Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 07/06/20

It’s a mixed start to the week. Support levels could come into play if the majors fail to break back through key levels early in the week.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

 Binance Coin fell by 1.07% in the week ending 6th June. Partially reversing a 7.65% rally from the previous week, Binance Coin ended the week at $17.55.

It was a particularly choppy 1st half of the week for Binance Coin and the broader market.

A bearish start to the week saw Binance Coin slide by 3.7% on Sunday before finding support.

In spite of a Sunday low $16.81, Binance Coin steered clear of the first major support level at $16.17.

A breakout on Monday saw Binance Coin rally to an intraweek high $19.15 before hitting reverse.

Binance Coin broke through the first major resistance level at $18.68 before sliding to a Tuesday intraweek low $16.00.

Finding support at the first major support level at $16.17, Binance Coin recovered to $17 levels to limit the loss on the week.

4-days in the red that included 3.7% falls on Sunday and Tuesday delivered the downside in the week. A 5.03% rally on Monday, limited that downside, however.

For the week ahead

Binance Coin would need to move through to $17.60 levels to bring the first major resistance level at $19.13 into play.

Support from the broader market would be needed for Binance Coin to break back through to $19 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $19.15 would likely cap any upside.

In the event of a breakout, Binance Coin could test the 38.2% FIB of $19.4 and resistance at $20 before any pullback.

Failure to move back through to $17.60 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-16.50 levels would bring the first major support level at $15.98 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$15 support levels. The second major support level sits at $14.42.

At the time of writing, Binance Coin was up by 0.02% to $17.56. A range-bound start to the week saw Binance Coin fall to an early morning low $17.45 before rising to a high $17.65

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

Litecoin

 Litecoin fell by 2.05% in the week ending 6th June. Partially reversing an 8.89% rally from the previous week, Litecoin ended the week at $46.76.

It was a bearish start to the week. Litecoin slid by 4.50% on Sunday to a low $45.10 before finding support.

Steering clear of the major support levels, Litecoin rallied to a Tuesday intraweek high $49.90 before hitting reverse.

Coming up against the first major resistance level at $49.96, Litecoin slid to a Tuesday intraweek low $44.52 before finding support.

Litecoin recovered to $48 levels before easing back late in the week.

3-days in the red that included Sunday’s 4.5% fall and a 4.64% slide on Tuesday delivered the loss for the week. A 5.86% rally on Monday limited the downside, however.

For the week ahead

Litecoin would need to move through to $47.10 levels to support a run at the first major resistance level at $49.60.

Support from the broader market would be needed, however, for Litecoin to break back through to $49 levels.

Barring another extended crypto rally, the first major resistance level at $49.6 and last week’s high would likely cap any upside.

Failure to move through to $47.10 levels could see Litecoin come under further pressure.

A fall back through to sub-$46 levels would bring the first major support level at $44.22 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $41.68.

At the time of writing, Litecoin was up by 0.17% to $46.84. A mixed start to the week saw Litecoin fall to an early morning low $46.55 before rising to a high $46.89 on Sunday.

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

Tron’s TRX

 Tron’s TRX rose by 3.75% in the week ending 6th June. Following on from a 9.13% rally from the previous week, Tron’s TRX ended the week at $0.016993.

In a bearish start to the week, Binance Coin fell by 2.75% on Sunday before finding support. The pullback saw Tron’s TRX fall to a Sunday intraweek low $0.015456 before rallying to a Tuesday intraweek high 0.017501.

Steering clear of the first major support level at $0.01483, Tron’s TRX broke through the first major resistance level at $0.01713.

Coming up short of the second major resistance level at $0.01792, Tron’s TRX slid back to sub-$0.016 levels before finding support.

The upside in the week came in spite of 4-days in the red that included a 4.41% slide on Tuesday. A 7.4% rally on Monday and a 3.54% gain on Wednesday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01670 levels to support a run at the first major resistance level at $0.01784.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.017501.

Barring another broad-based crypto rally, the first major resistance level at $0.01784 will likely cap any upside.

In the event of a breakout, Tron’s TRX would likely visit $0.018 levels before any pullback. The second major resistance level at $0.01870 would likely cap any upside, however.

Failure to avoid sub-$0.01670 levels could see Tron’s TRX give up last week’s gain.

A fall back through to sub-$0.01670 levels would bring the first major support level at $0.01580 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.016 levels in the week.

At the time of writing, Tron’s TRX was up by 2.10% to $0.017350. A bullish start to the week saw Tron’s TRX rally from an early morning low $0.017009 to a high $0.017350.

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

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