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Tron’s TRX and Stellar’s Lumen Daily Analysis – 23 August

After Sunday’s mixed sessions, top cryptocurrencies have to revisit their early highs for support to test today’s critical resistances.

Stellar’s Lumen

Yesterday’s market moves saw Stellar’s Lumen rising by 0.27%. After a 3.45% Saturday plunge, the altcoin ended its week dropping 4.73% to hover at $0.3728.

A bullish early Sunday had Stellar’s Lumen rallying to an intraday high near $0.3895 before reverses.

Meanwhile, the token overpowered its initial crucial resistance at $0.3819 before plunging to trade around $0.3614 late afternoon lows.

With the reversals, Stellar’s Lumen breached its critical support around $0.3648 before the asset ended its intraday at $0.37.

While writing this content, Stellar’s Lumen traded at $0.3718 after losing 0.26%. However, early sessions witnessed the token rising towards early highs of $0.3749 before dropping to explore the lows levels at $0.3702.

Stellar’s Lumen’s Day Ahead

For now, the crypto will have to keep away its $0.3746 pivot to test the massive resistance located at $0.3877.

Stellar’s Lumen relies on the broader market to ensure highs break above the $0.38 mark.

Meanwhile, the resistance and Sunday’s peak at $0.3895 will cap uptrends if the market fails to sustain a broad-based rally.

With the support from the crypto space, Stellar’s Lumen will rise towards the resistance at $0.4027.

Technical Indicators

  • Support – $0.3596
  • Resistance – $0.3877
  • 6% Fibonacci retracement – $0.3402
  • 38% Fibonacci retracement – $0.4277
  • 62% Fibonacci retracement – $0.5690

Tron’s TRX

Sunday saw Tron’s TRX plunging by 0.84% after a 2.8% drop on Saturday. With that, the crypto ended its week at $0.08773, plummeting by 5.77%.

The early sessions yesterday had Tron’s TRX rising to an intraday high of $0.09047 before reversing.

Meanwhile, the first crucial resistance zone near $0.09040 had TRX sliding to $0.08676 lows in mid-afternoon.

The weak weekend forced saw the coin breaking beneath the support at $0.08701 to end the day around the $0.0877 mark.

While writing this content, Tron’s TRX surged 0.40% to stand at $0.08809. The digital coin did not test its critical resistance and support early on.

Tron’s TRX Day Ahead

The alternative coin will have to stay away from the pivot at $0.08798 to attempt the crucial resistance around $0.09022.

With the current situation, broader market support is essential for TRX to enjoy high rides, breaking the $0.090 mark.

Technical Indicators

  • Support – $0.08548
  • Resistance – $0.09022
  • 6% Fibonacci retracement – $0.0787
  • 2% Fibonacci retracement – $0.0989
  • 62% Fibonacci retracement – $0.1316
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