EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/04/20
EOS
EOS rose by 0.87% on Tuesday. Following on from a 0.12% gain on Monday, EOS ended the day at $2.7662.
A bearish start to the day saw EOS fall to an early morning intraday low $2.6893 before finding support.
Steering clear of the first major support level at $2.6748, EOS rose to $2.75 levels before sliding back into the red.
Finding support from the broader market, EOS rallied to a find hour intraday high $2.78 before easing back.
In spite of the breakout, EOS came up short of the first major resistance level at $2.8147 on the day.
At the time of writing, EOS was up by 0.27% to $2.7737. A choppy start to the day saw EOS rally to an early morning high $2.7974 before falling to a low $2.7480.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid sub-$2.7450 levels to support a run at the first major resistance level at $2.8010.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7974.
Barring another extended crypto rally, the first major resistance level at $2.8010 would likely limit any upside.
Failure to avoid sub-$2.7450 levels could see EOS hit reverse.
A fall through to sub-$2.7450 levels would bring the first major support level at $2.7103 into play before any recovery.
Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6545.
Looking at the Technical Indicators
Major Support Level: $2.7103
Major Resistance Level: $2.8010
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slipped by 0.11% on Tuesday. Following on from a 0.52% decline on Monday, Ethereum ended the day at $196.67.
A bearish start to the day saw Ethereum slide to an early morning intraday low $192.50 before finding support.
Steering clear of the first major support level at $191.12, Ethereum rallied to an early afternoon intraday high $197.95.
Falling short of the first major resistance level at $200.93, Ethereum slid back to sub-$195 levels before a late rebound.
At the time of writing, Ethereum was up by 1.13% to $198.89. A bullish start to the day saw Ethereum rise from an early morning low $196.64 to a high $200.00.
Steering clear of the major support levels, Ethereum broke through the first major resistance level at $198.91 early on.
For the day ahead
Ethereum would need to break back through the first major support level to take another run at the second major resistance level at $201.16.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $200.00.
Barring an extended crypto rally, resistance at $200 would likely leave Ethereum short of the second major resistance level.
Failure to move through the first major resistance level at $198.91 could see Ethereum hit reverse.
A fall back through to sub-$195.70 levels would bring the first major support level at $193.46 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$190 levels. The second major support level at $190.26 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $193.46
Major Resistance Level: $198.91
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP rallied by 8.44% on Tuesday. Following on from a 0.67% gain on Monday, Ripple’s XRP ended the day at $0.21418.
A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.19470 before making a move.
Ripple’s XRP found support at the first major support level at $0.1947 before rallying to a late intraday high $0.21779.
Ripple’s XRP broke through the major resistance levels to wrap up the day at $0.21 for the 1st time since 10th March.
At the time of writing, Ripple’s XRP was up by 0.40% to $0.21503. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.21388 before striking a high $0.21855.
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-$0.21 levels to support a run at the first major resistance level at $0.2231.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.21855.
Barring an extended crypto rally, resistance at $0.22 would likely leave Ripple’s XRP short of the first major resistance level at $0.2231.
Failure to avoid sub-$0.21 levels could see Ripple’s XRP hit reverse.
A fall through the morning low to sub-$0.2090 levels would bring the first major support level at $0.2000 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.21 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.2000
Major Resistance Level: $0.2231
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