sunday, Stellar’s Lumen ended the day at $0.10522.

It was a bullish start to the day. Stellar’s Lumen rallied from an early morning intraday low $0.10199 to an early afternoon intraday high $0.10914.

Falling short of the first major resistance level at $0.11566 Stellar’s Lumen fell back to $0.1040 levels before steadying.

At the time of writing, Stellar’s Lumen was up by 1.06% to $0.10634. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.10499 to a high $0.10666.

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

XLM/USD 04/08/20 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.10545 pivot to support a run at the first major resistance level at $0.10891.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.1080 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid a fall through the $0.10545 pivot would bring the first major support level at $0.10176 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.10 levels and the second major support level at $0.09830.

Looking at the Technical Indicators

First Major Support Level: $0.10176

First Major Resistance Level: $0.10891

23.6% FIB Retracement Level: $0.09960

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rallied by 4.72% on Monday. Partially reversing a 7.24% slide from Sunday, Tron’s TRX ended the day at $0.019895.

Tracking the broader market, Tron’s TRX dipped to an early morning intraday low $0.018847 before making a move.

Steering clear of the first major support level at $0.01746, Tron’s TRX rallied to a late afternoon intraday high $0.020083.

Falling short of the first major resistance level at $0.02090, Tron’s TRX fell back to sub-$0.020 levels before finding support.

Late in the day, Tron’s TRX recovered to $0.01989 levels to deliver the upside on the day.

At the time of writing, Tron’s TRX was up by 1.53% to $0.02020. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.019914 to a high $0.02020.

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

TRX/USD 04/08/20 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the $0.01961 pivot level to support a run at the first major resistance level at $0.02037.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.02020.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the $0.01961 pivot level would bring the first major support level at $0.01913 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should avoid a return to sub-$0.018 levels on the day. The second major support level at $0.01837 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.01913

First Major Resistance Level: $0.02037

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