Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 04/04/21

It’s a bullish start to the week for the majors. After last week’s solid gains, a move through last week’s highs would be needed to support another breakout.
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Binance Coin

Binance Coin rallied by 19.62% in the week ending 3rd April. Following on from a 1.97% gain from the previous week, Binance Coin ended the week at $322.06.

A mixed start to the week saw Binance Coin fall to a Monday intraweek low $256.90 before making a move.

Steering clear of the first major support level at $234 and the 38.2% FIB of $230, Binance Coin rallied to a Friday intraweek high $364.41.

Binance Coin broke through the first major resistance level at $294 and the second resistance level at $319.

More significantly, Binance Coin broke through the 23.6% FIB of $283 to come within range of 19th February’s swing hi $368.29 before a pullback on Saturday.

The pullback saw Binance Coin briefly fall back through the second major resistance level before wrapping up the day at $322 levels.

4 days in the green that included a 13.22% rally on Tuesday and a 10.58% gain on Thursday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $315 pivot to bring the first major resistance level at $372 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from February’s swing hi $368.29.

Barring an extended rally, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $450 before any pullback. The second major resistance level sits at $422.

Failure to avoid a fall through the $315 pivot would bring the 23.6% FIB of $283 and the first major support level at $265.

Barring an extended sell-off, Binance Coin should steer well clear of sub-$280 levels. The second major support level sits at $207.

At the time of writing, Binance Coin was up by 1.14% to $325.73. A mixed start to the week saw Binance Coin fall to an early Sunday low $316.21 before rising to a high $326.80.

Binance Coin left the major support and resistance levels untested early on.

Litecoin

Litecoin rose by 6.10% in the week ending 3rd April. Reversing an 8% slide from the previous week, Litecoin ended the week at $195.34.

A mixed start to the week saw Litecoin fall to a Sunday intraweek low $180 before making a move.

Steering clear of the first major support level at $167, Litecoin rallied to a Saturday intraweek high $214.71.

Litecoin broke through the 23.6% FIB of $195 and the first major resistance level at $202.

Falling short of the second major resistance level at $219, however, Litecoin eased back to end the week at $200 levels.

Falling back through the first major resistance level, the 23.6% FIB of $195 delivered support on Saturday.

6 days in the green that included a 5.10% rally on Monday and a 4.36% gain on Friday delivered the upside for the week. A 7.64% slide on Saturday pared some of the gains, however.

For the week ahead

Litecoin would need to move back through the $197 pivot to bring the first major resistance level at $213 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $210 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $220 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance at $240 before any pullback. The second major resistance level sits at $231.

Failure to move back through the $197 pivot would bring and the 23.6% FIB of $195 and the first major support level at $179 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$175 levels. The second major support level sits at $162.

At the time of writing, Litecoin was up by 0.70% to $196.71. A choppy start to the week saw Litecoin slide to an early Sunday low $191.90 before rising to a high $197.62.

While leaving the major support and resistance levels untested, Litecoin briefly fell through the 23.6% FIB of $195.

Tron’s TRX

Tron’s TRX surged by 59.67% in the week ending 3rd April. Following on from a 3.48% gain from the previous week, Tron’s TRX ended the week at $0.1016.

A mixed start to the week saw Tron’s TRX fall to a Monday intraweek low $0.06093 before making a move.

Steering clear of the first major support level at $0.05307, Tron’s TRX surged to a Saturday intraweek high and new swing hi $0.1124.

Tron’s TRX broke through the week’s major resistance levels to form a near-term bullish trend.

6 days in the green that included a 41.12% breakout on Wednesday and a 9.65% rally on Saturday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.09164 pivot to support a run at the first major resistance level at $0.1224.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.1124.

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

In the event of another extended rally, Tron’s TRX could test resistance at $0.15. The second major resistance level sits at $0.1431.

Failure to avoid a fall through the $0.09164 pivot would bring the 23.6% FIB of $0.08750 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the 38.2% FIB of $0.07220 and the first major support level at $0.07089. The second major support level sits at $0.04017.

At the time of writing, Tron’s TRX was up by 4.29% to $0.1059. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.09947 before rising to a high $0.1065.

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

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