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For the day ahead
Litecoin should avoid a fall through the $ 87.47 pivot to support a run at the first major resistance level at $ 92.15.
However, broader market support would be needed for Litecoin to break out of Wednesday’s $ 90.63 high.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of another extended breakout, Litecoin could test the second major resistance level at $ 95.31.
Failure to avoid a fall through the pivot level of $ 87.47 would bring the first major support level at $ 84.31 into play.
Barring an extended sell off later in the day, however, Litecoin should avoid the second major support level at $ 79.63.
Looking at the technical indicators
First major support level: $ 84.31
Pivot Level: $ 87.47
First major resistance level: $ 92.15
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP was up 3.18% on Wednesday. Partially reversing Tuesday’s 8.05% decline, Ripple’s XRP ended the day at $ 0.63098.
A bearish start to the day saw Ripple’s XRP drop to a morning intraday low $ 0.59348 before moving on.
Avoiding the first major support level at $ 0.5621, Ripple’s XRP rose to a morning intraday high $ 0.63083. The morning rally saw Ripple’s XRP break through the 23.6% FIB of $ 0.6274 before reversing.
Falling well below the first major resistance level at $ 0.6711, Ripple’s XRP fell to levels below $ 0.61 in the red.
However, a late return through the 23.6% FIB to $ 0.63 led to the day’s upside.
At the time of writing, Ripple’s XRP was up 0.71% to $ 0.63546. A mixed start to the day saw Ripple’s XRP drop to a morning low $ 0.62951 before climbing to a high $ 0.63903.
Ripple’s XRP left major support and resistance levels untested at the start.
