Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 07/02/21

Binance Coin

Binance Coin surged by 62.90% in the week ending 6^th February. Following on from a 9.60% rally from the previous week, Binance Coin ended the week at $73.01.

A bearish start to the week saw Binance Coin fall to a Sunday intraweek low $41.86 before making a move.

Steering well clear of the first major support level at $37.10, Binance coin surged to a Saturday intraweek high and a new swing hi $77.94.

Binance Coin broke through the week’s major resistance levels before falling back to sub-$70 levels.

The pullback saw Binance Coin fall back through the third major resistance level at $73.61 before wrapping up the week at $73.01.

5 days in the green that included a 15.91% rally on Monday and a 20.75% surge on Friday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $64.27 pivot to bring the first major resistance level at $86.68 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s new swing hi $77.94.

Barring an extended crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of an extended crypto rally, could test resistance at $100 before any pullback. The second major resistance level sits at $100.35.

Failure to avoid a fall through the $64.27 pivot would bring the 23.6% FIB of $61 and the first major support level at $50.60 and into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$50 levels and the 38.2% FIB of $48.1. The second major support level sits at $28.19.

At the time of writing, Binance Coin was down by 3.19% to $70.69. A mixed start to the week saw Binance Coin rise to an early Sunday morning high $75.36 before falling to a low $68.51.

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

Litecoin

Litecoin rallied by 16.66% in the week ending 6^th February. Reversing a 3.03% decline from the week prior, Litecoin ended the week at $155.77.

A bearish start to the week saw Litecoin fall to a Sunday intraweek low $125.7 before making a move.

Steering clear of the 38.2% FIB of $125 and the major support levels, Litecoin rallied to a Saturday intraweek high $164.23.

Litecoin broke through the 23.6% FIB of $148 and the first major resistance level at $148.2.

A bullish weekend also saw Litecoin break through the second major resistance level at $162.79 before easing back to end the week at sub-$160.

5 days in the green that included a 7.58% rally on Tuesday and a 9.96% jump on Wednesday delivered the upside.

For the week ahead

Litecoin would need to avoid a fall through the $148.57 pivot to bring the first major resistance level at $171.43 into play.

Support from the broader market would be needed, however, for Litecoin to break through to $170 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $175 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance at $190 before any pullback. The second major resistance level sits at $187.10.

Failure to avoid a fall through the $148.57 pivot would bring the 23.6% FIB of $148 and the first major support level at $132.90 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$130 levels and the 38.2% FIB of $125. The second major support level sits at $110.04.

At the time of writing, Litecoin was down by 2.07% to $152.55. A mixed start to the week saw Litecoin rise to an early Sunday high $157.49 before falling to a low $150.65.

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

Tron’s TRX

Tron’s TRX rallied by 10.82% in the week ending 6^th February. Following on from an 8.09% gain from the week prior, Tron’s TRX ended the week at $0.03535.

Tracking the broader market, Tron’s TRX fell to a Sunday intraweek low $0.02962 before making a move.

Steering clear of the 23.6% FIB of $0.0291 and the first major support level at $0.02220, Tron’s TRX rallied to a Saturday intraweek high $0.03897.

Falling short of the first major resistance level at $0.04534, Tron’s TRX ease back to end the week at $0.035 levels.

4 days in the green that included an 9.40% rally on Friday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to move back through the $0.03465 pivot to support a run at the first major resistance level at $0.03967.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.03897.

Barring a broad-based crypto rally, the first major resistance level and resistance at $0.040 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at the 38.2% FIB of 0.0428 and the second major resistance level at $0.0440.

Failure to move back through the $0.03465 pivot would bring the first major support level at $0.03032 and the 23.6% FIB of $0.0291 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.02530.

At the time of writing, Tron’s TRX was down by 2.04% to $0.03463. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.03609 before falling to a low $0.03379.

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