Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 29th, 2021

For the day ahead

Litecoin would need to move through the $181 pivot to bring the first major resistance level at $196 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from $190 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $198.92 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 $214.

Failure to move through the $181 pivot would bring the 62% FIB of $174 and the first major support level at $162 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$160. The second major support level sits at $147.

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: $162

Pivot Level: $181

First Major Resistance Level: $196

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slid by 7.71% on Friday. Following a 5.79% fall on Thursday, Ripple’s XRP ended the day at $0.89936.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.98495 before hitting reverse.

Falling short of the first major resistance level at $1.0317, Ripple’s XRP tumbled to a late morning intraday low $0.84603.

Ripple’s XRP fell through the first major support level at $0.9224 and the second major support level at $0.8739.

The extended sell-off also saw Ripple’s XRP fall through the 62% FIB of $0.8573 before briefly revisiting $0.91 levels.

A bearish end to the day, however, saw Ripple’s XRP fall back to end the day at sub-$0.90 levels.

Support at the second major support level at $0.8739 and the 62% FIB of $0.8573 were both tested late in the day.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.89744. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.90727 before falling to a low $0.89653.

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

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