Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 05/07/20

It’s a mixed start to the week for the majors. A fall back through the week’s pivot levels would bring support levels into play.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 2.91% in the week ending 4th July. Partially reversing a 5.79% slide from the previous week, Binance Coin ended the week at $15.56.

It was a mixed start to the week. Binance Coin fell to a Sunday intraweek low $14.89 before making a move.

Steering clear of the first major support level at $14.29, Binance Coin rallied to a Wednesday intraweek high $16.04.

Coming up short of the first major resistance level at $16.45, Binance Coin fell back to a mid-week low $15.01 and into the red.

A bullish end to the week saw Binance Coin rise by 1.90% to deliver most of the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $15.50 pivot to bring the first major resistance level at $16.10 into play.

Support from the broader market would be needed for Binance Coin to break back through to $16 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $16.04 would likely cap any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $16.65 before any pullback.

Failure to avoid a fall through the $15.50 pivot would bring the first major support level at $14.95 into play.

Barring a crypto sell-off, Binance Coin should avoid the 23.6% FIB of $14.4 and the second major support level at $14.35.

At the time of writing, Binance Coin was up by 0.09% to $15.58. A mixed start to the week saw Binance Coin fall to an early morning low $15.54 before rising to a high $15.61.

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

Litecoin

Litecoin rose by 2.73% in the week ending 4th July. Partially reversing a 5.79% slide from the previous week, Litecoin ended the week at $42.15.

It was a bullish start to the week. Litecoin rose to a Monday high $42.24 before falling to a Thursday intraweek low $40.32.

Steering well clear of the first major support level at $38.59, Litecoin bounced back to a Saturday intraweek high $42.25.

Falling well short of the first major resistance level at $44.07, Litecoin eased back to sub-$42 before wrapping up the week at $42 levels

5-days in the green that included a 2.43% rally on Saturday delivered the upside.

For the week ahead

Litecoin would need to avoid a fall through the $41.57 pivot to support a run at the first major resistance level at $42.83.

Support from the broader market would be needed, however, for Litecoin to break out from $42.5 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $42.25 would likely cap any upside.

Failure to avoid a fall through the $41.57 pivot could see Litecoin come under further pressure.

A fall through to sub-$41 levels would bring the first major support level at $40.90 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.64.

At the time of writing, Litecoin was down by 0.40% to $41.98. A mixed start to the week saw Litecoin rise to an early morning high $42.22 before falling to a low $41.96.

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

Tron’s TRX

Tron’s TRX rallied by 8.81% in the week ending 4th July. Reversing a 2.76% fall slide from the previous week, Tron’s TRX ended the week at $0.016789.

It was a bullish start to the week. Tron’s TRX rallied from a Sunday intraweek low $0.015326 to a Thursday intraweek high $0.017251.

Steering clear of the first major support level at $0.01466, Tron’s TRX broke through the first major resistance level at $0.01660.

Coming up short of the second major resistance level at $0.01769, Tron’s TRX eased back to sub-$0.01650 levels.

A bullish end to the week saw Binance Coin break back through the first major resistance level at $0.01660.

6 days in the green that included a 2.93% rally on Monday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.01646 pivot to support a run at the first major resistance level at $0.01758.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.017 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.017251 would likely cap any upside.

In the event of a breakout, Tron’s TRX could eye $0.018 levels before any pullback. The second major resistance level at $0.01838 would likely cap any upside, however.

Failure to avoid a fall through the $0.01646 pivot would bring the first major support level at $0.01566 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.015 levels and the second major support level at $0.01453.

At the time of writing, Tron’s TRX was down by 0.15% to $0.016764. A mixed start to the week saw Tron’s TRX rise an early high $0.016850 before falling to a low $0.016764.

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

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