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For the day ahead
Litecoin should avoid a fall through the 23.6% FIB of $ 54 and the pivot of $ 53.91 to support a run at the first major resistance level at $ 56.18.
However, support from the broader market would be needed for Litecoin to break out of Wednesday’s high of $ 55.34.
Barring an 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 $ 57 before any pullback. The second major resistance level is found at $ 57.60.
Failure to avoid a fall through the 23.6% FIB and the $ 53.91 rotation level would bring the first major support level at $ 52.49 into play.
Barring an extended sell-off later in the day, however, Litecoin should avoid sub-$ 50 levels. The second major support level at $ 50.22 should limit any downside.
Looking at the technical indicators
First major support level: $ 52.49
Pivot Level: $ 53.91
First major resistance level: $ 56.18
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP fell 0.76% on Wednesday. Partially reversing a 1.71% gain from Tuesday, Ripple’s XRP ended the day at $ 0.2379.
It was also a mixed start for the day. Ripple’s XRP rose to a morning high $ 0.24052 before reversing.
Failing to hit the first major resistance level at $ 0.2463, Ripple’s XRP slid to a morning intraday low $ 0.23267.
Avoiding the first major support level at $ 0.2305, Ripple’s XRP briefly revisited $ 0.239 levels before plunging back into the red.
At the time of writing, Ripple’s XRP was up 0.22% to $ 0.23843. A mixed start to the day saw Ripple’s XRP rise to a morning high $ 0.23855 before falling to a low $ 0.23819.
Ripple’s XRP left the major support and resistance levels untested early on.
