Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 2nd, 2021
For the day ahead
Litecoin would need to move through the $184 pivot to bring the first major resistance level at $192 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $190 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 $201.
Failure to move through the $184 pivot would bring the first major support level at $175 and the 62% FIB of $174 into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$170. The second major support level sits at $167.
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: $175
Pivot Level: $184
First Major Resistance Level: $192
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP fell by 2.91% on Tuesday. Partially reversing Monday’s 15.12% rally, Ripple’s XRP ended the day at $1.01077.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.09942 before hitting reverse.
Coming up against the first major resistance level at $1.1011, Ripple’s XRP slid to a late intraday low $0.97312.
Steering clear of the first major support level at $0.9311, Ripple’s XRP moved back through to $1.00 levels to limit the downside.
At the time of writing, Ripple’s XRP was down by 0.53% to $1.00538. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.01888 before falling to a low $1.00433.
Ripple’s XRP left the major support and resistance levels untested early on.