For the day ahead
Litecoin would need to move through the 23.6% FIB and the $104.98 pivot to support a run at the first major resistance level at $114.69.
Support from the broader market would be needed, however, for Litecoin to break back through to $110 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $117.32 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $120 before any pullback. The second major resistance level sits at $127.02.
Failure to move through the 23.6% FIB and the $104.98 pivot level would bring the first major support level at $92.65 into play.
Barring an extended sell-off on the day, however, Litecoin should steer of sub-$90 levels and the 38.2% FIB of $86. The second major support level sits at $82.94.
Looking at the Technical Indicators
First Major Support Level: $92.65
Pivot Level: $104.98
First Major Resistance Level: $114.69
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP slumped by 41.71% on Wednesday. Following on from a 13.20% tumble on Tuesday, Ripple’s XRP ended the day at $0.26001.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.44813 before hitting reverse.
Falling well short of the first major resistance level at $0.5133, Ripple’s XRP tumbled to a late intraday low $0.2000.
Ripple’s XRP fell through the day’s major support levels and the 62% FIB of $0.3687 to form a near-term bearish trend.
Finding support at $0.20, Ripple’s XRP broke back through the third major support level at $0.2056 to end the day a $0.26 levels.
At the time of writing, Ripple’s XRP was up by 5.77% to $0.27500. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.25000 before rising to a high $0.28123.
Ripple’s XRP left the major support and resistance levels untested early on.
