Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 12/01/20

It was a bullish week for the majors. A move back through last week’s highs is going to be needed to support further gains in the week ahead…
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Binance Coin

Binance Coin rallied by 8.04% in the week ending 11th January. Following on from a 0.95% gain from the previous week, Binance Coin ended the week at $14.91.

A bullish start to the week saw Binance Coin rally from an early Sunday intraweek low $13.76 to a Tuesday intraweek high $15.85.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $14.47 and second major resistance level at $15.17.

On Wednesday, Binance Coin fell back to sub-$14 levels before a 5% rally on Friday. A bearish end to the week, however, limited the upside, with Binance Coin giving up $15 levels late on Saturday.

For the week ahead

Binance Coin would need to move back through to $15.00 levels to support a run at the first major resistance level at $15.64.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $15.43.

Barring a broad-based crypto rally, the first major resistance level would likely pin Binance Coin back from $16 levels.

In the event of a breakout, the second major resistance level at $16.37 would likely cap any upside on the week.

Failure to move through to $15 levels could likely see Binance Coin hit reverse.

A fall back through to sub-$14.70 levels would bring the first major support level at $13.97 into play.

Barring a crypto meltdown, Binance Coin should steer clear of sub-$13 levels. The second major support level at $13.03 should limit any downside in the week.

At the time of writing, Binance Coin was down by 0.24% to $14.87. A bearish start to week day saw Binance Coin fall from an early morning high $14.94 to a low $14.76 before finding support.

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

Litecoin

Litecoin surged by 15.6% in the week ending 11th January. Following on from a 0.07% gain from the previous week, Litecoin ended the week at $49.36.

Bullish through the week, Litecoin rallied from a Sunday intraweek low $42.58 to a Saturday intraweek high $52.03.

Steering clear of the major support levels, 5 days in the green out of 7 delivered the upside for the week. The 5 days in the green included a 5.8% gain on Monday and 9.5% rally on Friday.

Litecoin broke through the first major resistance level at $44.92 and second major resistance level at $47.11 to hit $50 for the first time since late November.

For the week ahead

Litecoin would need to move through to $50 levels to support a run at the first major resistance level at $53.40.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $52.03.

Barring a broad-based crypto rally in the week, last week’s high $52.03 and first major resistance level would likely cap any upside on the week.

Failure to move through to $50 levels could see Litecoin hit reverse.

A fall back through to sub-$48 levels would bring the first major support level at $43.95 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of last week’s low $42.58.

At the time of writing, Litecoin was up by 0.02% to $49.37. A mixed start to the week saw Litecoin fall from an early morning high $49.38 to a low $48.82 before finding support.

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

Tron’s TRX

Tron’s TRX rallied by 7.6% in the week ending 11th January. Following on from a 0.29% gain from the previous week, Tron’s TRX ended the week at $0.014574.

A mixed start to the week saw Tron’s TRX fall to a Sunday intraweek low $0.01350. Steering clear of the first major support level at $0.01290, Tron’s TRX rallied to a Tuesday high $0.014748.

Tron’s TRX broke through the first major resistance level at $0.0140 and the second major resistance level at $0.0145.

3 consecutive days in the red saw Tron’s TRX slide back to $0.0136 levels before finding support.

A 5% gain on Friday led to a late Saturday intraweek high $0.01500 before easing back. Tron’s TRX broke back through the first and second major resistance levels to wrap up the week at $0.014 levels.

For the week ahead

Tron’s TRX would need to move back through to $0.015 levels to support a run at the first major resistance level at $0.0152.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.015 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $0.015 would likely cap any gains.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.0159 levels would likely come into play.

Failure to move through to $0.015 levels could see Tron’s TRX spend the week in the red.

A pullback to sub- $0.01440 would bring the first major support level at $0.01370 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.013 levels and the second major support level at $0.1290.

At the time of writing, Tron’s TRX was down by 0.51% to $0.01450. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.014540 to a low $0.014455.

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

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