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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/05/20

Bob Mason

EOS

EOS rose by 1.67% on Thursday. Following on from a 2.49% gain on Wednesday, EOS ended the day at $2.6146.

A bearish start to the day saw EOS fall to a late morning intraday low $2.5202 before making a move.

EOS fell through the first major support level at $2.5245 before rallying to a final hour intraday high $2.6269.

EOS broke through the first major resistance level at $2.5935 and the second major resistance level at $2.6181 before pulling back.

The pullback saw EOS fall back through the second major resistance level.

At the time of writing, EOS was up by 1.56% to $2.6555. A mixed start to the day saw EOS rise from a low $2.6146 to an early morning high $2.6747.

EOS broke through the first major resistance level at $2.6543 early on.

For the day ahead

EOS would need to hold above the first major resistance level at $2.6543 to bring the second major resistance level at $2.6939 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6747.

Barring an extended crypto rally, resistance at $2.70 would likely leave EOS short of the second major resistance level.

Failure to hold above the first major resistance level could see EOS hit reverse.

A fall through the morning low $2.6146 to sub-$2.60 levels would bring the first major support level at $2.5476 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of sub-$2.60 levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.5476

Major Resistance Level: $2.6543

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.77% on Thursday. Following on from a 3.75% gain on Wednesday, Ethereum ended the day at $220.44.

A bearish start to the day saw Ethereum fall to a late morning intraday low $204.50 before making a move.

Steering clear of the first major support level at $203.29, Ethereum rallied to a final hour intraday high $220.68.

Ethereum broke through the first major resistance level at $211.01 and the second major resistance level at $213.60.

At the time of writing, Ethereum was up by 0.62% to $221.80. A mixed start to the day saw Ethereum rise to an early morning high $224.84 before falling to a low $220.25.

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

For the day ahead

Ethereum would need to avoid sub-$215.20 levels to bring the first major resistance level at $225.91 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $224.84.

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

Failure to avoid sub-$215.20 levels could see Ethereum hit reverse.

A fall through the morning low $220.25 to sub-$215.20 levels would bring the first major support level at $209.73 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $199.03.

Looking at the Technical Indicators

Major Support Level: $209.73

Major Resistance Level: $225.91

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 1.37% on Thursday.  Following on from a 2.19% gain on Wednesday, Ripple’s XRP ended the day at $0.20082.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.19509 before finding support.

Steering clear of the first major support level at $0.1943, Ripple’s XRP rallied to a final hour intraday high $0.20142.

Ripple’s XRP broke through the first major resistance level at $0.2015 and second major resistance level at $0.2049 before pulling back.

The pullback saw Ripple’s XRP fall back through the major resistance levels to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.27% to $0.20027. A choppy start to the day saw Ripple’s XRP jump to an early morning high $0.20340 before falling to a low $0.19988.

Ripple’s XRP tested the first major resistance level at $0.2031 early on.

For the day ahead

Ripple’s XRP will need to avoid sub-$0.1990 levels to support another run at the first major resistance level at $0.2031.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2030 levels

Barring a broad-based crypto rebound, the first major resistance level and morning high would likely limit any upside.

Failure to avoid sub-$0.1990 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low to sub-$0.1990 levels would bring the first major support level at $0.1968 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1928.

Looking at the Technical Indicators

Major Support Level: $0.1968

Major Resistance Level: $0.2031

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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