Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 10th, 2020


For the day ahead

Litecoin would need to avoid a fall through the $47.55 pivot to support a run at the first major resistance level at $48.49.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $48.22.

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

In the event of another breakout, Litecoin would likely test resistance at $49 and the second major resistance level at $49.16.

Failure to avoid a fall through the $47.55 pivot level would bring the first major support level at $46.88 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$46 levels. The second major support level sits at $45.94.

Looking at the Technical Indicators

First Major Support Level: $46.88

Pivot Level: $47.55

First Major Resistance Level: $48.49

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 0.68% on Friday. Following on from a 1.01% gain on Thursday, Ripple’s XRP ended the day at $0.25314.

It was also a bearish start to the day. Ripple’s XRP fell to a mid-morning intraday low $0.24848 before making a move.

Steering clear of the first major support level at $0.2448, Ripple’s XRP rose to a late morning intraday high $0.25653.

Ripple’s XRP broke through the first major resistance level at $0.2556 before a pullback to sub-$0.25 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.253 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.09% to $0.25336. A range-bound start to the day saw Ripple’s XRP fall to an early morning low $0.25313 before rising to a high $0.25336.

Ripple’s XRP left the major support and resistance levels untested early on.

This article was originally published on FX Empire
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