Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 06/12/20

It’s a bullish start, with resistance levels eyed early. Expect the pivot levels to influence in the week.
crypto currency mining concept

Binance Coin

Binance Coin rose by 2.02% in the week ending 5th December. Partially reversing a 4.42% decline from the week prior, Binance Coin ended the week at $29.76.

It was a bullish start to the week. Binance Coin rose from a Sunday intraweek low $28.30 to a Monday intraweek high $33.07 before hitting reverse.

While breaking through the 23.6% FIB of $29.65, Binance Coin fell short of the first major resistance level at $35.32.

The reversal saw Binance Coin slide back to sub-$29 levels. Binance Coin fell back through the 23.6% FIB before finding late support.

A bullish end to the week saw Binance Coin break back through the 23.6% FIB to end the week in the green.

5 days in the green that included a 4.55% rally on Monday delivered the upside for the week. A 4.03% fall on Tuesday and 5.43% slide on Friday pinned Binance Coin back, however.

For the week ahead

Binance Coin would need to move the $30.38 pivot to bring the first major resistance level at $32.45 into play.

Support from the broader market would be needed for Binance Coin to break back through to $32 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $33.07 would likely limit any upside in the week.

In the event of another crypto rally, could test resistance at $35 before any pullback. The second major resistance level sits at $35.15.

Failure to move through the $30.38 pivot would bring the 23.6% FIB of $29.65 and the first major support level at $27.68 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$25 levels. The second major support level at $25.61 and 38.2% FIB of $25.21 should limit any downside.

At the time of writing, Binance Coin was up by 0.73% to $29.97. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $29.57 before striking a high $30.26.

While leaving the major support and resistance levels untested, Binance Coin broke through the 23.6% FIB early on.

Litecoin

Litecoin rallied by 14.34% in the week ending 5th December. Partially reversing a 16.55% slide from the previous week, Litecoin ended the week at $83.18.

It was a bullish start to the week. Litecoin rallied from a Sunday intraweek low $71.64 to a Tuesday intraweek high $93.00.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $89.89 before hitting reverse.

The reversal saw Litecoin slid back to sub-$80 before closing out the week at $83 levels.

5 days in the green which included an 8.52% rally on Sunday and a 10.96% surge on Monday delivered the upside. A 10.86% tumble on Friday limited the gains, however.

For the week ahead

Litecoin would need to avoid a fall through the $82.61 pivot to support a run at the first major resistance level at $93.57.

Support from the broader market would be needed, however, for Litecoin to break back out from $90 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $94 would likely limit any upside.

In the event of a breakout, the 62% FIB of $100 would likely come into play. The second major resistance level sits at $103.97.

A fall through the $82.61 pivot would bring the first major support level at $72.21 and the 38.2% FIB of $71 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $61.25.

At the time of writing, Litecoin was up by 2.03% to $84.87. A bullish start to the week saw Litecoin rally from an early Sunday morning low $83.18 to a high $84.89.

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

Tron’s TRX

Tron’s TRX slipped by 0.07% in the week ending 5th November. Following a 0.01% decline the previous week, Tron’s TRX ended the week at $0.03047.

It was a bullish start to the week. Tron’s TRX rallied to a Tuesday intraweek high $0.035056 before hitting reverse.

Falling short of the first major resistance level at $0.03944, Tron’s TRX slid to a Tuesday intraweek low $0.027874.

The sell-off saw Tron’s TRX fall through the 23.6% FIB of $0.0291.

Steering clear of the first major support level at $0.02378, however, Tron’s TRX revisited $0.032 levels before easing back.

A bearish Friday saw Tron’s TRX fall back through the 23.6% FIB and into the red. Finding support on Saturday, however, Tron’s TRX bounced back to wrap up the week with minor losses.

5 days in the green that included a 5.09% rally on Monday left Tron’s TRX flat for the week. A 6.46% fall on Tuesday and a 6.93% slide on Friday reversed gains from the start of the week, however.

For the week ahead

Tron’s TRX would need to move through the $0.03113 pivot to support a run at the first major resistance level at $0.03439

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.034 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.035056 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03832 and the 38.2% FIB of $0.0428 would likely come into play.

Failure to move through the $0.03113 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02721 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02395.

At the time of writing, Tron’s TRX was up by 1.22% to $0.03084. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.03043 before rising to a high $0.03106.

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

Most Recent

Top Articles