Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 9th, 2020
Litecoin
Litecoin rallied by 4.47% on Wednesday. Reversing a 1.54% fall from Tuesday, Litecoin ended the day at $45.33.
A mixed start to the day saw Litecoin fall to an early morning intraday low $43.11 before making a move.
Steering clear of the first major support level at $42.65, Litecoin rallied to a late intraday high $45.63.
Litecoin broke through the first major resistance level at $44.27 and the second major resistance level at $45.18.
The second major resistance level at $45.18 delivered support late in the day.
At the time of writing, Litecoin was down by 0.93% to $44.91. A bearish start to the day saw Litecoin fall from an early morning high $45.42 to a low $44.75.
Litecoin left the major support and resistance levels untested early in the day.
For the day ahead
Litecoin would need to avoid a fall through the $44.69 pivot to support a run at the first major resistance level at $46.27.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $45.63.
Barring another crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $44.69 pivot would bring the first major support level at $43.75 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$43 levels. The second major support level sits at $42.17.
Looking at the Technical Indicators
Major Support Level: $43.75
Major Resistance Level: $46.27
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen jumped by 15.61% on Wednesday. Following on from a 2.76% gain on Tuesday, Stellar’s Lumen ended the day at $0.08537.
It was a particularly bullish day. Stellar’s Lumen rallied from an early morning intraday low $0.073852 to a late intraday high $0.085486.
Stellar’s Lumen broke through the day’s major resistance levels to hit its highest level since $0.086 on 4th June.
At the time of writing, Stellar’s Lumen was up by 1.32% to $0.086510. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.084334 before striking a high $0.086979.
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 $0.08157 pivot to support a run at the first major resistance level at $0.08929.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.086979.
Barring another broad-based crypto rally, the first major resistance level at $0.08929 would likely limit any upside.
Failure to avoid a fall through the $0.08157 pivot could see Stellar’s Lumen struggle throughout the day.
A pullback through to sub-$0.080 levels would bring the first major support level at $0.07766 into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should avoid sub-$0.080 levels.
Looking at the Technical Indicators
Major Support Level: $0.07766
Major Resistance Level: $0.08929
23.6% FIB Retracement Level: $0.1051
38% FIB Retracement Level: $0.14336518
62% FIB Retracement Level: $0.2050
Tron’s TRX
Tron’s TRX rallied by 4.64% on Wednesday. Recovering from Tuesday’s 4.81% slide, Tron’s TRX ended the day at $0.017942.
It was a mixed start to the day. Tron’s TRX fell to an early morning intraday low $0.016865 before making a move.
Finding support at the first major support level at $0.01686, Tron’s TRX rallied to a late afternoon intraday high $0.018168.
Tron’s TRX broke through the first major resistance level at $0.01790 to revisit $0.018 levels before easing back.
While finding support at the first major resistance level, Tron’s TRX failed to wrap up the day at $0.018 levels.
At the time of writing, Tron’s TRX was down by 1.09% to $0.017747. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017960 to a low $0.017715.
Tron’s TRX tested the first major support level at $0.01686 early on.
For the Day Ahead
Tron’s TRX would need to avoid a fall through the $0.01766 pivot level to support a run at the first major resistance level at $0.01845.
Support from the broader market would be needed, however, for Tron’s TRX to break out from Wednesday’s high $0.018168.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $0.01766 pivot level would bring the first major support level at $0.01715 into play.
Barring an extended crypto sell-off, Tron’s TRX should steer clear of sub-$0.017 levels. The second major support level sits at $0.01636.
Looking at the Technical Indicators
Major Support Level: $0.01715
Major Resistance Level: $0.01845
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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