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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 22nd, 2020

Bob Mason

EOS

EOS slid by 5.59% on Friday. Reversing a 2.74% gain from Thursday, EOS ended the day at $3.2508.

It was a mixed start to the day. EOS dipped to an early morning low $3.3806 before finding support.

Steering clear of the first major support level at $3.3725, EOS rallied to a mid-morning intraday high $3.6292.

EOS broke through the first major resistance level at $3.4882 and the second major resistance level at $3.5323.

The upside was short-lived, however, with EOS sliding to a late intraday low $3.2195.

EOS fell through the first major support level at $3.3725 and the second major support level at $3.3009.

At the time of writing, EOS was down by 0.33% to $3.2399. A mixed start to the day saw EOS rise to an early morning high $3.2603 before falling to a low $3.2254.

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

For the day ahead

EOS would need to move through the $3.3665 pivot level to support a run at the first major resistance level at $3.5135.

Support from the broader market would be needed, however, for EOS to break back through to $3.50 levels.

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

Failure to move through the pivot level at $3.3665 would bring the first major support level at $3.1038 into play.

Barring another extended sell-off, however, EOS should steer clear of sub-$3.00 levels. The second major support level sits at $2.9568.

Looking at the Technical Indicators

First Major Support Level: $3.1038

Pivot Level: $3.3665

First Major resistance Level: $3.5135

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 6.70% on Friday. Reversing a 2.04% gain from Thursday, Ethereum ended the day at $388.05.

It was also a mixed start to the day. Ethereum rose to an early morning high $418.92 before hitting reverse.

Falling short of the first major resistance level at $422.90, Ethereum slid to a late intraday low $385.00.

Ethereum fell through the first major support level at $405.62 and the second major support level at $395.32.

At the time of writing, Ethereum was down by 0.88% to $384.65. A mixed start to the day saw Ethereum rise to an early morning high $388.27 before falling to a low $382.02.

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

For the day ahead

Ethereum would need to move through the $397.32 pivot to support a run at the first major resistance level at $409.65.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

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

Failure to move through the $397.32 pivot would bring the first major support level at $375.73 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367 and the second major support level at $363.40.

Looking at the Technical Indicators

First Major Support Level: $375.73

Pivot Level: $397.32

First Major Resistance Level: $409.65

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 4.53% on Friday. Reversing a 0.84% gain from Thursday, Ripple’s XRP ended the day at $0.27921.

It was a relatively bullish start to the day. Ripple’s XRP rose to an early morning high $0.29577 before hitting reverse.

Falling short of the first major resistance level at $0.2967, Ripple’s XRP slid to a late intraday low $0.27752.

Ripple’s XRP fell through the first major support level at $0.2865 and the second major support level at $0.2806.

Finding late support, Ripple’s XRP briefly revisited $0.2820 levels before sliding back through the second major support level.

At the time of writing, Ripple’s XRP was down by 1.04% to $0.27630. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.27949 before falling to a low $0.27569.

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

For the day ahead

Ripple’s XRP will need to move through the $0.2842 pivot to support a run at the first major resistance level at $0.2908.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.29 levels.

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

Failure to move through the $0.2842 pivot would bring the first major support level at $0.2726 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level sits at $0.2659.

Looking at the Technical Indicators

First Major Support Level: $0.2726

Pivot Level: $0.2842

First Major Resistance Level: $0.2908

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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