Yahoo Finance EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/05/20
EOS
EOS rallied by 5.24% on Friday. Reversing a 5.18% slide from Thursday, EOS ended the day at $2.5876.
A bearish start to the day saw EOS fall to an early morning intraday low $2.4395 before making a move.
Steering clear of the first major support level at $2.3710, EOS rallied to a late intraday high $2.6335.
EOS broke through the first major resistance level at $2.5770 to hit $2.63 levels before a late pullback.
In spite of the late pullback, however, EOS held above the first major resistance level.
At the time of writing, EOS was up by 0.37% to $2.5972. A bullish start to the day saw EOS rise from an early morning low $2.5934 to a high $2.6190.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6676 into play.
Support from the broader market would be needed, however, for EOS to break out from Friday’s high $2.6335.
Barring an extended crypto rally, the major first resistance level would likely limit any upside on the day.
Failure to move back through to $2.60 levels could see EOS slide into the red.
A fall through to sub-$2.5550 levels would bring the first major support level at $2.4736 into play.
Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3595.
Looking at the Technical Indicators
Major Support Level: $2.4736
Major Resistance Level: $2.6676
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 4.39% on Friday. Partially reversing a 5.40% slide from Thursday, Ethereum ended the day at $207.32.
A bearish start to the day saw Ethereum fall to an early morning intraday low $196.12 before finding support.
Steering clear of the first major support level at $189.42, Ethereum rallied to a late afternoon intraday high $209.28.
Ethereum came within range of the first major resistance level at $209.67 before easing back late in the day.
At the time of writing, Ethereum was up by 1.01% to $209.42. A bullish start to the day saw Ethereum rise from an early morning low $207.30 to a high $210.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid sub-$204 levels to bring the first major resistance level at $212.36 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $210.66.
Barring an extended crypto rally, resistance at $215 levels would likely limit any upside.
Failure to avoid sub-$204 levels could see Ethereum slide deep into the red.
A fall through to sub-$204 levels would bring the first major support level at $199.20 into play.
Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $191.08.
Looking at the Technical Indicators
Major Support Level: $199.20
Major Resistance Level: $212.36
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP rose by 3.30% on Friday. Reversing most of a 3.51% slide from Thursday, Ripple’s XRP ended the day at $0.20039.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.19208 before making a move.
Steering clear of the first major support level at $0.1880, Ripple’s XRP rallied to a late afternoon intraday high $0.20257.
Ripple’s XRP broke through the first major resistance level at $0.2016 before falling back to sub-$0.20 levels.
In spite of a final hour recovery to $0.20 levels, Ripple’s XRP failed to break back through the first major resistance level.
At the time of writing, Ripple’s XRP was up by 0.56% to $0.20152. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20035 to a high $0.20195.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid sub-$0.20 levels to support a run at the first major resistance level at $0.2046.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.20257.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
Failure to avoid sub-$0.20 levels could see Ripple’s XRP give up Friday’s gains.
A fall through to sub-$0.1990 levels would bring the first major support level at $0.1941 into play.
Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1879.
Looking at the Technical Indicators
Major Support Level: $0.1941
Major Resistance Level: $0.2046
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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