For the day ahead

Litecoin would need to move through the 23.6% FIB and the $54.62 pivot to support a run at the first major resistance level at $56.13.

Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.

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

In the event of an extended breakout, Litecoin would likely test resistance at $57 before any pullback. The second major resistance level sits at $58.35.

Failure to move through the 23.6% FIB and the $54.62 pivot level would bring the first major support level at $52.40 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.89 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.40

Pivot Level: $54.62

First Major Resistance Level: $56.13

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 2.12% on Monday. Reversing a 0.14% gain from Sunday, Ripple’s XRP ended the day at $0.23549.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.24489 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2421 and the second major resistance level at $0.2441.

Falling short of the third major resistance level at $0.2487, Ripple’s XRP slid to a mid-day intraday low $0.23297.

Ripple’s XRP fell through the first major support level at $0.2375 and the second major support level at $0.2349.

Steering clear of the third major support level at $0.2303, Ripple’s XRP briefly recovered to $0.236 levels before easing back.

The first major support level at $0.2375 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.24% to $0.23492. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23546 to a low $0.23487.

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

(Excerpt) Read more Here | 2020-11-02 17:22:30
Image credit: source

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