Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 12/03/20

Fibo Quantum

Litecoin

Litecoin slid by 3.35% on Wednesday. Following on from a 0.69% decline on Tuesday, Litecoin ended the day at $48.54.

A mixed start to the day saw Litecoin rise to an early morning intraday high $50.72 before hitting reverse.

Falling short of the first major resistance level at $51.48, Litecoin slid to a late afternoon intraday low $45.44.

Litecoin fell through the first major support level at $48.82 and the second major support level at $47.50.

Finding late support, Litecoin broke back through the major support levels to hit $49 levels before easing back.

The pullback saw Litecoin fall back through the first major support level at $48.82.

At the time of writing, Litecoin was down by 1.71% to $47.71. A bearish start to the day saw Litecoin fall from an early morning high $48.79 to a low $47.71.

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

For the day ahead

Litecoin would need to move back through to $48.20 levels to support a run the first major resistance level at $51.03.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $50.72.

Barring an extended crypto rally, the first major resistance level, and Wednesday’s high would likely cap any upside.

Failure to move through to $48.20 levels could see Litecoin fall deeper into the red.

A fall back through to sub-$47 levels would bring the first major support level at $45.75 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$45 support levels.

Looking at the Technical Indicators

Major Support Level: $45.75

Major Resistance Level: $51.03

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 2.52% on Wednesday. Following on from a 0.27% decline on Tuesday, Stellar’s Lumen ended the day at $0.050765.

Tracking the broader market, Stellar’s Lumen rose to an early morning intraday high $0.052531 before hitting reverse.

Falling short of the first major resistance level at $0.053410, Stellar’s Lumen slid to a late afternoon intraday low $0.047623.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.05076 and second major support level at $0.04947.

Finding support late on, Stellar’s Lumen broke back through the second major support level.

Resistance at the first major support level at $0.05076 pinned Stellar’s Lumen back at the day end.

At the time of writing, Stellar’s Lumen was down by 1.47% to $0.050019. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.050669 to a low $0.049973.

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 $0.05030 levels to support a run at the first major resistance level to $0.05299.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.052 levels.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $0.052531 would likely limit any upside on the day.

Failure to move through to $0.05030 levels could see Stellar’s Lumen fall deeper into the red.

A fall back through to sub-$0.050 levels would bring the first major support level at $0.04808 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.047 support levels.

Looking at the Technical Indicators

Major Support Level: $0.04808

Major Resistance Level: $0.05299

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 fell by 1.46% on Wednesday. Reversing a 0.49% gain from Tuesday, Tron’s TRX ended the day at $0.014959.

Tracking the broader market, Tron’s TRX rose to an early morning intraday high $0.015324 before hitting reverse.

Falling short of the first major resistance level at $0.01546, Tron’s TRX slid to a late afternoon intraday low $0.014120.

Tron’s TRX slide through the first major support level at $0.01472 and the second major support level at $0.01434.

Finding support late in the day, Tron’s TRX broke back through the major support levels to revisit $0.015 levels before easing back.

At the time of writing, Tron’s TRX was down by 1.33% to $0.014761. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.014937 to a low $0.014761.

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 $0.01480 levels to support a run at the first major resistance level at $0.01548.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the Wednesday’s high $0.015324.

Barring an extended crypto rally, the first major resistance at $0.01548 and Wednesday’s high would likely cap any upside.

Failure to move through to $0.01480 levels could see Tron’s TRX struggle throughout the day.

A fall back through the morning low $0.014761 would bring the first major support level at $0.01428 into play.

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

Looking at the Technical Indicators

Major Support Level: $0.01428

Major Resistance Level: $0.01548

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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