EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020
EOS
EOS rallied by 4.63% on Friday. Reversing a 4.47% slide from Thursday, EOS ended the day at $3.1183.
It was another mixed start to the day. EOS fell to an early morning intraday low $2.9379 before making a move.
Steering clear of the first major support level at $2.8340, EOS rallied to a late afternoon intraday high $3.1778.
EOS broke through the first major resistance level at $3.1358 before falling back to sub-$3.10 levels.
Finding late support, however, EOS moved back through to $3.11 levels to deliver the upside on the day.
At the time of writing, EOS was down by 0.37% to $3.1067. A bearish start to the day saw EOS fall from an early morning high $3.1301 to a low $3.0861.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid a fall through the $3.0780 pivot level to support a run at the first major resistance level at $3.2181.
Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.1778.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the pivot level at $3.0780 would bring the first major support level at $2.9782 into play.
Barring an extended sell-off, however, EOS should avoid a return to sub-$3.00 levels. The second major support level sits at $2.8381.
Looking at the Technical Indicators
First Major Support Level: $2.9782
Pivot Level: $3.0780
First Major resistance Level: $3.2181
23.6% FIB Retracement Level: $6.52
38% FIB Retracement Level: $9.68
62% FIB Retracement Level: $14.77
Ethereum
Ethereum rose by 3.18% on Friday. Reversing a 0.74% fall from Thursday, Ethereum ended the day at $395.47.
It was also a mixed start to the day. Ethereum fell to an early morning intraday low $379.67 before making a move.
Steering clear of the first major support level at $370.78, Ethereum struck a late afternoon intraday high $398.16.
Ethereum broke through the first major resistance level at $396.43 before falling to a 2nd half low $390.91.
Finding late support, however, Ethereum moved back through to $395 levels to deliver the upside on the day.
At the time of writing, Ethereum was down by 0.05% to $395.27. A mixed start to the day saw Ethereum fall to an early morning low $392.34 before rising to a high $397.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $391 pivot to support a run at the first major resistance level at $402.53.
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 avoid a fall through the $384.04 pivot would bring the first major support level at $384.04 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$370 levels. The second major support level at $372.61 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $384.04
Pivot Level: $391
First Major Resistance Level: $402.53
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 2.59% on Friday. Partially reversing a 4.37% slide from Thursday, Ripple’s XRP ended the day at $0.27178.
It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.26004 before making a move.
Steering clear of the first major support level at $0.2526, Ripple’s XRP rallied to a late intraday high $0.27318.
Falling short of the first major resistance level at $0.2774, Ripple’s XRP slipped back to sub-$0.27 levels.
A final hour move back through to $0.27 levels, however, delivered the upside on the day.
At the time of writing, Ripple’s XRP was down by 0.57% to $0.27022. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27393 to a low $0.26865.
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 $0.2683 pivot to support a run at the first major resistance level at $0.2766.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.27318.
Barring an extended crypto rally, the first major resistance level should cap any upside.
Failure to avoid a fall through the $0.2683 pivot would bring the first major support level at $0.2635 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level sits at $0.2552.
Looking at the Technical Indicators
First Major Support Level: $0.2635
Pivot Level: $0.2683
First Major Resistance Level: $0.2766
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
