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

It’s a bearish start to the week for the majors. Failure to recovery to Sunday morning’s early highs would leave support levels in play.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin surged by 62.90% in the week ending 6th 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 6th 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 6th 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.

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