Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 08/03/20

After a relatively bullish week, it’s back into the red at the start of the week. Failure to move through key levels early in the week could weigh heavily mid-week.
Cryptomania

Binance Coin

Binance Coin rose by 5.46% in the week ending 7th March. Partially reversing a 12.51% tumble from the previous week, Binance Coin ended the week at $20.29.

A bearish start to the week saw Binance Coin fall to a Sunday intraweek low $18.41 before finding support.

A 1.69% loss on the day saw Binance Coin fall through the 23.6% FIB of $18.8 before rallying to a Friday intraweek high $21.84.

In spite of 4-days in the green that included a 5.45% rally on Monday and a 4.08% gain on Thursday, Binance Coin fell short of the first major resistance level at $22.64.

While breaking back through the 23.6% FIB in the week, a 5.13% slide on Saturday limited the upside on the week.

For the week ahead

Binance Coin would need to break back through to $20.20 levels to bring the first major resistance level at $21.95 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $21.84

Barring a broad-based crypto rally, the first major resistance level would likely continue to limit any upside in the week.

In the event of a breakout, the 38.2% FIB of $22.9 would likely leave Binance Coin short of the second major resistance level at $23.61.

Failure to move back through to $20.20 levels could see Binance Coin hit reverse.

A fall back through the 23.6% FIB would bring the first major support level at $18.52 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$17 levels.

At the time of writing, Binance Coin was down by 4.07% to $19.46. A particularly bearish start to the week saw Binance Coin fall from an early morning high $20.40 to a low $19.21.

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

Litecoin

Litecoin rose by 4.31% in the week ending 7th March. Partially reversing a 22.48% tumble from the previous week, Litecoin ended the week at $60.57.

Tracking the broader market, Litecoin fell to a Sunday intraweek low $56.05 before finding support.

Steering clear of the first major support level at $49.34, Litecoin rallied to a Saturday intraweek high $63.98 before hitting reverse.

While falling short of the first major resistance level at $73.74, Litecoin broke through the 23.6% FIB of $62.

A bearish end to the week, however, saw Litecoin fall by 4.42% on the day to end the week at sub-$61 levels. The Saturday pullback saw Litecoin fall back through the 23.6% FIB of $62.

For the week ahead

Litecoin would need to move through to $60 levels to support a run at the first major resistance level at $64.35.

Support from the broader market would be needed, however, for Litecoin to break back through the 23.6% FIB of $62.

Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Litecoin short of the major resistance levels.

Failure to move back through to $60 levels could see Litecoin come under further pressure.

A fall back through to sub-$57 levels would bring the first major support level at $56.42 into play.

Barring a crypto meltdown, however, Litecoin should steer well clear of the second major support level at $52.27.

At the time of writing, Litecoin was down by 3.00% to $58.70. A bearish start to the week saw Litecoin fall from an early morning high $60.55 to a low $58.12.

Litecoin left the major support and resistance levels untested.

Tron’s TRX

Tron’s TRX rose by 2.64% in the week ending 7th March. Partially reversing a 17.51% slump from the previous week, Tron’s TRX ended the week at $0.017054.

A bearish start to the week saw Tron’s TRX fall to a Sunday intraweek low $0.01619 before finding support.

Bullish through the week, Tron’s TRX rallied to a Thursday intraweek high $0.018462 before sliding back.

Falling short of the first major resistance level at $0.02019, Tron’s TRX fell back to a sub-$0.0166 levels before wrapping up the week in the green.

A 7.31% slide on Saturday partially offset gains from 4-days in the green that had included a 6.66% rally on Monday.

For the week ahead

Tron’s TRX would need to move back through to $0.01720 levels to support a run at the first major resistance level at $0.01830.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.018 levels.

Barring a broad-based crypto rally in the week, the first major resistance level at $0.01830 would likely limit any upside.

Failure to move through to $0.01720 could see Tron’s TRX struggle throughout the week.

A fall back through last week’s low $0.01619 would bring the first major support level at $0.01600 into play before any recovery.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01496.

At the time of writing, Tron’s TRX was down by 1.56% to $0.016788. A bearish start to the week saw Tron’s TRX slide from an early morning high $0.017021 to a low $0.016610.

Tron’s TRX left the major support and resistance levels untested.

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