Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 02/08/20

After last week’s breakout, the majors will need to avoid the weekly pivot levels to support another leg up in the week.
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Binance Coin

Binance Coin rose by 9.12% in the week ending 1st August. Following on from a 15.73% rally from the previous week, Binance Coin ended the week at $21.65.

It was a bearish start to the week. Binance Coin fell to a Monday intraweek low $18.03 before making a move.

Steering clear of the first major support level at $17.68, Binance Coin rallied to a Saturday intraweek high $21.82.

Binance Coin broke through the 38.2% FIB of $19.4 and the first major resistance level at $21.16.

5 days in the green that included a 4.64% rally on Saturday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $20.50 pivot to bring the first major resistance level at $22.97 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $21.82.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $24.29 before any pullback.

Failure to avoid a fall through the $21.50 pivot would bring the first major support level at $19.18 into play.

Barring a crypto sell-off, Binance Coin should avoid sub-$19 levels and the second major support level at $16.71.

At the time of writing, Binance Coin was down by 0.38% to $21.57. A mixed start to the week saw Binance Coin rise to an early Sunday high $21.79 before falling to a low $21.47.

Binance Coin left the major support and resistance levels untested at the start of the week.

Litecoin

Litecoin rallied by 25.37% in the week ending 1st August. Following on from a 17.52% breakout from the previous week, Litecoin ended the week at $61.72.

It was a bearish start to the week. Litecoin fell to a Monday intraweek low $46.93 before making a move.

Steering clear of the first major support level at $43.91, Litecoin rallied to a Saturday intraweek high $62.36.

Litecoin broke through the first major resistance level at $52.10 and the second major resistance level at $54.96.

More significantly, Litecoin broke through the 23.6% FIB of $54 to visit $62 for the 1st time since early March.

Falling short of the third major resistance level at $63.15, Litecoin eased back to end the week at $61 levels.

5 days in the green that included a 10.88% rally on Monday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid a fall through the $57 pivot to support a run at the first major resistance level at $67.08.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $62.36.

Barring another extended crypto rally, the first major resistance level at $67.08 would likely cap any upside.

Failure to avoid a fall through the $57 pivot could see Litecoin hit reverse.

A fall through to sub-$57 levels would bring the first major support level at $51.65 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$50 levels. The second major support level sits at $41.57.

At the time of writing, Litecoin was down by 0.68% to $61.30. A mixed start to the week saw Litecoin rise to an early Sunday high $62.13 before falling to a low $60.75.

Litecoin left the major support and resistance levels untested at the start of the week.

Tron’s TRX

Tron’s TRX rose by 9.00% in the week ending 1st August. Following on from a 7.75% gain from the previous week, Tron’s TRX ended the week at $0.020461.

It was a bearish start to the week. Tron’s TRX fell to a Monday intraweek low $0.017685 before making a move.

Steering clear of the first support level at $0.01755, Tron’s TRX rallied to a Saturday intraweek high $0.020778.

Tron’s TRX broke through the first major resistance level at $0.01945 and the second major resistance level at $0.02010.

Off the back of the bullish week, Tron’s TRX wrapped up the day at $0.02 levels for the first time since February.

5 days in the green that included a 3.92% rally on Saturday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.01964 pivot to support a run at the first major resistance level at $0.02160.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.020778.

Barring another broad-based crypto rally the first major resistance level would likely cap any upside.

In the event of a breakout, Tron’s TRX could test the second major resistance level at $0.02273 before any pullback.

Failure to avoid a fall through the $0.01964 pivot would bring the first major support level at $0.01850 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.017 levels. The second major support level sits at $0.01655.

At the time of writing, Tron’s TRX was up by 0.59% to $0.020581. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.020640 before falling to a low $0.020418.

Tron’s TRX left the major support and resistance levels untested at the start of the week.

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