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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 11/02/20

Bob Mason

Litecoin

Litecoin slid by 4.03% on Monday. Reversing a 0.51% gain from Sunday, Litecoin ended the day at $73.98.

A mixed start to the day saw Litecoin rise to an early morning intraday high $77.50 before hitting reverse.

Falling short of the first major resistance level at $78.67 and the 38.2% FIB of $78, Litecoin slid to a late morning intraday low $72.50.

Litecoin fell through the first major support level at $75.22 and the second major support level at $73.38 before finding support.

Through the early afternoon, Litecoin briefly broke back through the support levels before sliding back into the deep red.

The second major support level at $73.38 limited the downside late in the day.

At the time of writing, Litecoin was down by 1.12% to $73.15. A bearish start to the day saw Litecoin fall from an early morning high $74.10 to a low $72.71.

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

For the day ahead

Litecoin would need to move back through to $74.60 levels to support another run at the first major resistance level at $76.82.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $74.10.

Barring a broad-based crypto rebound, Litecoin would likely fall short of the first major resistance level at $76.82.

In the event of another crypto breakout, the 38.2% FIB of $78 would come back into play later in the day.

Failure to break back through to $74.60 levels could see Litecoin fall deeper into the red.

A fall back through the early morning low $72.71 would bring the first major support level at $71.82 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$72 levels on the day.

Looking at the Technical Indicators

Major Support Level: $71.82

Major Resistance Level: $76.82

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 3.22% on Monday. Reversing a 2.38% gain from Sunday, Stellar’s Lumen ended the day at $0.070618.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.073643 before hitting reverse.

Falling well short of the first major resistance level at $0.074260, Stellar’s Lumen slid to a late morning intraday low $0.068618.

Stellar’s Lumen fell through the first major support level at $0.07143 and the second major support level at $0.06992.

Finding support in the early afternoon, Stellar’s Lumen recovered to $0.070 levels to limit the loss on the day.

While breaking back through the second major support level, Stellar’s Lumen failed to break back through the first major support level.

At the time of writing, Stellar’s Lumen was down by 1.33% to $0.069680. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.070440 to a low $0.069679.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.07090 levels to support a run at the first major resistance level at $0.07330.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.070440.

Barring a broad-based crypto rebound, the resistance at $0.072 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through to $0.07090 levels could see Stellar’s Lumen fall deeper into the red.

A fall back through to sub-$0.069 levels would bring the first major support level at $0.06828 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.068 and the second major support level at $0.06593.

Looking at the Technical Indicators

Major Support Level: $0.06828

Major Resistance Level: $0.07330

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 rose by 0.56% on Monday. Following on from a 1.13% gain on Sunday, Tron’s TRX ended the day at $0.022191.

A bearish start to the day saw Tron’s TRX slide to an early morning intraday low $0.020787 before making a move.

Tron’s TRX fell through the first major support level at $0.02136 before rallying to a late intraday high $0.022380.

In spite of the breakout, Tron’s TRX fell short of the first major resistance level at $0.02269.

At the time of writing, Tron’s TRX was down by 1.77% to $0.021799. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.022079 to a low $0.021545.

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 to $0.02180 levels to support a run at the first major resistance level at $0.02279.

Support from the broader market would be needed, however, for Tron’s TRX to breakthrough Monday’s high $0.02238.

Barring an extended crypto rally, the first major resistance at $0.02279 and Monday high would likely limit any upside on the day.

Failure to move through to $0.02180 levels could see Tron’s TRX struggle throughout the day.

A fall back through to sub-$0.02150 levels would bring the first major support level at $0.02119 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.020 levels. The second major support level at $0.02019 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.02119

Major Resistance Level: $0.02279

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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