For the day ahead
Litecoin would need to move through the $170 pivot to bring the 62% FIB of $174 and the first major resistance level at $175 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.
Barring an extended crypto rally, the 62% FIB and the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $185. The second major resistance level sits at $182.
Failure to move through the $170 pivot would bring the first major support level at $162 into play.
Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $157.
A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $162
Pivot Level: $170
First Major Resistance Level: $175
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP fell by 3.95% on Wednesday. Following a 2.70% decline on Tuesday, Ripple’s XRP ended the day at $0.83189.
A choppy start to the day saw Ripple’s XRP rise to a late morning intraday high $0.87270 before hitting reverse.
Falling short of the first major resistance level at $0.8935, Ripple’s XRP slid to a mid-afternoon intraday low $0.82682.
Ripple’s XRP fell through the first major support level at $0.8483 and the second major support level at $0.8297.
More significantly, Ripple’s XRP also fell through the 62% FIB of $0.8573 before a partial recovery to $0.83 levels.
Ripple’s XRP broke back through the second major support level to reduce the deficit on the day.
At the time of writing, Ripple’s XRP was up by 0.67% to $0.83746. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.83177 before rising to a high $0.83746.
Ripple’s XRP left the major support and resistance levels untested early on.