Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 29th, 2020
Ethereum
Ethereum slid by 4.22% on Wednesday. Reversing a 3.22% gain from Tuesday, Ethereum ended the day at $388.63.
It was a bullish start to the day. Ethereum rose to an early morning intraday high $409.52 before hitting reverse.
Falling short of the first major resistance level at $414.89, Ethereum tumbled to an early afternoon intraday low $380.50.
Ethereum fell through the first major support level at $393.47 and the second major support level at $381.20.
Steering clear of sub-$380, Ethereum broke back through the second major support level to end the day at $388 levels.
At the time of writing, Ethereum was down by 0.01% to $388.61. A mixed start to the day saw Ethereum rise to an early morning high $389.05 before falling to a low $388.02.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $392.88 pivot to support a run at the first major resistance level at $405.27.
Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $409.52 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $415 before any pullback. The second major resistance level sits at $421.90.
Failure to move through the $392.88 pivot would bring the first major support level at $376.25 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367. The second major support level sits at $363.86.
Looking at the Technical Indicators
First Major Support Level: $376.25
Pivot Level: $392.88
First Major Resistance Level: $405.27
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin slid by 4.02% on Wednesday. Reversing a 2.20% gain from Tuesday, Litecoin ended the day a $55.84.
It was a bullish start to the day. Litecoin rallied to an early morning intraday high $60.90 before hitting reverse.
The early rally saw Litecoin break through the first major resistance level at $59.32 and the second major resistance level at $60.50.
Coming up against resistance at $61, however, Litecoin slid to a late intraday low $54.71.
The sell-off saw Litecoin fall through the first major support level at $56.73 and the second major support level at $55.33.
Finding late support, however, Litecoin broke back through the second major support level to end the day at $55.6 levels.
At the time of writing, Litecoin was up by 0.04% to $55.86. A mixed start to the day saw Litecoin fall to an early morning low $55.74 before rising to a high $55.89.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $57.15 pivot to support a run at the first major resistance level at $59.59.
Support from the broader market would be needed, however, for Litecoin to break back through to $59 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Litecoin would likely test resistance at $60 before any pullback. The second major resistance level sits at $63.34.
Failure to move through the $57.15 pivot level would bring the 23.6% FIB of $54 and the first major support level at $53.40 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.96 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $53.40
Pivot Level: $57.15
First Major Resistance Level: $59.59
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 2.84% on Wednesday. Reversing a 1.72% gain from Tuesday, Ripple’s XRP ended the day at $0.24559.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.25676 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2553 before sliding to a late intraday low $0.24448.
Ripple’s XRP fell through the first major support level at $0.2491 and the second major support level at $0.2454.
Finding late support, a move back through the second major support level reduced the deficit for the day.
At the time of writing, Ripple’s XRP was down by 0.37% to $0.24467. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24557 to a low $0.24466.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.2489 pivot to support a run at the first major resistance level at $0.2534.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.25 levels.
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 test resistance at $0.26 before any pullback. The second major resistance level sits at $0.2612.
Failure to move through the $0.2489 pivot would bring the first major support level at $0.2411 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2367.
Looking at the Technical Indicators
First Major Support Level: $0.2411
Pivot Level: $0.2489
First Major Resistance Level: $0.2534
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
