EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 30th 2020
EOS
EOS rose by 0.79% on Wednesday. Following on from a 5.06% rally on Tuesday, EOS ended the day at $3.0292.
It was another mixed start to the day. EOS fell to an early morning intraday low $2.9560 before making a move.
Steering clear of the first major support level at $2.8319, EOS rallied to a late morning intraday high $3.1603.
EOS broke through the first major resistance level at $3.1288 before falling back to an afternoon low $3.0200.
Steering clear of sub-$3.00 levels, EOS found late support briefly revisit $3.11 levels before wrapping up the day at $3.02 levels.
At the time of writing, EOS was down by 0.48% to $3.0148. A bearish start to the day saw EOS fall from an early morning high $3.0286 to a low $2.9762
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid a fall through the $3.0485 pivot level to support a run at the first major resistance level at $3.1410.
Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.
Barring another extended crypto rally, the first major resistance level at $3.1410 would likely cap any upside.
Failure to move through the $3.0485 pivot would bring the first major support level at $2.9367 into play.
Barring an extended sell-off, EOS should steer well clear of sub-$2.90 levels and the second major support level at $2.8442.
Looking at the Technical Indicators
First Major Support Level: $2.9367
Pivot Level: $3.0485
First Major Resistance Level: $3.1410
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rose by 0.20% on Wednesday. Reversing a 1.49% fall from Tuesday, Ethereum ended the day at $318.16.
A mixed start saw Ethereum fall to an early morning intraday low $312.66 before finding support.
Steering clear of the first major support level at $306.81, Ethereum rose to an early afternoon intraday high $325.85.
Falling short of the first major resistance level at $327.86, Ethereum fell back to sub-$320 levels before finding late support.
A move back through to $323 levels was brief, however, with Ethereum falling back to sub-$320 late in the day.
At the time of writing, Ethereum was down by 0.35% to $317.06. A bearish start to the day saw Ethereum fall from an early morning high $318.16 to a low $315.38.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $319 pivot to support a run at the first major resistance level at $325.
Support from the broader market would be needed, however, for Ethereum to break back through to $325 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $325.85 should cap any upside.
Failure to move through the $319 pivot would bring the first major support level at $312 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $306.
Looking at the Technical Indicators
First Major Support Level: $312
Pivot Level: $319
First Major Resistance Level: $325
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 5.57% on Wednesday. Following on from a 2.67% gain on Tuesday, Ripple’s XRP ended the day at $0.2437.
A bullish start to the day saw Ripple’s XRP rally to an early morning high $0.24459 before easing back.
Ripple’s XRP broke through the first major resistance level at $0.2379 before falling to an afternoon low $0.2369.
Finding late support, however, Ripple’s XRP rallied to a late intraday high $0.24988. Ripple’s XRP broke through the first major resistance level and the second major resistance level at $0.2451 before pulling back.
The late pullback saw Ripple’s XRP fall back through the second major resistance level.
At the time of writing, Ripple’s XRP was down by 1.48% to $0.24010. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.24382 to a low $0.24010.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move back through the $0.2412 pivot to support a run at the first major resistance level at $0.2530.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.25049.
Barring another broad-based crypto rally, the first major resistance level should cap any upside.
In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2622 before any pullback.
Failure to move back through the $0.2412 pivot would bring the first major support level at $0.2320 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.23 levels and the second major support level at $0.2202.
Looking at the Technical Indicators
First Major Support Level: $0.2320
Pivot Level: $0.2412
First Major Resistance Level: $0.2530
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
