EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 22nd, 2020
EOS
EOS rose by 2.32% on Tuesday. Reversing a 0.83% fall from Monday, EOS ended the day at $2.6271.
It was a bullish day for the broader market. EOS rallied from an early morning intraday low $2.5618 to a late intraday high $2.6383.
Steering clear of the major support levels, EOS broke through the first major resistance level at $2.6120.
Falling short of the second major resistance level at $2.6555, EOS slipped back to end the day at $2.62 levels.
At the time of writing, EOS was down by 0.32% to 2.6188. A bearish start to the day saw EOS fall from an early morning high $2.6278 to a low $2.6178.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid a fall through the $2.6091 pivot level to support a run at the first major resistance level at $2.6563.
Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.6383.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $2.6091 pivot would bring the first major support level at $2.5798 into play.
Barring an extended sell-off, EOS should steer clear of sub-$2.50 levels. The second major support level at $2.5326 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2.5798
Pivot Level: $2.6091
First Major Resistance Level: $2.6563
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 4.13% on Tuesday. Reversing a 1.32% decline from Monday, Ethereum ended the day at $245.88.
Tracking the broader market, Ethereum rallied from an early morning intraday low $235.77 to a late intraday high $247.18.
Ethereum broke through the first major resistance level at $239.32 and the second major resistance level at $242.53. The major support levels had been left untested in the early part of the day.
Late in the day, Ethereum fell back to $244 levels before wrapping up the day at $245 levels.
At the time of writing, Ethereum was down by 0.42% to $244.84. A mixed start to the day saw Ethereum rise to an early morning high $245.92 before falling to a low $244.77.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $242.94 pivot to support a run at the first major resistance level at $250.12.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $247.18.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high should cap any upside.
Failure to avoid a fall through the $242.94 pivot would bring the first major support level at $238.71 into play.
Barring an extended sell-off, Ethereum should continue to steer clear of sub-$235 levels. The second major support level sits at $231.53.
Looking at the Technical Indicators
First Major Support Level: $238.71
Pivot Level: $242.94
First Major Resistance Level: $250.12
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 2.53% on Tuesday. Reversing a 2.45% slide from Monday, Ripple’s XRP ended the day at $0.19990.
It was a bullish start to the day. Ripple’s XRP rose from an early morning intraday low $0.19429 to a mid-day intraday $0.20145.
Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.1997.
A pullback through the afternoon saw Ripple’s XRP fall to sub-$0.1980 levels before finding late support.
The first major resistance level at $0.1997 capped the upside late in the day.
At the time of writing, Ripple’s XRP was down by 0.33% to $0.19924. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19996 to a low $0.19898
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 $0.1985 pivot to support a run at the first major resistance level at $0.2028.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.20145.
Barring a 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 $0.2057 before any pullback.
Failure to avoid a fall through the $0.1985 pivot would bring the first major support level at $0.1956 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.19 levels. The second major support level at $0.1914 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $0.1956
Pivot Level: $0.1985
First Major Resistance Level: $0.2028
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
