Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 11/10/20

It’s a mixed start to the week for the majors. Expect the pivot levels to play a key role in the week ahead. Volatility has picked up.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 0.74% in the week ending 10th October. Following on from a 7.71% rally from the week prior, Binance Coin ended the week at $28.41.

It was a mixed start to the week. Binance Coin rose to a Monday intraweek high $29.60 before hitting reverse.

Falling short of the first major resistance level at $30.32, Binance Coin slid to a Thursday intraweek low $26.39.

The pullback saw Binance Coin fall through the 23.6% FIB of $27.50 before finding support.

Steering clear of the first major support level at $25.65, Binance Coin recovered to $28 levels to end the week in the green.

4 days in the green that included a 2.68% rally on Sunday delivered the upside. A 3.20% slide on Tuesday limited the gains for the week, however.

For the week ahead

Binance Coin would need to move back through the $28.13 pivot to bring the first major resistance level at $29.88 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $29.60.

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

In the event of another crypto rally, the second major resistance level at $31.34 and $33 levels could come into play.

Failure to move back through the $28.13 pivot would bring 23.6% FIB of $27.5 and the first major support level at $26.67 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$25 levels and the 38.2% FIB of $23.5 in the week.

The second major support level sits at $24.92.

At the time of writing, Binance Coin was down by 1.01% to $28.12. A bearish start to the week on Sunday saw Binance Coin fall from an early Sunday morning high $28.69 to a low $27.88.

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

Litecoin

Litecoin rallied by 7.35% in the week ending 10th October. Reversing a 1.13% fall from the previous week, Litecoin ended the week at $48.90.

It was also a mixed start to the week. Litecoin rose to a Tuesday high $48.22 before hitting reverse.

Coming up against the first major resistance level at $48.27, Litecoin fell to a Wednesday intraweek low $45.03.

Steering clear of the first major support level at $43.03, Litecoin bounced back to a Saturday intraweek high $50.48.

Litecoin broke through the first major resistance level at $48.27 to close out the day at $48.9 levels.

5 days in the green, which included a 2.55% rally on Sunday and 2.26% rally on Saturday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid a fall through the $48.14 pivot to support a run at the first major resistance level at $51.24.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $50.48.

Barring an extended crypto rally, the first major resistance level and resistance at $52 would likely limit any upside.

In the event of a breakout, the second major resistance level at $53.59 and the 23.6% FIB of $54 would likely come into play.

Failure to avoid a fall through the $48.14 pivot would bring the first major support level at $45.79 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $42.69.

At the time of writing, Litecoin was up by 0.74% to $49.26. A mixed start to the week saw Litecoin fall to an early Sunday morning low $48.71 before striking a high $49.33.

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

Tron’s TRX

Tron’s TRX fell by 2.42% in the week ending 10th October. Reversing a 0.29% gain from the previous week, Tron’s TRX ended the week at $0.026445.

It was bearish through most of the week once more. Tron’s TRX fell from a Sunday high $0.02782 to a Thursday intraweek low $0.02476 before finding support.

Steering clear of the first major support level at $0.02459, Tron’s TRX recovered to $0.0277 levels on Saturday before falling back into the red.

3 days in the red that included a 2.82% slide on Sunday and a 2.96% fall on Tuesday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall back through the $0.02634 pivot to support a run at the first major resistance level at $0.02792.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.02782.

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

In the event of an extended rally, the 23.6% FIB of $0.0291 and the second major resistance level at $0.02940 would likely come into play.

Failure to avoid a fall back through the $0.02634 pivot would bring the first major support level at $0.02486 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02328.

At the time of writing, Tron’s TRX was down by 0.14% to $0.026408. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.02605 before rising to a high $0.02668.

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

Most Recent

Top Articles