2021-05-01 01:34:26

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 1st, 2021

For the day ahead

Litecoin would need to avoid the $266 pivot level to support a run at the first major resistance level at $279.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $273.87.

Barring an extended crypto rally, the first major resistance level and resistance at $280 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $300. The second major resistance level sits at $287.

Failure to avoid a fall through the $266 pivot level would bring the 23.6% FIB of $262 and the first majors support level at $258 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$250 levels. The second major support level sits at $245.

Looking at the Technical Indicators

First Major Support Level: $258

Pivot Level: $266

First Major Resistance Level: $279

23.6% FIB Retracement Level: $250

38.2% FIB Retracement Level: $207

62% FIB Retracement Level: $138

Ripple’s XRP

Ripple’s XRP jumped by 14.39% on Friday. Reversing a 2.90% loss from Thursday, Ripple’s XRP ended the month up by 180.63% to $1.60042.

After a mixed start to the day, Ripple’s XRP fall to an early morning intraday low $1.37663 before making a move.

Steering clear of the first major support level at $1.3463, Ripple’s XRP rallied to a mid-day intraday high $1.63938.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $1.5426 to end the day at $1.60 levels.

At the time of writing, Ripple’s XRP was up by 1.19% to $1.61946. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.59607 before rising to a high $1.62787.

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

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