For the day ahead
Litecoin would need to move through the $211 pivot to bring the 38.2% FIB of $265 and the first major resistance level at $276 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $250 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $300. The second major resistance level sits at $365.
Failure to move through the $211 pivot would bring the 62% FIB of $174 and the first major support level at $122 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $56.81.
A sustained fall through the 62% FIB would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $122
Pivot Level: $211
First Major Resistance Level: $276
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP slumped by 33.23% on Wednesday. Reversing a 6.46% gain from Tuesday, Ripple’s XRP ended the day $1.06226.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.64397 before hitting reverse.
Falling short of the first major resistance level at $1.7067, Ripple’s XRP slumped to an early afternoon intraday low $1.05989.
The extended sell-off saw Ripple’s XRP fall through the day’s major support levels.
Significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.
Steering clear of the 62% FIB of $0.8573, however, Ripple’s XRP found support to revisit $1.28 levels before sliding back.
The 38.2% FIB had pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was up by 0.38% to $1.06626. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09524 before falling to a low $1.05989
Ripple’s XRP left the major support and resistance levels untested early on.
