EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 22/05/20
EOS
EOS slid by 5.18% on Thursday. Following on from a 2.19% fall on Wednesday, EOS ended the day at $2.4565.
A bullish start to the day saw EOS rise to an early morning intraday high $2.6119 before hitting reverse.
Falling short of the first major resistance level at $2.6700, EOS slid to a late intraday low $2.4059.
EOS fell through the first major support level at $2.5234 and second major support level at $2.4534 before finding support.
Late in the day, EOS broke back through the second major support level to $2.48 levels before easing back.
At the time of writing, EOS was down by 0.24% to $2.4506. A bearish start to the day saw EOS fall from an early morning high $2.4588 to a low $2.4485.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.50 levels to bring the first major resistance level at $2.5770 into play.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.4588.
Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.
Failure to move back through to $2.50 levels could see EOS spend another day in the red.
A fall through Thursday’s low $2.4059 would bring the first major support level at $2.3710 into play.
Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.2854.
Looking at the Technical Indicators
Major Support Level: $2.3710
Major Resistance Level: $2.5770
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slid by 5.40% on Thursday. Following on from a 2.25% decline on Wednesday, Ethereum ended the day at $198.62.
A bullish start to the day saw Ethereum rise to an early morning intraday high $211.52 before hitting reverse.
Falling short of the first major resistance level at $215.27, Ethereum slid to a late intraday low $191.27.
Ethereum fell through the first major support level at $204.87 and the second major support level at $199.79.
Finding support late on, Ethereum briefly broke back through the second major support level to revisit $200 levels.
A final hour pullback, however, saw Ethereum fall back through the second major support level to end the day at sub-$200.
At the time of writing, Ethereum was down by 0.51% to $197.60. A bearish start to the day saw Ethereum fall from an early morning high $198.62 to a low $196.12.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $200.50 levels to bring the first major resistance level at $209.67 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $198.62.
Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $211.52 would likely limit any upside.
Failure to move through to $200.50 levels could see Ethereum slide deeper into the red.
A fall back through Thursday’s low $191.27 would bring the first major support level at $189.42 into play.
Barring another extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $180.22.
Looking at the Technical Indicators
Major Support Level: $189.42
Major Resistance Level: $209.67
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 3.51% on Thursday. Following on from a 1.67% decline on Wednesday, Ripple’s XRP ended the day at $0.19423.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.20280 before hitting reverse.
Falling short of the first major resistance level at $0.2060, Ripple’s XRP slid to a late intraday low $0.18918.
Ripple’s XRP fell through the first major support level at $0.1970 and the second major support level at $0.19260.
Finding late support, Ripple’s XRP broke back through the second major support level to $0.1955 levels before easing back.
In the final hour, Ripple’s XRP fell back through the second major support level to close out at sub-$0.1950 levels.
At the time of writing, Ripple’s XRP was down by 0.31% to $0.19363. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19422 to a low $0.19344.
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 to $0.1960 levels to support a run at the first major resistance level at $0.2016.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19422.
Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $0.2028 would likely limit any upside.
Failure to move through to $0.1960 levels could see Ripple’s XRP fall deeper into the red.
A fall back through Thursday’s low $0.18918 would bring the first major support level at $0.1880 into play.
Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1818.
Looking at the Technical Indicators
Major Support Level: $0.1880
Major Resistance Level: $0.2016
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
