For the day ahead
Litecoin would need to move back through the $59.28 pivot to support a run at the first major resistance level at $60.69.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $60.63.
Barring an extended crypto rally, the first major resistance level and resistance at $61 would likely cap any upside.
In the event of an extended breakout, Litecoin would likely test resistance at $63 before any pullback. The second major resistance level sits at $62.04.
Failure to move back through the $59.28 pivot level would bring the first major support level at $57.93 into play.
Barring an extended sell-off on the day, however, Litecoin should steer well clear of 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 rose by 0.71% on Wednesday. Following on from 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 fall to an early morning intraday low $0.25274 before making a move.
Steering clear of the first major support level at $0.2467, Ripple’s XRP rallied to an early afternoon intraday high $0.2600.
Falling short of the first major resistance level at $0.2631, Ripple’s XRP fell back to $0.255 levels before finding support.
A late move back through to $0.256 levels delivered the upside on the day.
At the time of writing, Ripple’s XRP was down by 0.38% to $0.25514. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25613 to a low $0.25514.
Ripple’s XRP left the major support and resistance levels untested early on.
