An investor’s guide to Solana, the Ethereum alternative that’s up 300% in the last 30 days
Solana logo displayed on a phone screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on August 21, 2021.
Solana, a one and a half-year-old blockchain network, has been getting a lot of attention the past couple weeks as its token, sol, has surged to become the sixth largest cryptocurrency by market cap, according to CoinGecko.
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 11th, 2021
Ethereum
Ethereum slid by 6.26% on Friday. Following a 2.13% decline on Thursday, Ethereum ended the day at $3,209.82.
A mixed start to the day saw Ethereum rise to an early morning intraday high $3,514.37 before hitting reverse.
Falling short of the first major resistance level at $3,531, Ethereum fell to a late intraday low $3,142.67.
Ethereum fell through the first major support level at $3,356 and the second major support level at $3,287.
The sell-off also saw Ethereum fall through the 23.6% FIB of $3,369 to end the day at $3,200 levels.
At the time of writing, Ethereum was up by 1.26% to $3,250.25. A mixed start to the day saw Ethereum fall to an early morning low $3,199.88 before rising to a high $3,254.18.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $3,289 pivot to bring the 23.6% FIB of $3,369 and the first major resistance level at $3,435 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,400 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,700 before any pullback. The second major resistance level sits at $3,661.
Failure to move through the $3,289 pivot would bring the first major support level at $3,064 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,000 levels. The second major support level sits at $2,917.
Looking at the Technical Indicators
First Major Support Level: $3,064
Pivot Level: $3,289
First Major Resistance Level: $3,435
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 3.49% on Friday. Reversing a 0.91% gain from Thursday, Litecoin ended the day at $174.16.
A mixed start to the day saw Litecoin rise to an early morning intraday high $187.38 before hitting reverse.
Story continues
Coming up against the first major resistance level at $187, Litecoin slid to a late intraday low $170.88.
Litecoin fell through the 23.6% FIB of $178 and the first major support level at $175 to end the day at $174 levels.
At the time of writing, Litecoin was up by 0.75% to $175.46. A mixed start to the day saw Litecoin fall to an early morning low $173.44 before rising to a high $175.69.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $178 pivot and the 23.6% FIB of $178 to bring the first major resistance level at $184 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $187.38 would likely cap the upside.
In the event of broad-based crypto rally, Litecoin could the second major resistance level at $200. The second major resistance level sits at $194.
Failure to move through the $178 pivot and the 23.6% FIB would bring the first major support level at $168 into play.
Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $161.
Looking at the Technical Indicators
First Major Support Level: $168
Pivot Level: $178
First Major Resistance Level: $184
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP fell by 3.09% on Friday. Following a 1.15% loss on Thursday, Ripple’s XRP ended the day at $1.0588.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.24499 before hitting reverse.
Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.
The reversal saw Ripple’s XRP slide to a late intraday low $1.03058.
Ripple’s XRP fell through the 38.2% FIB of $1.0659 and the first major support level at $1.0616.
Finding support at the second major support level at $1.0351, Ripple’s XRP ended the day at $1.05 levels.
At the time of writing, Ripple’s XRP was up by 0.80% to $1.06437. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.05296 before rising to a high $1.06918.
While leaving the major support and resistance levels untested, Ripple’s XRP tested resistance at the 38.2% FIB of $1.0659 early on.
For the day ahead
Ripple’s XRP would need to move through the 38.2% FIB and the $1.1105 pivot to bring first major resistance level at $1.1904 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.10 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $1.20 would likely cap the upside.
In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.30 levels before any pullback. The second major resistance level sits at $1.3249.
Failure to move through the 38.2% FIB and the $1.1105 pivot would bring the first major support level at $0.9760 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.8961.
Looking at the Technical Indicators
First Major Support Level: $0.9760
Pivot Level: $1.1105
First Major resistance Level: $1.1904
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
More From FXEMPIRE:
Ethereum price consolidates while ETH bulls anticipate a retest of $4,000
]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.