EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 26/01/20
EOS
EOS slid by 3.68% on Saturday. Reversing a 1.76% rise from Friday, EOS ended the day at $3.4963.
A bearish start to the day saw EOS slide from an intraday high $3.6355 to an early morning low $3.4969.
Steering clear of the major support and resistance levels, EOS recovered to $3.62 levels by late morning before hitting reverse.
Falling short of the first major resistance level at $3.7734, EOS slid to a late intraday low $3.4903.
While steering clear of the first major support level at $3.4240, the reversal saw EOS slide deep into the red.
At the time of writing, EOS was up by 1.48% to $3.5480. A choppy start to the day saw EOS fall to an early morning low $3.4330 before striking a high $3.5627.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to break back through to $3.56 levels to support a run at the first major resistance level at $3.5911.
Support from the broader market would be needed, however, for EOS to breakout from the morning high $3.5627.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $3.6355 would likely cap any upside.
Failure to move through to $3.56 levels could see EOS hit reverse.
A fall back through to sub-$3.54 levels would bring the first major support level at $3.4459 into play.
Barring another broad-based crypto sell-off, however, EOS should steer clear of sub-$3.40 levels and the second major support level at $3.3955.
Looking at the Technical Indicators
Major Support Level: $3.4459
Major Resistance Level: $3.5911
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 1.35% on Saturday. Following on from a 0.12% decline on Friday, Ethereum ended the day at $160.12.
A bearish start to the day saw Ethereum slide to an early morning intraday low $157.40 before finding support.
Steering clear of the first major support level at $156.56 Ethereum rallied to a late intraday high $162.41.
Falling short of the first major resistance level at $166.18, Ethereum fell back to close out the day in the red.
At the time of writing, Ethereum was up by 0.04% to $160.18. A choppy start to the day saw Ethereum fall to an early morning low $159.09 before striking a high $161.26.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $161 levels to support a run at the first major resistance level at $162.51
Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $162.35.
Barring a broad-based crypto rally, the first major resistance level at $162.51 and Saturday’s high should cap any upside.
In the event of a rally, the second major resistance at $164.91 would likely pin Ethereum back from $165 levels.
Failure to move back through to $161 levels could see Ethereum return to the red.
A fall through to sub-$160 levels would bring the first major support level at $157.56 into play before any recovery.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $154.01.
Looking at the Technical Indicators
Major Support Level: $157.56
Major Resistance Level: $162.51
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP fell by 1.25% on Saturday. Following on from a 1.53% pullback on Friday, Ripple’s XRP ended the day at $0.21965.
A bearish start to the day saw Ripple’s XRP fall from an intraday high $0.22278 to an early morning intraday low $0.21661.
Steering clear of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.2156.
After a mid-morning return to $0.222 levels, Ripple’s XRP fell back to $0.217 levels by late morning before finding support.
Ripple’s XRP recovered to $0.222 levels late in the day before sliding back to sub-$0.22 levels and into the red.
At the time of writing, Ripple’s XRP was up by 0.43% to $0.22060. A mixed start to the day saw Ripple’s XRP fall to a low $0.21781 before rising to an early morning high $0.22298.
Avoiding the first major support level at $0.2167, Ripple’s XRP broke through the first major resistance level at $0.22250.
For the day ahead
Ripple’s XRP will need to move back through to $0.2220 levels to support a breakout from the first major resistance level at $0.22250.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through the first major resistance level.
Barring a broad-based crypto rally, the first major resistance level at $0.22250 would likely continue to pin Ripple’s XRP back.
Failure to move back through to $0.2220 levels could see Ripple’s XRP struggle later in the day.
A fall through to sub-$0.22 levels would bring the first major support level at $0.2167 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.21 levels. The second major support level at $0.2138 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.2167
Major Resistance Level: $0.2225
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
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