Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 14/06/20

After a bearish week, it’s a mixed start to the week. with the majors needing to move through key levels to avoid another pullback.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 4.27% in the week ending 13th June. Following on from a 1.07% decline from the previous week, Binance Coin ended the week at $16.81.

It was a choppy week for Binance Coin and the broader market.

Binance Coin rose to an early Sunday intraweek high $17.92 before hitting reverse.

Falling short of the first major resistance level at $19.13, Binance Coin slid to a Thursday intraweek low $15.74.

Binance Coin fell through the first major support level at $15.98 before finding support late in the week.

A move back through to $16.9 levels was short-lived, however, with resistance at $17 stalling any recovery.

3-days in the red, which included a 6.86% slide on Thursday, delivered the downside for the week.

For the week ahead

Binance Coin would need to move through to $16.85 levels to bring the first major resistance level at $17.91 into play.

Support from the broader market would be needed for Binance Coin to break back through to $17.50 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $17.92 would likely cap any upside.

In the event of a breakout, Binance Coin could take a run at $19 levels before any pullback.

Failure to move back through to $16.85 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-$16.50 levels would bring the first major support level at $15.73 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$15 support levels. The second major support level sits at $14.64.

At the time of writing, Binance Coin was down by 0.07% to $16.80. A range-bound start to the week saw Binance Coin fall from an early morning high $16.83 to a low $16.80.

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

Litecoin

Litecoin fell by 3.61% in the week ending 13th June. Following on from a 2.05% decline from the previous week, Litecoin ended the week at $45.07.

It was a relatively range-bound start to the week. Litecoin fell to a Sunday low $45.10 before finding support.

Steering clear of the major support levels, Litecoin recovered to a Wednesday intraweek high $47.15 before hitting reverse.

Coming up short of the first major resistance level at $49.60, Litecoin slid to a Thursday intraweek low $42.12 before finding support.

Litecoin fell through the first major support level at $44.22 before recovering to $45 levels to limit the loss.

4-days in the red that included a 7.54% slide on Thursday delivered the downside for the week.

For the week ahead

Litecoin would need to avoid sub-$44.80 levels to support a run at the first major resistance level at $47.44.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $47.15 would likely cap any upside.

Failure to avoid sub-$44.80 levels could see Litecoin come under further pressure.

A fall through the $44.80 pivot would bring the first major support level at $42.41 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.75.

At the time of writing, Litecoin was down by 0.07% to $45.04. A range-bound start to the week saw Litecoin fall from an early morning high $45.08 to a low $45.00 on Sunday.

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

Tron’s TRX

Tron’s TRX fell by 1.82% in the week ending 13th June. Partially reversing a 3.75% gain from the previous week, Tron’s TRX ended the week at $0.01670.

A bullish start to the week saw Tron’s TRX rally to a Monday intraweek high 0.018604 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01784 to come within range of the second major resistance level at $0.01870.

The reversal saw Tron’s TRX slide to a Thursday intraweek low $0.015131.

Tron’s TRX fell through the first major support level at $0.01580 before moving back through to $0.01670 levels.

3-days in the week, which included a 10.49% slide on Thursday, delivered the downside in the week.

For the week ahead

Tron’s TRX would need to move through to $0.01680 levels to support a run at the first major resistance level at $0.01849.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.018 levels.

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 would likely visit $0.019 levels before any pullback. Resistance at $0.020 would likely leave Tron’s TRX short of the second major resistance level at $0.02028.

Failure to move through to $0.01680 levels could see Tron’s TRX spend a 2nd week in the red.

A fall back through to sub-$0.016 levels would bring the first major support level at $0.01502 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01334.

At the time of writing, Tron’s TRX was down by 0.15% to $0.016678. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.016678 to a low $0.016663.

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

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