Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 16th, 2020

For the day ahead

Litecoin would need to move through the $49.57 pivot to support a run at the first major resistance level at $50.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $50 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $50.26 would likely cap any upside.

In the event of another breakout, Litecoin would likely test the second major resistance level at $50.95. Resistance at $51 would likely cap any upside, however.

Failure to move through the $49.57 pivot level would bring the first major support level at $48.89 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $48.19.

Looking at the Technical Indicators

First Major Support Level: $48.89

Pivot Level: $49.57

First Major Resistance Level: $50.27

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 1.23% on Thursday. Following on from a 2.83% slide on Wednesday, Ripple’s XRP ended the day at $0.24604.

It was a choppy start to the day. Ripple’s XRP recovered from an early dip to strike a mid-morning intraday high $0.25032 before hitting reverse.

Falling well short of the first major resistance level at $0.2566, Ripple’s XRP slid to an early afternoon intraday low $0.24294.

Ripple’s XRP fell through the first major support level at $0.2442 before revisiting $0.2480 levels.

A bearish end to the day, however, left Ripple’s XRP down at $0.2460 levels and in the red.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.24536. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24586 to a low $0.24512.

Ripple’s XRP left the major support and resistance levels untested early on.