Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 12/04/20

It’s a bearish start to the week for the majors. Failure to move through to key levels could see the pack give up last week’s gains…
Bitcoin and Litecoin over dollar banknotes.

Binance Coin

Binance Coin rose by 9.34% in the week ending 11th April. Following on from a 12.64% rally from the previous week, Binance Coin ended the week at $13.82.

A bearish start to the week saw Binance Coin fall by 0.90% on Sunday to an intraweek low $13.30 before finding support.

Steering well clear of the first major support level at $11.81, Binance Coin rallied to a Tuesday intraweek high $15.57.

Off the back of an 11.3% rally on Monday, Binance Coin broke through 23.6% FIB of $14.40 and the first major resistance level at $15.02.

A pullback on Tuesday and an 8.5% slide on Friday saw Binance Coin slide back through the first major resistance level and 23.6% FIB of $14.4.

In spite of 4 days in the red out of 7, Binance Coin held onto $13 levels to end the week in the green.

For the week ahead

Binance Coin would need to break back through to $14.20 levels to bring the first major resistance level at $15.16 into play.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB of $14.4.

Barring a broad-based crypto rally, the major resistance level at $15.16 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $16 before any pullback.

Failure to move back through to $14.20 levels could see Binance Coin struggle in the week.

A fall back through last week’s low $13.30 would bring the first major support level at $12.89 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $11.96.

At the time of writing, Binance Coin was down by 0.41% to $13.77. A mixed start to the week saw Binance Coin rise to an early morning high $14.03 before falling to a low $13.62.

Litecoin

Litecoin rose by 4.39% in the week ending 11th April. Following on from a 4.93% gain from the previous week, Litecoin ended the week at $42.61.

A bearish start to the week saw Litecoin fall by 1.15% to a Sunday intraweek low $39.95 before finding support.

Steering clear of the first major support level at $37.57, Litecoin bounced back to a Tuesday intraweek high $47.69.

Litecoin broke through the first major resistance level at $46.88 and second major resistance level at $46.28 before sliding back.

Reversing an 11.7% rally from Monday, Litecoin saw 3 days in the red out of 4 to end the week at $42 levels. An 8.49% slide on Friday ate into the gains from earlier in the week.

For the week ahead

Litecoin would need to move back through to $43.40 levels to support a run at the first major resistance level at $46.88.

Support from the broader market would be needed, however, for Litecoin to break out from $45 levels.

Barring an extended crypto rally, resistance at $45 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $43.40 levels could see Litecoin come under further pressure.

A fall back through to sub-$40 levels would bring the first major support level at $39.14 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$39 support levels.

At the time of writing, Litecoin was down by 1.27% to $42.07. A bearish start to the week saw Litecoin fall from an early morning high $42.81 to a low $41.90.

Tron’s TRX

Tron’s TRX gained 3.91% in the week ending 11th April. Following on from a 5.59% rise from the previous week, Tron’s TRX ended the week at $0.012516.

A bullish start to the week saw Tron’s TRX rally to a Tuesday intraweek high $0.014069 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.1289 and second major resistance level at $0.1373.

The breakthrough came off the back of 2 consecutive days in the green, which included a 9.1% rally on Monday.

Bearish through the rest of the week, however, led to a slide back to $0.012040 on Friday before finding support.

3 days in the red out of 4, which included a 7.8% slide on Friday, left Tron’s TRX with modest gains from the week.

For the week ahead

Tron’s TRX would need to move through to $0.01280 levels to support a run at the first major resistance level at $0.01376.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.013 levels.

Barring an extended crypto rally in the week, the first major resistance level at $0.01376 should leave Tron’s TRX short of $0.014 levels.

Failure to move back through to $0.1280 levels could see Tron’s TRX struggle in the week.

A fall back through last week’s low $0.11896 would bring the first major support level at $0.01159 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01065.

At the time of writing, Tron’s TRX was down by 1.17% to $0.012369. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.012569 to a low $0.012365.

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