Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 06/06/21

It’s a mixed start to the week for the majors. Following last week’s gains, failure to revisit last week’s highs would leave the majors under pressure.
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Binance Coin

Binance Coin rallied by 27.75% in the week ending 5th June. Following a 1.76% gain from the previous week, Binance Coin ended the week at $390.3.

A bearish start to the week saw Binance Coin fall to a Sunday intraweek low $290.60 before finding support.

Steering clear of the 62% FIB of $273 and the major support levels, Binance Coin rallied to a Thursday intraweek high $434.06.

Binance Coin broke through the first major resistance level at $394 to come within range of the 38.2% FIB of $438.

Coming up well short of the second major resistance level at $482, Binance Coin fell back to end the week at sub-$400, levels.

The pullback saw Binance Coin also fall back through the first major resistance level at $394.

5 days in the green that included a 10.85% rally on Wednesday delivered the upside.

For the week ahead

Binance Coin would need to avoid the $372 pivot to bring the 38.2% FIB of $438 and the first major resistance level at $453 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $434.06.

Barring an extended rally, the first major resistance level should limit any upside.

In the event of a broad-based crypto rebound, Binance Coin could test resistance at the 23.6% FIB of $540 before any pullback. The second major resistance level sits at $515.

A fall through the $372 pivot would bring the first major support level at $309 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of the 62% FIB of $273. The second major support level sits at $228.

At the time of writing, Binance Coin was up by 0.12% to $390.76. A mixed start to the week saw Binance Coin rise to an early Sunday morning high $393.86 before falling to a low $385.96.

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

Litecoin

Litecoin rose by 5.38% in the week ending 5th June. Reversing a 3.16% loss from the previous week, Litecoin ended the week at $173.02.

A mixed start to the week saw Litecoin slide to a Sunday intraweek low $155.28 before making a move.

Steering clear of the first major support level at $118, Litecoin bounced back to a Thursday intraweek high $197.67.

While falling short of the first major resistance level at $210, Litecoin broke back through the 62% FIB of $174.

A bearish end to the week, however, saw Litecoin fall back through the 62% FIB to end the week at $173 levels.

4 days in the green that included a 10.15% rally on Monday delivered the upside for the week.

For the week ahead

Litecoin would need to move through the 62% FIB of $174 and the $175 pivot to bring the first major resistance level at $195 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $197.67 would likely limit any upside.

In the event of a broad-based crypto rally, Litecoin could test resistance at $220. The second major resistance level sits at $217.

Failure to move through the 62% FIB of $174 and the $175 pivot would bring the first major support level at $153 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $133.

At the time of writing, Litecoin was up by 0.35% to $173.68. A mixed start to the week saw Litecoin fall to an early Sunday low $171.82 before rising to a high $174.15.

Litecoin left the major support and resistance levels untested early on.

Tron’s TRX

Tron’s TRX rose by 10.40% in the week ending 5th June. Reversing a 9.47% slide from the previous week, Tron’s TRX ended the week at $0.07569.

A mixed start to the week saw Tron’s TRX fall to a Sunday intraweek low $0.06579 before making a move.

Steering clear of the first major support level at $0.05330, Tron’s TRX rallied to a Friday intraweek high $0.08404.

While falling short of the first major resistance level at $0.08522, Tron’s TRX broke back through the 62% FIB of $0.07480.

A bearish end to the week, however, saw Tron’s TRX briefly fall back through the 62% FIB before ending the week at $0.756 levels.

4 days in the green that included a 7.18% rally on Monday delivered the upside.

For the week ahead

Tron’s TRX would need to avoid the $0.07517 pivot and the 62% FIB of $0.07480 to support a run at the first major resistance level at $0.08456.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.080 levels.

Barring a broad-based crypto rally, first major resistance level and last week’s high $0.08404 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test the second major resistance level at $0.0934.

A fall through the $0.7517 pivot and the 62% FIB of $0.07480 would bring the first major support level at $0.06631 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.060 levels. The second major support level sits at $0.05692.

At the time of writing, Tron’s TRX was up by 0.30% to $0.07592. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.07478 before rising to a high $0.07622.

While leaving the support and resistance levels untested early on, Tron’s TRX tested support at the 62% FIB of $0.07480.

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