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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 23/03/20

Bob Mason

Litecoin

Litecoin slid by 7.66% on Sunday. Reversing a 0.84% gain from Sunday, Litecoin ended the week down 2.15% at $35.45.

A relatively bullish start to the day saw Litecoin rise to a mid-morning intraday high $39.71 before hitting reverse.

Falling short of the first major resistance level at $40.07, Litecoin fell to a final hour intraday low $34.85.

The sell-off saw Litecoin slide through the first major support level at $36.50. Finding support at the second major support level at $34.61, Litecoin wrapped up the day at $35 levels.

At the time of writing, Litecoin was up by 1.66% to $36.04. A mixed start to the day saw Litecoin fall to an early morning low $34.51 before striking a high $36.59.

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

For the day ahead

Litecoin would need to move through to $36.70 levels to support a run the first major resistance level at $38.49.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $36.59.

Barring an extended crypto rally, resistance at $37 would likely leave Litecoin short of the first major resistance at $38.49.

Failure to move through to $36.70 levels could see Litecoin hit reverse.

A fall back through the morning low $34.51 would bring the first major support level at $33.63 into play.

Barring another extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $31.81.

Looking at the Technical Indicators

Major Support Level: $33.63

Major Resistance Level: $38.49

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 7.94% on Sunday. Following on from a 0.99% fall on Saturday, Stellar’s Lumen ended the week down 1.78% at $0.036833.

Tracking the broader market, Stellar’s Lumen rose to a mid-morning intraday high $0.040518 before hitting reverse.

Falling short of the first major resistance level at $0.041010, Stellar’s Lumen slid to a late intraday low $0.036511.

Stellar’s Lumen fell through the first major support level at $0.03824 and the second major support level at $0.03685.

Finding support late on, Stellar’s Lumen recovered to $0.037 levels before sliding back into the deep red.

The second major support level at $0.03685 limited the downside at the day end.

At the time of writing, Stellar’s Lumen was up by 0.12% to $0.036877. A choppy start to the day saw Stellar’s Lumen fall to an early morning low $0.036461 before striking a high $0.037198.

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 $0.03795 levels to support a run at the first major resistance level to $0.03940.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.037198.

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

Failure to move through to $0.03795 levels could see Stellar’s Lumen hit reverse

A fall back through the morning low $0.036461 would bring the first major support level at $0.03539 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.035 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03539

Major Resistance Level: $0.03940

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 tumbled by 8.39% on Sunday. Following a 0.22% gain from Saturday, Tron’s TRX ended the week up by 0.15% to $0.010280.

A bullish start to the day saw Tron’s TRX rise to a mid-morning intraday high $0.011600 before hitting reverse.

Falling short of the first major resistance level at $0.01173, Tron’s TRX slid to a final hour intraday low $0.010185.

Tron’s TRX fell through the first major support level at $0.01075 and the second major support level at $0.01023.

Finding support late on, Tron’s TRX broke back through the second major support level to cut the deficit on the day.

At the time of writing, Tron’s TRX was up by 1.22% to $0.010405. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.010090.

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 $0.01070 levels to support a run at the first major resistance level at $0.01119.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.010454.

Barring an extended crypto rally, the first major resistance at $0.01119 would likely cap any upside.

Failure to move through to $0.01070 levels could see Tron’s TRX struggle later in the day.

A fall through the morning low $0.010090 would bring the first major support level at $0.00978 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.00927.

Looking at the Technical Indicators

Major Support Level: $0.00978

Major Resistance Level: $0.01119

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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