EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/02/20
EOS
EOS fell by 2.56% on Friday. Reversing a 2.31% gain from Thursday, EOS ended the day at $3.4287.
A mixed start to the day saw EOS rise to an early morning intraday high $3.6212 before hitting reverse.
Falling short of the first major resistance level at $3.7749, EOS slid to a mid-day intraday low $3.3535.
EOS fell through the first major support level at $3.4250 before recovering. Finding support late on, EOS struck a high $3.6100 before falling back to $3.52 levels.
At the time of writing, EOS was up by 0.44% to $3.5444. A bullish start to the day saw EOS rise from an early morning low $3.5282 to a high $3.5908.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through to $3.60 levels to support a run at the first major resistance level at $3.6888.
Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.6812.
Barring a broad-based crypto rally, the first major resistance level would likely leave EOS short of $3.70 levels once more.
Failure to move back through to $3.60 levels could see EOS fall back into the red.
A fall back through the morning low to sub-$3.52 levels would bring the first major support level at $3.3611 into play.
Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$3.30 levels.
Looking at the Technical Indicators
Major Support Level: $3.3611
Major Resistance Level: $3.6888
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slipped by 0.1% on Friday. Following a 1.72% gain from Thursday, Ethereum ended the day at $227.36.
A mixed start to the day saw Ethereum rise to an early morning intraday high $234.90 before hitting reverse.
Falling short of the first major resistance level at $237.75, Ethereum slid to a mid-day intraday low $213.63.
Ethereum fell through the first major support level at $218.75 before recovering to $230 levels. A final hour pullback to sub-$227.60 levels left Ethereum in the red for the day, however.
At the time of writing, Ethereum was up by 1.05% to $229.75. A bullish start to the day saw Ethereum rise from an early morning low $227.04 to a high $232.20.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to break back through the morning high $232.20 to bring the first major resistance level at $236.97 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $230 levels.
Barring a broad-based crypto rally, the first major resistance level at $236.97 should leave Ethereum short of $240 levels.
Failure to move back through the morning high could see Ethereum give up the early gains.
A fall through back through the morning low to sub-$225.30 levels would bring the first major support level at $215.70 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$210 support levels.
Looking at the Technical Indicators
Major Support Level: $215.70
Major Resistance Level: $236.97
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 0.48% on Friday. Partially reversing a 3.81% gain from Thursday, Ripple’s XRP ended the day at $0.23764.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.24450 before hitting reverse.
Falling short of the first major resistance level at $0.2490, Ripple’s XRP slid to a mid-day intraday low $0.2290.
Steering clear of the first major support level at $0.2261, Ripple’s XRP recovered to $0.24 levels before falling back into the red.
At the time of writing, Ripple’s XRP was up by 0.28% to $0.23830. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.24144 before falling to a low $0.23660.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to break back through to $0.24 levels to support a run at the first major resistance level at $0.2451.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.24144.
Barring an extended crypto rally, the first major resistance levels would likely pin Ripple’s XRP back from $0.25 levels.
Failure to move back through to $0.24 levels could see Ripple’s XRP fall back into the red.
A fall back through to sub-$0.2370 levels would bring the first major support level at $0.2296 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels on the day.
The second major support level at $0.2215 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.2296
Major Resistance Level: $0.2451
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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