Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 11/07/21

It’s a mixed start to the week for the majors. Failure to revisit last week’s highs would leave the majors under pressure, however.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin rose by 6.01% in the week ending 10th July. Following a 6.63% gain from the previous week, Binance Coin ended the week at $316.22.

A mixed start to the week, however, saw Binance Coin fall to a Monday intraweek low $287.32 before making a move.

Steering clear of the 62% FIB of $273 and the first major support level at $268, Binance Coin rallied to a Wednesday intraweek high $342.86.

Binance Coin broke through the first major resistance level at $324.

Falling short of the second major resistance level at $348, however, Binance Coin fell back to end the day at sub-$320 levels.

The pullback saw Binance Coin fall back through the first major resistance level.

4 days in the green that included a 5.95% gain on Tuesday delivered the downside.

For the week ahead

Binance Coin would need to avoid a fall back through the $316 pivot to bring the first major resistance level at $344 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $340 levels.

Barring an extended rally, the first major resistance level and last week’s high $342.86 would likely limit any upside.

In the event of a broad-based crypto rebound, Binance Coin could test resistance at $400. The second major resistance level sits at $371.

A fall back through the $316 pivot would bring the first major support level at $288 and the 62% FIB of $273 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of sub-$250 levels. The second major support level at $260 should limit the downside.

At the time of writing, Binance Coin was up by 0.10% to $316.53. A mixed start to the week saw Binance Coin fall to an early Sunday low $315.15 before rising to a high $319.53.

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

Litecoin

Litecoin fell by 4.43% in the week ending 10th July. Partially reversing a 10.59% gain from the previous week, Litecoin ended the week at $134.01.

A mixed start to the week saw Litecoin rise to a Sunday intraweek high $148.00 before hitting reverse.

Falling short of the first major resistance level at $151, Litecoin slid to a Friday intraweek low $126.08.

Finding support at the first major support level at $127, however, Litecoin revisited $136 levels before easing back.

4 days in the red that included a 4.91% slide on Monday delivered the upside for the week.

For the week ahead

Litecoin would need to move through the $136 pivot to bring the first major resistance level at $146 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $145 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $148.00 would likely limit any upside.

In the event of a broad-based crypto rally, Litecoin could test resistance at $160 before any pullback. The second major resistance level sits at $158.

Failure to move through the $136 pivot would bring the first major support level at $124 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $114.

At the time of writing, Litecoin was down by 0.02% to $133.98. A mixed start to the week saw Litecoin fall to an early Sunday low $133.73 before rising to a high $135.50.

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

Tron’s TRX

Tron’s TRX fell by 7.88% in the week ending 10th July. Reversing a 6.36% gain from the previous week, Tron’s TRX ended the week at $0.06134.

A mixed start to the week saw Tron’s TRX rise to a Sunday intraweek high $0.06941 before hitting reverse.

Falling short of the first major resistance level at $0.07337, Tron’s TRX slid to a Friday intraweek low $0.05875.

The reversal saw Tron’s TRX fall through the first major support level at $0.05971 before a return to $0.061 levels.

4 days in the red that included a 4.52% fall on Monday and a 5.00% slide on Thursday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to move through the $0.06317 pivot to support a run at the first major resistance level at $0.06758.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.065 levels.

Barring a broad-based crypto rally, first major resistance level and last week’s high $0.06941 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at the 23.6% FIB of $0.07870. The second major resistance level sits at $0.07383.

Failure to move through the $0.06317 pivot would bring the first major support level at $0.05692 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.055 levels. The second major support level sits at $0.05251.

At the time of writing, Tron’s TRX was up by 0.49% to $0.06164. A mixed start to the week saw Tron’s TRX rise to an early morning high $0.06222 before falling to a low $0.06090.

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

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