For the day ahead

Litecoin would need to avoid a fall through the $131.56 pivot level to support a run at the first major resistance level at $137.10.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $136.62.

Barring an extended crypto rally, the first major resistance level and resistance at $140 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $148 before any pullback. The second major resistance level sits at $142.16.

Failure to avoid a fall through the $131.56 pivot level would bring the first major support level at $126.5 and 38.2% FIB of $125 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$120 levels. The second major support level at $120.96 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $126.50

Pivot Level: $131.56

First Major Resistance Level: $137.10

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP slumped by 25.14% on Monday. Reversing an 11.56% rally from Sunday, Ripple’s XRP ended the day at $0.37115.

A mixed start to the day saw Ripple’s XRP rally to a late morning intraday high $0.75991 before hitting reverse.

Ripple’s XRP broke through first major resistance level at $0.5593 and the second major resistance level at $0.6231.

More significantly, Ripple’s XRP also broke through the 62% FIB of $0.5522 to visit $0.70 levels for the first time this year.

Falling short of the third major resistance level at $0.7730, Ripple’s XRP tumbled to a late intraday low $0.35925.

The sell-off saw Ripple’s XRP slide through the first major support level at $0.4094.

More significantly, Ripple’s XRP also fell back through the 62% FIB of $0.5522 and the 38.2% FIB of $0.4070.

Finding support in the 2nd half of the day, Ripple’s XRP revisited $0.39 levels before falling back to $0.37 levels.

At the time of writing, Ripple’s XRP was down by 1.56% to $0.36537. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.37721 before sliding to a low $0.36458.

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

(Excerpt) Read more Here | 2021-02-01 17:39:28
Image credit: source

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