Ethereum, Litecoin and Ripple: Cryptocurrency Technical Analysis of May 4, 2021

For today

To be able to sustain a run at the major resistance level of $ 307, Litecoin would need to avoid a fall through the pivot level of $ 288.

However, Litecoin would also need support from a broader market to break out of Monday’s high of $ 299.71.

If you rule out an extended cryptocurrency rally, the first major resistance level would likely limit any upside.

In the event of another breakout, Litecoin could test resistance at $ 320 instead. The second major resistance level is at $ 319.

Conversely, failure to avoid a plunge above the pivot level of $ 288 would bring the support level at $ 276 into play.

Net of another extended sell-off, Litecoin is still expected to avoid levels below $ 270 and the 23.6% FIB at $ 262. The second major support level is found at $ 257.

A look at the technical indicators

First major support level: $ 276

Pivot level: $ 307

First major resistance level: $ 276

23.6% FIB Retracement Level: $ 250

38.2% FIB retracement level: $ 207

62% FIB Retracement Level: $ 138

Cryptocurrencies: Ripple XRP

Monday the Ripple XRP has slipped by 0.59%, after the Sunday decline of -5.72%, closing the day at $ 1.55255.

A bullish start to the day saw Ripple rise to a morning intraday high $ 1.62204 before reversing for the first time.

Having failed to hit the major resistance levels at $ 1.6379; Ripple then slid to an intraday low of $ 1.50399 yesterday in the early afternoon.

The sell off saw the cryptocurrency drop to a 23.6% FIB at $ 1.5426.

After finding support around the first support level of $ 1.5064, the Ripple broke above the 23.6% FIB to retest the $ 1.58 levels before retesting again.

At the time of writing, Ripple was still down -2.32% to $ 1.51655. A bearish start to the day saw Ripple slide from a morning high $ 1.55784 to a low of $ 1.51345.

Ripple fell above 23.6% FIB this morning, while staying away from major support and resistance levels.

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Wilbert Price

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