For the day ahead

Litecoin would need to move through the $336 pivot to support a run at the first major resistance level at $370.

Support from the broader market would be needed, however, for Litecoin to break out from $365 levels.

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

In the event of an extended breakout, Litecoin could test resistance at $410. The second major resistance level sits at $428.

Failure to move through the $336 pivot would bring the 23.6% FIB of $322 and the first major support level at $277 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the Second major support level at $243. The 38.2% FIB of $265 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $277

Pivot Level: $336

First Major Resistance Level: $370

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 15.2% on Wednesday. Reversing a 6.31% gain from Tuesday, Ripple’s XRP ended the day at $1.2550.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $1.54695 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.5291.

Coming up against the 23.6% FIB of $1.5426, Ripple’s XRP slid to a late intraday low $1.24092.

Ripple’s XRP fell through the first major support level at $1.3906 and the second major support level at $1.3016.

The extended sell-off also saw Ripple’s XRP fall through the 38.2% FIB of $1.2807 to end the day at $1.25 levels.

At the time of writing, Ripple’s XRP was up by 3.61% to $1.30028. A mixed start to the day saw Ripple’s XRP slide to an early morning low $1.20000 before rising to a high $1.38500.

While leaving the major support and resistance levels untested early on, Ripple’s XRP broke back through the 38.2% FIB of $1.2807.

(Excerpt) Read more Here | 2021-05-12 17:52:04
Image credit: source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.