Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 09/05/21

It’s a mixed start to the week for the majors. Failure to visit last week’s highs would bring support levels into play.
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Binance Coin

Binance Coin rose by 4.24% in the week ending 8th May. Following a 24.77% breakout from the previous week, Binance Coin ended the week at $647.37.

A mixed start to the week saw Binance Coin fall to a Sunday low $593.05 before making a move.

Steering clear of the 23.6% FIB of $509 and the first major support level at $499, Binance Coin rallied to a Monday intraweek high and a new swing hi $704.62.

Binance Coin broke through the first major resistance level at $703 before sliding to a Wednesday intraweek low $575.71.

Continuing to steer clear of the 23.6% FIB and the major support levels, Binance Coin revisited $680 levels before easing back.

4 days in the green that included an 8.78% rally on Monday and a 7.04% gain on Wednesday delivered the upside. A 9.99% slide on Tuesday pared some of the early gains, however.

For the week ahead

Binance Coin would need to move back through the $643 pivot to bring the first major resistance level at $709 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $700 levels.

Barring an extended rally, the first major resistance level and last week’s new swing hi $704.62 would likely cap any upside.

In the event of another breakout, Binance Coin could test resistance at $800 before any pullback. The second major resistance level sits at $772.

Failure to move back through the $643 pivot would bring the first major support level at $580 and the 23.6% FIB of $540 into play.

Barring an extended sell-off, Binance Coin should steer well clear of sub-$500 levels. The second major support level at $514 should limit the downside.

At the time of writing, Binance Coin was down by 0.92% to $641.39. A mixed start to the week saw Binance Coin rise to an early Sunday high $649.67 before falling to a low $640.18.

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

Litecoin

Litecoin jumped by 25.52% in the week ending 8th May. Following on from a 22.96% rally from the previous week, Litecoin ended the week at $347.72.

A mixed start to the week saw Litecoin fall to a Sunday intraweek low $265.00 before making a move.

Steering clear of the 23.6% FIB of $261 and the first major support level at $233, Litecoin rallied to a Friday intraweek high and a new swing hi $372.88.

Litecoin broke through the first major resistance level at $300 and the second major resistance level at $323.

Falling short of the third major resistance level at $391, Litecoin fell back to sub-$350 levels before finding support.

4 days in the green that included an 16.67% breakout on Wednesday delivered the upside in the week.

For the week ahead

Litecoin would need to avoid a fall through the $329 pivot to bring the first major resistance level at $392 into play.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s new swing hi $372.88.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance $450. The second major resistance level sits at $436.

Failure to avoid a fall through the $329 pivot would bring the 23.6% FIB of $290 and the first major support level at $284 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$280 and the 38.2% FIB of $240. The second major support level sits at $221.

At the time of writing, Litecoin was down by 0.54% a mixed start to the week saw Litecoin fall to an early Sunday low $344.12 before rising to a high $349.78.

Litecoin left the major support and resistance levels untested early on.

Tron’s TRX

Tron’s TRX rose by 9.06% in the week ending 8th May. Following on from a 27.11% breakout from the previous week, Tron’s TRX ended the week at $0.1433.

A bearish start to the week saw Tron’s TRX fall to a Wednesday intraweek low $0.1171 before making a move.

Steering clear of the 38.2% FIB of $0.1167 and the first major support level at $0.1064, Tron’s TRX rallied to a Friday intraweek high $0.1768.

Tron’s TRX broke through the 23.6% FIB of $0.1426, the first major resistance level at $0.1457, and the second major resistance level at $0.1601.

Falling short of $0.18 levels, however, Tron’s TRX slid back to sub-$0.14 levels before finding support.

Finding late support on Saturday, Tron’s TRX broke back through the 23.6% FIB of $0.1426 to end the week at $0.143 levels.

3 days in the green that included a 23.46% breakout on Wednesday delivered the upside.

For the week ahead

Tron’s TRX would need to move back through the $0.1457 pivot to support a run at the first major resistance level at $0.1744.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.17 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.1768 would likely cap any upside.

In the event of another extended rally, Tron’s TRX could tests resistance at $0.20 before any pullback. The second major resistance level sits at $0.2054.

Failure to move back through the $0.1457 pivot and a fall back through the 23.6% FIB of $0.1426 would bring the 38.2% FIB of $0.1167 and the first major support level at $0.1147 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.11 levels. The second major support level sits at $0.08603.

At the time of writing, Tron’s TRX was up by 0.73% to $0.1444. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.1420 before rising to a high $0.1461.

While leaving the support and resistance levels untested early on, Tron’s TRX tested support at the 23.6% FIB of $0.1426.

 

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