Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 1st, 2020

For the day ahead

Litecoin would need to avoid a fall through the $46.13 pivot to support a run at the first major resistance level at $46.82.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $46.69.

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

In the event of another breakout, the second major resistance level at $47.39 could come into play.

Failure to avoid a fall through the $46.13 pivot level would bring the first major support level at $45.56 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.87 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.56

Pivot Level: $46.13

First Major Resistance Level: $46.82

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 0.28% on Wednesday. Partially reversing a 0.83% gain from Tuesday, Ripple’s XRP ended the month down by 14.06% to $0.24184.

It was a bearish start to the day. Ripple’s XRP fell from an early morning intraday high $0.24253 to a midday intraday low $0.23786.

Ripple’s XRP fell through the first major support level at $0.2385 before striking a final hour high $0.24236.

Failing to move back into positive territory, Ripple’s XRP fell back to wrap up the day at sub-$0.242 levels.

At the time of writing, Ripple’s XRP was up by 0.08% to $0.24204. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24190 before rising to a high $0.24247.

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