Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 05/01/20

After a mixed week, it’s a bullish start to the week this week. We’ve been here before, however. Holding onto early gains mid-week will be key.
Crypto00 567

Binance Coin

Binance Coin rose by 0.95% in the week ending 4th January. Following on from a 2.48% gain from the previous week, Binance Coin ended the week at $13.78.

A bullish start to the week saw Binance Coin rally to an early Monday intraweek high $14.37 before hitting reverse.

Binance Coin broke through the first major resistance level at $14.19 before sliding to a Thursday intraweek low $12.88.

Binance Coin fell through the first major support level at $12.98 before bouncing back with a 5.14% rally on Friday.

2 consecutive days in the green late in the week reversed 3 days in the red out of 4 to deliver the weekly gain.

For the week ahead

Binance Coin would need to move through to $14.00 levels to support a run at the first major resistance level at $14.47.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $14.37 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall short of $15 levels again.

In the event of a breakout, the second major resistance level at $15.17 would likely cap any upside on the week.

Failure to move through to $14.00 levels could likely see Binance Coin hit reverse.

A fall back through to sub-$13.68 levels would bring the first major support level at $12.98 into play.

Barring a crypto meltdown, Binance Coin should steer clear of sub-$12 levels. The second major support level at $12.19 should limit any downside in the week.

At the time of writing, Binance Coin was up by 1.31% to $13.96. A bullish start to the day on Sunday saw Binance Coin rally from an early morning low $13.71 to a high $14.04.

[fx-image src=https://www.tradingview.com/x/zFCauxBu/ originalWidth=814 ratio=1.32 data-zoom-target=https://www.tradingview.com/x/zFCauxBu/]

[fx-article-ad]

Litecoin

Litecoin rose by just 0.07% in the week ending 4th January. Following on from a 7.55% rally from the previous week, Litecoin ended the week at $42.73.

A relatively bullish start to the week saw Litecoin strike a Monday intraweek high $44.02 before hitting reverse.

Falling short of the first major resistance level at $44.47, Litecoin fell to a Thursday intraweek low $38.74.

Litecoin fell through the first major support level at $40.18 before finding support in the latter part of the week.

A 7.3% rally on Friday and 1.26% gain on Saturday reversed losses from mid-week that included a 5.23% slide on Thursday.

For the week ahead

Litecoin would need to move through to $44 levels to support a run at the first major resistance level at $44.92.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $44.02.

Barring a broad-based crypto rally in the week, last week’s high $44.02 and first major resistance level would likely cap any upside on the week.

Failure to move through to $44 levels could see Litecoin hit reverse.

A fall back through to sub-$41.80 levels would bring the first major support level at $39.63 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of last week’s low $38.74.

At the time of writing, Litecoin was up by 0.89% to $43.11. A bullish start to the week saw Litecoin rise from a morning low $42.65 to a high $43.20 on Sunday.

[fx-image src=https://www.tradingview.com/x/epfmdVTx/ originalWidth=814 ratio=1.32 data-zoom-target=https://www.tradingview.com/x/epfmdVTx/]

Tron’s TRX

Tron’s TRX rose by 0.29% in the week ending 4th January. Partially reversing a 0.42% fall from the previous week, Tron’s TRX ended the week at $0.013497.

A bullish start to the week saw Tron’s TRX rally to Sunday intraweek high $0.013895 before hitting reverse.

Tron’s TRX fell well short of the first major resistance level at $0.01530 before sliding to an early Friday intraweek low $0.012770.

The reversal saw Tron’s TRX come within range of the first major support level at $0.01240 before finding support.

A 4.09% rally on Friday and 0.33% gain on Saturday reversed a 3.32% slide on Monday and 2.79% fall on Thursday to close out the week in the green.

For the week ahead

Tron’s TRX would need to move back through to last week’s high $0.013895 to support a run at the first major resistance level at $0.01400.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.01380 levels.

Barring an extended crypto rally, Tron’s TRX would likely continue to fall short of $0.0150 levels.

In the event of a broad-based crypto rally, however, the third major resistance level at $0.0156 levels would likely cap any upside.

Failure to move through to last week’s high $0.013895 levels could see Tron’s TRX spend the week in the red.

A pullback to sub- $0.01340 would bring the first major support level at $0.01290 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of the second major support level at $0.1230.

At the time of writing, Tron’s TRX was up by 1.30% to $0.013673. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.01350 to a high $0.013748.

[fx-image src=https://www.tradingview.com/x/EupOJy7y/ originalWidth=814 ratio=1.32 data-zoom-target=https://www.tradingview.com/x/EupOJy7y/]

Most Recent

Top Articles