Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 12/07/20

It’s a bullish start to the week, following last week’s gains. Avoiding the weekly pivot levels early on would deliver further upside in the week.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rallied by 13.23% in the week ending 11th July. Following on from a 2.91% gain from the previous week, Binance Coin ended the week at $17.63.

It was a bearish start to the week. Binance Coin fell to a Sunday intraweek low $15.07 before making a move.

Steering clear of the first major support level at $14.95, Binance Coin rallied to a Wednesday high $17.70 before easing back.

Binance Coin broke through the first major resistance level at $16.10 and the second major resistance level at $16.65.

Coming within range of the third major resistance level at $17.80 hit reverse on Thursday. A 2.59% slide saw Binance Coin fall back to sub-$16.40 levels before finding support.

A bullish end to the week saw Binance Coin rally to a Saturday intraweek high $17.84 before easing back.

The third major resistance level at $17.80 capped the upside at the end of the week.

5 days in the green that included 5.32% rally on Monday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $16.85 pivot to bring the first major resistance level at $18.62 into play.

Support from the broader market would be needed for Binance Coin to break out from $18.50 levels.

Barring another broad-based crypto rally, the first major resistance level would likely leave Binance Coin short of $19 levels.

In the event of a breakout, Binance Coin would likely take a run at 38.2% FIB of $19.4 and the second major resistance level at $19.62.

Failure to avoid a fall through the $16.85 pivot would bring the first major support level at $15.85 into play.

Barring a crypto sell-off, Binance Coin should avoid the 23.6% FIB of $14.4 and the second major support level at $14.08.

At the time of writing, Binance Coin was up by 1.78% to $17.94. A bullish start to the week saw Binance Coin rise from an early Sunday morning low $17.60 to a high $18.03.

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

Litecoin

Litecoin rose by 6.17% in the week ending 11th July. Following on from a 2.73% gain from the previous week, Litecoin ended the week at $44.74.

Tracking the broader market, Litecoin fell by 1.33% on Sunday before finding support. The pullback saw Litecoin fall through the first major support level at $40.90 to an intraweek low $40.75.

Finding support throughout the week, Litecoin rallied to a Thursday intraweek high $45.86 before hitting reverse.

Litecoin broke through the major resistance levels of the week before falling back to sub-$44 levels.

The pullback saw Litecoin fall through the third major resistance level to find support at the second major resistance level at $43.50.

A bullish end to the week saw Litecoin break back through to $44 levels.

Litecoin saw just 3 days in the green, with a 5.87% rally on Monday delivering the upside.

For the week ahead

Litecoin would need to avoid a fall through the $43.78 pivot to support a run at the first major resistance level at $46.82.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $45.86.

Barring another extended crypto rally, the first major resistance level at $46.82 would likely cap any upside.

Failure to avoid a fall through the $43.78 pivot could see Litecoin come under further pressure.

A fall through to sub-$43 levels would bring the first major support level at $41.71 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $38.67.

At the time of writing, Litecoin was up by 0.36% to $44.90. A bullish start to the week saw Litecoin rise from an early Sunday morning low $44.71 to a high $45.09.

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

Tron’s TRX

Tron’s TRX rallied 9.24% in the week ending 11th July. Following on from an 8.81% gain from the previous week, Tron’s TRX ended the week at $0.018407.

It was a bullish start to the week. Tron’s TRX rallied from a Sunday intraweek low $0.016355 to a Thursday intraweek high $0.019144.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01758 and the second major resistance level at $0.01838.

Coming up short of the third major resistance level at $0.02031, Tron’s TRX fell back through the second major support level.

Finding support on Saturday, however, Tron’s TRX moved back through the second major support level to wrap up the week at $0.01840 levels.

5 days in the green that included a 6.51% rally on Monday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.018 pivot to support a run at the first major resistance level at $0.01958.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.019144.

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

In the event of a breakout, Tron’s TRX could eye $0.020 levels before any pullback. The second major resistance level at $0.02076 would likely cap any upside, however.

Failure to avoid a fall through the $0.018 pivot would bring the first major support level at $0.01679 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.015 levels. The second major support level at $0.01518 should limit any downside.

At the time of writing, Tron’s TRX was up by 0.12% to $0.018429. A mixed start to the week saw Tron’s TRX rise an early high $0.018526 before falling to a low $0.018344.

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

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