For the day ahead

Litecoin would need to avoid a fall back through the $351 pivot to support a run at the first major resistance level at $368.

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 and Friday’s new swing hi $372.88 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $400. The second major resistance level sits at $390.

Failure to avoid a fall back through the $351 pivot would bring the first major support level at $328 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$310. The Second major support level at $311 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $328

Pivot Level: $351

First Major Resistance Level: $368

23.6% FIB Retracement Level: $291

38.2% FIB Retracement Level: $240

62% FIB Retracement Level: $158

Ripple’s XRP

Ripple’s XRP fell by 1.44% on Friday. Following on from a 0.68% loss on Thursday, Ripple’s XRP ended the day at $1.58105.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $1.50786.

The reversal saw Ripple’s XRP fall through the 23.6% FIB of $1.5426 before making a move.

Finding support at the first major support level at $1.5079, Ripple’s XRP rallied to a mid-day intraday high $1.69467.

Falling short of the first major resistance level at $1.7326, Ripple’s XRP fell back through the 23.6% FIB of $1.5426.

Finding late support, however, Ripple’s XRP closed out the day at $1.58 levels.

At the time of writing, Ripple’s XRP was up by 0.02% to $1.58136. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.59005 before falling to a low $1.56369.

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

(Excerpt) Read more Here | 2021-05-07 17:46:29
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.