Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 7th, 2020

Litecoin rose to a late morning high $46.85 before hitting reverse. Falling short of the first major resistance level at $47.11, Litecoin slid to a …

For the day ahead

Litecoin would need to move through the $46.59 pivot to support a run at the first major resistance level at $47.64.

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

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

In the event of another breakout, Litecoin could re-test resistance at $48 before any pullback. The second major resistance level sits at $49.26.

Failure to move through the $46.59 pivot level would bring the first major support level at $44.97 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$43 levels. The second major support level at $43.92 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $44.97

Pivot Level: $46.59

First Major Resistance Level: $47.64

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 2.12% on Tuesday. Reversing a 1.07% gain from Monday, Ripple’s XRP ended the day at $0.24565.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.25929 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2545 and the second major resistance level at $0.2584.

Coming up against resistance at $0.26, Ripple’s XRP slid to a late intraday low $0.24050.

Ripple’s XRP fell through the first major support level at $0.2466 and the second major support level at $0.2426.

Finding late support, Ripple’s XRP broke back through the second major support level to end the day at $0.2450 levels.

At the time of writing, Ripple’s XRP was down by 0.29% to $0.24493. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24560 to a low $0.24488.

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

View photos

For the day ahead

Ripple’s XRP will need to move through the $0.2485 pivot to support a run at the first major resistance level at $0.2565.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2500.

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

In the event of an extended rally, Ripple’s XRP could re-test resistance at $0.26 before any pullback. The second major resistance level sits at $0.2673.

Failure to move through the $0.2485 pivot would bring the first major support level at $0.2377 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2297.

Looking at the Technical Indicators

First Major Support Level: $0.2377

Pivot Level: $0.2485

First Major Resistance Level: $0.2565

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: