Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 10/01/21

It’s a bullish start to the week. Steering clear of the week’s pivot levels would support further upside in the week ahead.
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Binance Coin

Binance Coin rallied by 14.97% in the week ending 9th January. Following a 13.89% gain from the previous week, Binance Coin ended the week at $44.01.

It was a mixed start to the week. Binance Coin rose to a Monday high and a new swing hi $46.46 before hitting reverse.

The early rally saw Binance Coin break through the first major resistance level before sliding to a Monday intraweek low $33.84.

While steering clear of the first major support level at $33.15, Binance Coin fell through the 23.6% FIB of $37.00.

Finding support mid-week, Binance Coin rallied to a Thursday intraweek high and a new swing hi $48.24.

Binance Coin broke back through the 23.6% FIB and the first major resistance level before falling back to sub-$38 levels.

Finding support at the 23.6% FIB, however, Binance Coin broke back through the first major resistance level to revisit $45 levels before easing back.

5 days in the green that included a 7.96% rally on Sunday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $42.03 pivot to bring the first major resistance level at $50.22 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $48.24.

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

In the event of another crypto rally, could test the second major resistance level at $56.43.

Failure to avoid a fall through the $42.03 pivot would bring the 23.6% FIB of $38.4 and the first major support level at $35.82 and into play.

Barring a crypto sell-off, Binance Coin should steer clear of the 38.2% FIB of $32.3. The second major support level at sits $27.63.

At the time of writing, Binance Coin was up by 1.55% to $44.70. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $43.99 before striking a high $45.58.

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

Litecoin

Litecoin jumped by 29.74% in the week ending 9th January. Following on from a 5.84% gain from the previous week, Litecoin ended the week at $177.87.

It was a bullish start to the week. Litecoin rallied from a Sunday intraweek low $135.50 to a Thursday high and a new swing hi $181.25 before hitting reverse.

The rally saw Litecoin break through the week’s major resistance levels before a Friday slide back to $150 levels.

The sell-off saw Litecoin fall through the third major resistance level at $177.53 and the second major resistance level at $155.32.

Steering clear of the first major resistance level at $143.15, Litecoin bounced back to a Friday intraweek high and a new swing hi $181.55.

Litecoin broke back through the second and third major resistance levels before falling back to sub-$170 levels.

A bullish end to the week, however, saw Litecoin revisit $179 levels before easing back. The third major resistance level at $177.53 delivered support at the end of the week.

6 days in the green that included a 17.79% rally on Sunday delivered the upside.

For the week ahead

Litecoin would need to avoid the $164.97 pivot to support a run at the first major resistance level at $194.45.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $181.55.

Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely limit any upside.

In the event of another breakout, the second major resistance level at $211.02 and resistance at $215 would likely come into play.

Failure to avoid a fall through the $164.97 pivot would bring the first major support level at $148.40 and the23.6% FIB of $145 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $118.92.

At the time of writing, Litecoin was up by 0.32% to $178.44. A mixed start to the week saw Litecoin fall to an early Sunday morning low $176.89 before striking a high $180.00.

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

Tron’s TRX

Tron’s TRX jumped by 26.38% in the week ending 9th January. Reversing a 0.54% decline from the week prior, Tron’s TRX ended the week at $0.3420.

It was a mixed week. Tron’s TRX fell to a Sunday intraweek low $0.024303 before making a move.

Steering clear of the first major support level at $0.02395, Tron’s TRX rallied to a Saturday intraweek high $0.03645.

Tron’s TRX broke through the 23.6% FIB of $0.0291 and the first major resistance level at $0.03187.

Coming up against the second major resistance level at $0.03635, Tron’s TRX eased back to end the week at $0.034 levels.

5 days in the red that included a 7.57% rally on Sunday and a 13.66% breakout on Saturday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.03165 pivot to support a run at the first major resistance level at $0.03900.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.03645.

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

In the event of an extended rally, the 38.2% FIB of $0.0428 and the second major resistance level at $0.04380 would likely come into play.

Failure to avoid a fall through the $0.03165 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02685 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.025 levels. The second major support level sits at $0.01950.

At the time of writing, Tron’s TRX was up by 5.01% to $0.03592. A mixed start to the week on Sunday saw Tron’s TRX fall to an early morning low $0.03380 before striking a high $0.03635.

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

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