Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 6th, 2020

For the day ahead

Litecoin would need to avoid a fall back through the $46.33 pivot to support another run at the first major resistance level at $47.11.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $47.09 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $47.87.

Failure to avoid a fall back through the $46.33 pivot level would bring the first major support level at $45.57 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.79 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.57

Pivot Level: $46.33

First Major Resistance Level: $47.11

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 1.07% on Monday. Consolidating a 6.50% rally from Sunday, Ripple’s XRP ended the day at $0.25055.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.25448 before hitting reverse.

Coming within range of the first major resistance level at $0.2549, Ripple’s XRP slid to a late morning intraday low $0.24657.

Steering well clear of the first major support level at $0.2364, Ripple’s XRP struck an afternoon high $0.25349.

Falling short of the major resistance levels, Ripple’s XRP slipped back to sub-$0.25 levels before finding support.

A late move back through to $0.25 levels delivered the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.30% to $0.25130. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25097 to a high $0.25152.

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