Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – August 10th, 2020

Fibo Quantum

Litecoin

Litecoin fell by 2.55% on Sunday. Reversing a 2.15% gain from Saturday, Litecoin ended the week up by 0.30% to $56.97.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $58.72 before hitting reverse.

Falling short of the first major resistance level at $59.21, Litecoin slid to an early afternoon intraday low $56.10.

Litecoin fell through the first major support level at $57.11 before briefly moving back through to $57.40 levels.

A pullback to sub-$57 levels saw Litecoin fall back through the first major support level.

At the time of writing, Litecoin was up by 0.74% to $57.39. A bullish start to the day saw Litecoin rise from an early morning low $56.97 to a high $57.55.

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 $57.26 pivot to support a run at the first major resistance level at $58.43.

Support from the broader market would be needed, however, for Litecoin to break back through to $58 levels.

Barring another crypto rally, the first major resistance level and Sunday’s high $58.72 would likely cap any upside.

A fall through the $57.26 pivot would bring the first major support level at $55.81 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$55 levels. The second major support level sits at $54.64.

Looking at the Technical Indicators

First Major Support Level: $55.81

First Major Resistance Level: $58.43

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 2.03% on Sunday. Following on from a 0.97% gain from Saturday, Stellar’s Lumen ended the week up by 2.73% to $0.10481.

A bullish start to the day saw Stellar’s Lumen rise to a late morning intraday high $0.10696 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.10449 and the second major resistance level at $0.10580.

The reversal saw Stellar’s Lumen slide to a mid-afternoon intraday low $0.10253 before finding support.

Steering clear of the first major support level at $0.10158, Stellar’s Lumen revisited $0.1050 levels before easing back.

Stellar’s Lumen broke back through the first major resistance level at $0.10449 in the recovery.

At the time of writing, Stellar’s Lumen was up by 1.84% to $0.10674. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.10533 to a high $0.10724.

Stellar’s Lumen tested the first major resistance level at $0.1070 early on.

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.10477 pivot to support another run at the first major resistance level at $0.1070.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through the morning high $0.10724.

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

A fall through the $0.10477 pivot would bring the first major support level at $0.10257 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer of sub-$0.10 levels. The second major support level at $0.10034 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.10257

First Major Resistance Level: $0.1070

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 fell by 0.43% on Sunday. Partially reversing a 3.19% gain from Saturday, Tron’s TRX ended the week up by 7.38% to $0.020401.

It was a relatively bullish start to the day. Tron’s TRX rose to a late morning intraday high $0.020595 before hitting reverse.

Falling short of the first major resistance level at $0.02078, Tron’s TRX slid to a mid-afternoon intraday low $0.020067.

Steering clear of the first major support level at $0.01991, Tron’s TRX briefly revisited $0.02050 levels before falling back into the red.

At the time of writing, Tron’s TRX was up by 2.02% to $0.020814. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.020501 to a high $0.020828.

Tron’s TRX broke through the first major resistance level at $0.020640 early on.

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the first major resistance level at $0.02064 to support another run at the second major resistance level at $0.02088.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.020828.

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

A fall back through the first major resistance level would bring the day’s pivot level at $0.02035 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid the first major support level sits at $0.02011.

Looking at the Technical Indicators

First Major Support Level: $0.02011

First Major Resistance Level: $0.02064

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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