Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 23/12/19

Litecoin

Litecoin rallied by 5.54% on Sunday. Reversing a 1% decline from Saturday, Litecoin ended the week down 3.45% to $41.93.

A bearish start to the day saw Litecoin fall to an early morning intraday low $39.69 before making a move.

Steering clear of the first major support level at $39.43, Litecoin rallied to a late intraday high $42.27.

Litecoin broke through the day’s major resistance levels on the way. In spite of a late pullback, Litecoin held above the third major resistance level at $41.22 until the day end.

At the time of writing, Litecoin was up by 0.74% to $42.24. A bullish start to the day saw Litecoin rise from an early morning low $41.91 to a high $42.57 before easing back.

In spite of the early moves, Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to steer clear of sub-$42 levels to support another run at the first major resistance level at $42.90.

Litecoin would need the support of the broader market to break out from the morning high $42.57.

Barring an extended crypto rally, however, the first major resistance level and morning high would likely limit any upside.

Failure to steer clear of sub-$42 levels could see Litecoin hit reverse.

A fall back through the morning low $41.91 to $41.30 levels would bring the first major support level at $40.32 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$40 levels and the second major support level at $38.72.

Looking at the Technical Indicators

Major Support Level: $40.32

Major Resistance Level: $42.90

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 3.99% on Sunday. Reversing a 1.89% fall from Saturday, Stellar’s Lumen ended the week down 7.23% at $0.047341.

Tracking the broader market, Stellar’s Lumen rallied from an early morning intraday low $0.045524 to a late intraday high $0.047365.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.4623 and the second major resistance level at $0.4702.

At the time of writing, Stellar’s Lumen was down by 0.97% to $0.046883. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.047655 before falling to a low $0.046883.

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

For the day ahead

Stellar’s Lumen would need to steer clear of sub-$0.4675 levels to support a run at the first major resistance level at $0.04796.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.047655 levels.

Barring a broad-based crypto rally, however, the resistance at $0.048 levels would likely continue to limit any upside.

Failure to steer clear of sub-$0.04675 levels could see Stellar’s Lumen slide deeper into the red.

A fall through $0.04675 would bring the first major support level at $0.04612 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.045 levels.

Looking at the Technical Indicators

Major Support Level: $0.046120

Major Resistance Level: $0.04796

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 rallied by 9.9% on Sunday. Following on from a 0.3% gain on Saturday, Tron’s TRX ended the week up 6.61% to $0.014921.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.013572 before making its move.

Steering clear of the major support levels, Tron’s TRX rallied to a late intraday high $0.15010.

Tron’s TRX broke through the day’s major resistance levels to hit $0.015 levels for the 1st time since 4th December.

In spite of a late pullback, Tron’s TRX held above the third major resistance level at $0.1392 until the day end.

At the time of writing, Tron’s TRX was up by 2.07% to $0.015230. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.14933 to a high $0.16000.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01543 and the second major resistance level at $0.01594.

For the Day Ahead

Tron’s TRX would need to steer clear of sub-$0.015 levels to support a move through the first major resistance level at $0.01543.

Support from the broader market would be needed, however, for Tron’s TRX to break back through the second major resistance level at $0.1594.

Barring an extended crypto rally, the first major resistance level would likely limit any upside later in the day.

Failure to steer clear of sub-$0.015 levels could see Tron’s TRX hit reverse.

A fall through to sub-$0.01450 levels would bring the first major support level at $0.01399 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels.

Looking at the Technical Indicators

Major Support Level: $0.01399

Major Resistance Level: $0.01543

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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