For the day ahead
Litecoin would need to avoid a fall through the 23.6% FIB of $54 and the $53.91 pivot to support a run at the first major resistance level at $56.18.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $55.34.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin would likely test resistance at $57 before any pullback. The second major resistance level sits at $57.60.
Failure to avoid a fall through the 23.6% FIB and the $53.91 pivot level would bring the first major support level at $52.49 into play.
Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.22 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $52.49
Pivot Level: $53.91
First Major Resistance Level: $56.18
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP fell by 0.76% on Wednesday. Partially reversing a 1.71% gain from Tuesday, Ripple’s XRP ended the day at $0.2379.
It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.24052 before hitting reverse.
Falling short of the first major resistance level at $0.2463, Ripple’s XRP slid to a late morning intraday low $0.23267.
Steering clear of the first major support level at $0.2305, Ripple’s XRP briefly revisited $0.239 levels before easing back into the red.
At the time of writing, Ripple’s XRP was up by 0.22% to $0.23843. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23855 before falling to a low $0.23819.
Ripple’s XRP left the major support and resistance levels untested early on.