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For the day ahead
Litecoin is expected to break above the 38.2% FIB and pivot of $ 72.89 to support a run to the first major resistance level at $ 81.48.
However, support from the broader market would be required for Litecoin to exceed $ 75.
Barring another extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a sustained breakout, Litecoin would likely test resistance at $ 85 before any pullback. The second major resistance level is found at $ 91.85.
Failure to move to the pivot level of $ 72.89 would bring the first major support level at $ 62.52 into play.
Barring another extended sell-off later in the day, however, Litecoin should avoid the sub $ 60 levels. The second major support level is found at $ 53.93.
Looking at the technical indicators
First major support level: $ 62.52
Pivot Level: $ 72.89
First major resistance level: $ 81.48
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP plunged 14.78% on Thursday. After dropping 9.08% on Wednesday, Ripple’s XRP ended the day at $ 0.5370.
It was another mixed start to the day. Ripple’s XRP rose to a morning intraday high $ 0.6518 before reversing.
Failing to hit the first major resistance level at $ 0.7093, Ripple’s XRP plunged to an intraday low $ 0.45501.
Ripple’s XRP broke through the first major support level at $ 0.5665 and the second major support level at $ 0.5025. More significantly, however, Ripple’s XRP also slipped through the 23.6% FIB of $ 0.6274 and the 38.2% FIB of $ 0.5285.
Finding support in the late morning, however, Ripple’s XRP moved back through 38.2% FIB to end the day at $ 0.53 levels.
At the time of writing, Ripple’s XRP was down 1.96% to $ 0.52645. A bearish start to the day saw Ripple’s XRP slide from a morning high $ 0.5370 to a low $ 0.5220.
While moving away from major support and resistance levels, Ripple’s XRP fell through the 38.2% FIB of $ 0.5285.
