Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 3rd, 2021
For the day ahead
Litecoin would need to move back through the $186 pivot to bring the first major resistance level at $193 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 $195 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 $199.
Failure to move back through the $186 pivot would bring the first major support level at $180 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 at $173 should limit the downside.
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: $180
Pivot Level: $186
First Major Resistance Level: $193
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP rose by 1.43% on Wednesday. Partially reversing a 2.91% fall from Tuesday, Ripple’s XRP ended the day at $1.02688.
A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.98064 before making a move.
Steering clear of the first major support level at $0.9561, Ripple’s XRP rallied to a mid-afternoon intraday high $1.04883.
Falling short of the first major resistance level at $1.0824, Ripple’s XRP fell back to sub-$1.02 levels before finding support.
A move back through to $1.02 levels delivered the upside on the day.
At the time of writing, Ripple’s XRP was down by 0.57% to $1.02104. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.03351 before falling to a low $1.01799.
Ripple’s XRP left the major support and resistance levels untested early on.