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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 24th, 2020

Bob Mason
·5-min read

Ethereum

Ethereum rallied by 8.65% on Monday. Following a 1.40% gain from Sunday, Ethereum ended the day at $609.26.

A mixed start to the day saw Ethereum fall to an early morning intraday low $550.00 before making a move.

Steering clear of the first major support level at $520.72, Ethereum rallied to a late intraday high and a new swing hi $611.43.

Ethereum broke through the first major resistance level at $591.36 to test resistance at $610 before easing back.

Late in the day, Ethereum slipped back to sub-$605 before wrapping up the day at $609 levels.

At the time of writing, Ethereum was down by 0.49% to $606.27. A mixed start to the day saw Ethereum rise to an early morning high $610.00 before falling to a low $604.23.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $590.23 to support a run at the first major resistance level at $630.46.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $611.43.

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

In the event of another breakout, Ethereum could test resistance at $650 before any pullback. The second major resistance level sits at $651.66.

Failure to avoid a fall through the $590.23 pivot would bring the first major support level at $569.03 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$550 levels. The second major support level sits at $528.80.

Looking at the Technical Indicators

First Major Support Level: $569.03

Pivot Level: $590.23

First Major Resistance Level: $630.46

23.6% FIB Retracement Level: $486

38.2% FIB Retracement Level: $409

62% FIB Retracement Level: $283

Litecoin

Litecoin rallied by 7.51% on Monday. Reversing a 4.90% slide from Sunday, Litecoin ended the day at $89.18.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $80.80 before making a move.

Steering clear of the first major support level at $77.97, Litecoin rallied to an early afternoon intraday high $90.98.

Litecoin broke through the first major resistance level at $87.97 before falling back to $85 levels.

Finding support late in the day, however, Litecoin moved back through to $89 levels to reverse Sunday’s losses with interest.

At the time of writing, Litecoin was down by 0.83% to $88.44. A mixed start to the day saw Litecoin rise to an early morning high $89.50 before falling to a low $88.13.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to avoid a fall through the $86.99 pivot to support a run at the first major resistance level at $93.17.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $90.98.

Barring another extended crypto rally, the first major resistance level and Monday’s high would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $97.17. The 62% FIB of $100 would likely cap any upside, however.

Failure to avoid a fall through the $86.99 pivot level would bring the first major support level at $82.99 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$80 levels. The second major support level sits at $76.81

Looking at the Technical Indicators

First Major Support Level: $82.99

Pivot Level: $86.99

First Major Resistance Level: $93.17

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP surged by 38.3% on Monday. Reversing a 3.56% fall from Sunday, Ripple’s XRP ended the day at $0.61686.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.43266 before making a move.

While steering clear of the first major support level at $0.4011, Ripple’s XRP fell through the 38.2% FIB of $0.4392.

Finding support in the late morning, Ripple’s XRP surged to a late intraday high $0.6200.

Ripple’s XRP broke the first major resistance level at $0.4951 and the second major resistance level at $0.5436. More significantly, Ripple’s XRP also broke back through the 38.2% FIB.

In spite of a late pullback, Ripple’s XRP avoided sub-$0.61 and the second major resistance level.

At the time of writing, Ripple’s XRP was down by 1.24% to $0.60920. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62387 before falling to a low $0.60500.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.5565 pivot level to support a run at the first major resistance level at $0.6804.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.6200.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $0.75 before any pullback. The second major resistance level sits at $0.7438.

Failure to avoid a fall through the $0.5565 pivot would bring the first major support level at $0.4930 and the 38.2% FIB into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.40 levels. The second major support level sits at $0.3692.

Looking at the Technical Indicators

First Major Support Level: $0.4930

Pivot Level: $0.5565

First Major Resistance Level: $0.6804

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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