Ethereum, Litecoin and Ripple: Cryptocurrency Technical Analysis of May 5, 2021

For today

Litecoin should avoid a downside through the main resistance level at $ 329 to be able to sustain a run to the second major resistance level at $ 353.

However, Litecoin would need support from a broader market to break out of this morning’s $ 342 high.

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

In the event of a sustained breakout, Litecoin could test the resistance at $ 360. The third major resistance level is at $ 405.

Conversely, failure to avoid a crash beyond the first major resistance level at $ 329 would put the pivot and sub-$ 300 levels into play.

Net of an extended sell-off, Litecoin should still be able to avoid price levels below $ 290 also thanks to the presence of the main support level at $ 277.

A look at the technical indicators

First major support level: $ 277

Pivot level: $ 300

First major resistance level: $ 329

23.6% FIB Retracement Level: $ 250

38.2% FIB retracement level: $ 207

62% FIB Retracement Level: $ 138

Cryptocurrencies: Ripple XRP

Ripple slid 10.85% on Tuesday after a drop of 0.59% on Monday to end the day at $ 1.38884.

A bearish start to the day saw RIpple slide from a morning intraday high $ 1.55784 to an afternoon intraday low $ 1.32500.

Ripple fell above the 23.6% FIB to $ 1.5426 yesterday to the first support level at $ 1.4970 and the second support level at $ 1.4415.

After finding support at the third support level of $ 1.3234, Ripple revisited $ 1.47 levels before plunging back into the red.

Ripple broke above the second support level at $ 1.4415 before closing yesterday below $ 1.40 levels.

At the time of writing, Ripple was bullish by + 4.84% to $ 1.45609. A mixed start to the day saw Ripple drop to a morning low of $ 1.36874 before climbing to a high of $ 1.47568.

Ripple left major support and resistance levels untested this morning.

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Wilbert Price

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