Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021

For the day ahead

Litecoin would need to avoid a fall through the $288 pivot level to support a run at the first major resistance level at $307.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $299.71.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $320. The second major resistance level sits at $319.

Failure to avoid a fall through the $288 pivot level would bring the first majors support level at $276 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$270 levels and the 23.6% FIB of $262. The second major support level sits at $257.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $307

First Major Resistance Level: $276

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP slipped by 0.59% on Monday. Following on from a 5.72% slide on Sunday, Ripple’s XRP ended the day at $1.55255.

A bullish start to the day saw Ripple’s XRP rise an early morning intraday high $1.62204 before hitting reverse.

Falling short of the first major resistance level at $1.6379, Ripple’s XRP slid to an early afternoon intraday low $1.50399.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426

Finding support at the first major support level at $1.5064, Ripple’s XRP broke back through the 23.6% FIB to revisit $1.58 levels before easing back.

At the time of writing, Ripple’s XRP was down by 2.32% to $1.51655. A bearish start to the day saw Ripple’s XRP slide from an early morning high $1.55784 to a low $1.51345.

While steering clear of the major support and resistance levels, Ripple’s XRP fell back through the 23.6% FIB early on.

This news is republished from another source. You can check the original article here

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