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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 5th, 2020

For the day ahead

Litecoin would need to avoid a fall through the $46.36 pivot to support another run at the first major resistance level at $47.41.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $48.12.

Failure to avoid a fall through the $46.36 pivot level would bring the first major support level at $45.65 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub- levels. The second major support level sits at $44.60.

Looking at the Technical Indicators

First Major Support Level: $45.65

Pivot Level: $46.36

First Major Resistance Level: $47.41

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 6.50% on Sunday. Reversing a 0.57% loss from Saturday, Ripple’s XRP ended the week up by 1.86% to $0.24789.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.23180 before making a move.

Finding support at the first major support level at $0.2319, Ripple’s XRP rallied to a late intraday high $0.25031.

Ripple’s XRP broke through the day’s major resistance levels before easing back to wrap up the day at $0.247 levels.

In spite of the late pullback, Ripple’s XRP avoided a fall back through the third major resistance level at $0.2381.

At the time of writing, Ripple’s XRP was up by 1.96% to $0.25276. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.24789 to a high $0.25448.

Ripple’s XRP left the major support and resistance levels untested early on.

This article was originally published on FX Empire

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