Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 13/12/20

It’s a mixed start to the week on Sunday. The majors will need to move through the weekly pivot levels to avoid another sell-off.
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Binance Coin

Binance Coin fell by 5.28% in the week ending 12th December. Reversing a 2.02% gain from the week prior, Binance Coin ended the week at $28.17.

It was a mixed start to the week. Binance Coin rose to a Sunday intraweek high $30.46 before hitting reverse.

Falling short of the first major resistance level at $32.45, Binance Coin slid to a Friday intraweek low $26.44.

The reversal saw Binance Coin fall through the 23.6% FIB of $29.65 and the first major support level at $27.67.

A bullish end to the week, however, saw Binance Coin break back through the first major support level to end the week at $28 levels.

5 days in the red that included a 5.84% slide on Tuesday delivered the losses for the week. A 2.99% gain on Saturday reduced the deficit, however.

For the week ahead

Binance Coin would need to move the $28.36 pivot to bring 23.6% FIB of $29.7 and the first major resistance level at $30.27 into play.

Support from the broader market would be needed for Binance Coin to break back through to $30 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $30.46 would likely limit any upside in the week.

In the event of another crypto rally, could test resistance at $33 before any pullback. The second major resistance level sits at $32.38.

Failure to move through the $28.36 pivot would bring the first major support level at $26.25 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$25 levels and the second major support level at $24.34. The 38.2% FIB of $25.2 should limit any downside.

At the time of writing, Binance Coin was down by 0.14%. A mixed start to the week saw Binance Coin rise to an early Sunday high $28.37 before falling to a low $28.00.

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

Litecoin

Litecoin slid by 7.86% in the week ending 12th December. Partially reversing a 14.34% rally from the previous week, Litecoin ended the week at $76.67.

It was a mixed start to the week. Litecoin rose to a Monday intraweek high $86.89 before hitting reverse.

Falling short of the first major resistance level at $93.57, Litecoin slid to a Saturday intraweek low $69.94.

The reversal saw Litecoin fall through the first major support level at $72.21 and the 38.2% FIB of $71.

A bullish end to the week, however, saw Litecoin move back through to $77% before easing back to $76 levels.

The Saturday rally saw Litecoin back through the 38.2% FIB and the first major support level.

4 days in the red that included an 8.04% slid on Tuesday delivered the downside for the week. A 6.21% rally on Saturday, reduced the deficit, however.

For the week ahead

Litecoin would need to move through the $77.83 pivot to support a run at the first major resistance level at $85.73.

Support from the broader market would be needed, however, for Litecoin to break back through to $80 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $90 would likely limit any upside.

In the event of a breakout, the second major resistance level at $94.78 and the 62% FIB of $100 would likely come into play.

Failure to move through the $77.83 pivot would bring the 38.2% FIB of $71 and the first major support level at $68.78 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $60.88.

At the time of writing, Litecoin was down by 0.87% to $76.00. A mixed start to the week on Sunday saw Litecoin rise to an early morning high $77.03 before falling to a low $75.87.

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

Tron’s TRX

Tron’s TRX fell by 6.75% in the week ending 12th December. Following a 0.07% decline from the week prior, Tron’s TRX ended the week at $0.028412.

It was a bullish start to the week. Tron’s TRX rose to a Sunday intraweek high $0.031458 before hitting reverse.

Falling short of the first major resistance level at $0.03439, Tron’s TRX slid to a Wednesday intraweek low $0.026637.

The sell-off saw Tron’s TRX fall through the 23.6% FIB of $0.0291 and the first major support level at $0.02721.

Steering clear of the sub-$0.025 levels, however, Tron’s TRX revisited $0.02970 levels on Saturday before easing back.

Coming up against the 23.6% FIB $0.0291, Tron’s TRX fell back to end the week at $0.028 levels.

4 days in the red that included a 7.49% slide on Tuesday delivered the downside for the week. A 2.64% gain on Wednesday and a 2.27% rise on Saturday limited the losses, however.

For the week ahead

Tron’s TRX would need to move through the $0.02884 pivot and the 23.6% FIB to support a run at the first major resistance level at $0.03103.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.031 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.031458 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03366 would likely come into play.

Failure to move through the $0.02884 pivot and the 23.6% FIB of $0.0291 would bring the first major support level at $0.02621 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.020 levels. The second major support level at $0.02401 should limit any downside.

At the time of writing, Tron’s TRX was up by 0.33% to $0.028506. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.028880 before falling to a low $0.028269.

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

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