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For the day ahead
Litecoin would need to move through the $224 pivot level to support a run at the first major resistance level at $238.
Support from the broader market would be needed, however, for Litecoin to break back through to $230 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $242.96 would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $256.
Failure to move through the $224 pivot level would bring the first major support level at $206 into play.
Barring another extended sell-off, Litecoin should steer clear of the 23.6% FIB of $195. The second major support level sits at $193.
Looking at the Technical Indicators
First Major Support Level: $206
Pivot Level: $224
First Major Resistance Level: $238
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP tumbled by 16.64% on Wednesday. Partially reversing Tuesday’s 19.75% breakout, Ripple’s XRP ended the day at $0.91441.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.11142 before hitting reverse.
Falling short of the first major resistance level at $1.2093, Ripple’s XRP slid to a mid-day intraday low $0.85518.
The extended sell-off saw Ripple’s XRP fall through the 23.6% FIB of $0.8960 and the first major support level at $0.8951.
Steering clear of sub-$0.80 levels, Ripple’s XRP revisited $0.97 levels before ending the day at sub-$0.92 levels.
The 23.6% FIB of $0.8960 delivered support late in the day.
At the time of writing, Ripple’s XRP was down by 0.16% to $0.91297. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.92533 before falling to a low $0.90563.
Ripple’s XRP left the major support and resistance levels untested early on.
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