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For the day ahead
Litecoin should slide back through the $ 59.28 pivot to support a run at the first major resistance level at $ 60.69.
However, support from the broader market would be needed for Litecoin to break out of Wednesday’s $ 60.63 high.
Barring an extended cryptocurrency rally, the first major resistance and resistance level at $ 61 would likely limit any upside.
In the event of a sustained breakout, Litecoin would likely test resistance at $ 63 before any pullback. The second major resistance level is found at $ 62.04.
Failure to return to the pivot level of $ 59.28 would bring the first major support level at $ 57.93 into play.
Barring an extended sell-off later in the day, however, Litecoin is expected to avoid the 23.6% FIB of $ 54.00. The second major support level at $ 56.52 should limit any downside.
Looking at the technical indicators
First major support level: $ 57.93
Pivot Level: $ 59.28
First major resistance level: $ 60.69
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 0.71% on Wednesday. After a 1.41% gain on Tuesday, Ripple’s XRP ended the day at $ 0.25612.
A mixed start to the day saw Ripple’s XRP drop to a morning intraday low $ 0.25274 before making a move.
Avoiding the first major support level at $ 0.2467, Ripple’s XRP climbed to an afternoon intraday high $ 0.2600.
Failing to hit the first major resistance level at $ 0.2631, Ripple’s XRP eased to $ 0.255 levels before finding support.
A return to $ 0.256 levels led to the upside on the day.
At the time of writing, Ripple’s XRP was down 0.38% to $ 0.25514. A bearish start to the day saw Ripple’s XRP fall from a morning high of $ 0.25613 to a low of $ 0.25514.
Ripple’s XRP left the major support and resistance levels untested early on.
