Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 2nd, 2020


For the day ahead

Litecoin would need to move through the $46.67 pivot to support a run at the first major resistance level at $48.06.

Support from the broader market would be needed, however, for Litecoin to break out from $47 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $48.49 would likely cap any upside.

In the event of another breakout, Litecoin could visit $49 levels before any pullback. The second major resistance level sits at $49.88.

Failure to move through the $46.67 pivot level would bring the first major support level at $44.85 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level sits at $43.46.

Looking at the Technical Indicators

First Major Support Level: $44.85

Pivot Level: $46.67

First Major Resistance Level: $48.06

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 1.63% on Thursday. Following a 0.28% decline on Wednesday, Ripple’s XRP ended the day at $0.23803.

A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.24449 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2436 before sliding to a late afternoon intraday low $0.23379.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2390 and the second major support level at $0.2361.

Finding late support, Ripple’s XRP broke back through the second major support level to wrap up the day at $0.238 levels.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.23756. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.23659 before rising to a high $0.23840.

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

This article was originally published on FX Empire
Previous What BitMEX scandal? Bitcoin futures data shows traders focused on $12K
Next BTC/USD Forecast: Looking Likely to Pull Back