Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 1st, 2021
For the day ahead
Litecoin would need to avoid a fall through the $180 pivot to bring the first major resistance level at $197 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $195 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $210. The second major resistance level sits at $205.
A fall through the $180 pivot would bring the 62% FIB of $174 and the first major support level at $172 into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$170. The second major support level sits at $155.
A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $172
Pivot Level: $180
First Major Resistance Level: $197
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP jumped by 15.12% on Monday. Following on from a 9.01% rally on Sunday, Ripple’s XRP ended the month down by 34.94% to $1.04118.
A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.88080 before making a move.
Steering clear of the 62% FIB of $0.8573 and the first major support level at $0.8254, Ripple’s XRP rallied to a late intraday high $1.05080.
Ripple’s XRP broke through the first major resistance level at $0.9590 and the second major resistance level at $1.0127 to end the day at $1.04 levels.
At the time of writing, Ripple’s XRP was up by 1.75% to $1.05937. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.03300 before rising to a high $1.06284.
Ripple’s XRP left the major support and resistance levels untested early on.