Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 15/03/20

After a particularly bearish week, it’s a mixed start to the week this morning. Failure to break through to key levels early could bring more pain…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin tumbled by 50.05% in the week ending 14th March. Reversing a 5.46% gain from the previous week, Binance Coin ended the week at $10.14.

A bearish start to the week saw Binance Coin slide by 16.72% on Sunday before steadying.

The reversal saw Binance Coin fall from a Sunday intraweek high $20.40 to sub-$16 levels before finding support.

Binance Coin fell through the first major support level at $18.52 and the second major support level at $16.75.

The slide also saw Binance Coin fall through the 23.6% FIB of $18.8. Support and a return to $16 levels was brief, however, with Binance Coin tumbling by 43.91% to sub-$10 levels on Thursday.

Binance Coin fell through the third major support level, with the sell-off continuing into Friday morning.

The continued sell-off saw Binance Coin fall to an intraweek low and new swing lo $6.4164.

A Friday bounce back saw Binance Coin recover to $12 levels before a 5th day in the red on Saturday.

For the week ahead

Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 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, resistance at $12 would likely leave Binance Coin well short of the 23.6% FIB and the major resistance levels.

Failure to move back through to $12.3 levels could see Binance Coin spend another week in the red.

A fall back through to sub-$10 levels would bring the first major support level at $4.2376 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$6 levels.

At the time of writing, Binance Coin was down by 0.96% to $10.04. A bearish start to the week saw Binance Coin fall from an early morning high $10.18 to a low $9.89 early on Sunday.

Litecoin

Litecoin slumped by 43.13% in the week ending 14th March. Reversing a 4.31% gain from the previous week, Litecoin ended the week at $34.43.

Bearish throughout the week, Litecoin tumbled from a Sunday intraweek high $60.55 to a Friday intraweek low and new swing low $25.00.

The sell-off saw Litecoin see red in 6 of the 7 days, with a 15.55% slide on Sunday and 38.01% tumble on Thursday doing the damage.

Finding support on Friday, Litecoin recovered to $40 levels before falling back.

The sell-off in the week saw Litecoin slide through the week’s major support levels.

For the week ahead

Litecoin would need to move through to $40 levels to support a run at the first major resistance level at $55.00.

Support from the broader market would be needed, however, for Litecoin to break through the 23.6% FIB of $54.

Barring a broad-based crypto rebound, resistance at $40 would likely limit any upside in the week.

Failure to move back through to $40 levels could see Litecoin come under further pressure.

A fall back through to sub-$30 levels would bring the first major support level at $19.44 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$20 levels…

At the time of writing, Litecoin was up by 0.03% to $34.44. A mixed start to the day saw Litecoin fall to an early morning low $34.24 before striking a high $34.64.

Tron’s TRX

Tron’s TRX slumped by 42.41% in the week ending 14th March. Reversing a 2.64% gain from the previous week, Tron’s TRX ended the week at $0.009803.

It was a particularly bearish week. Tron’s TRX slumped from a Sunday intraweek high $0.017021 to a Friday intraweek low and new swing lo $0.007111.

The sell-off saw Tron’s TRX fall through the week’s major support levels before finding support on Friday.

In spite of an 18.47% bounce back on Friday, Tron’s TRX failed to break back through the third major support level at $0.01269.

A bearish end to the week, however, saw Tron’s TRX fall back to $0.010 levels.

In the week, 4-days that included a 13.91% loss on Sunday and 42.88% tumble on Thursday delivered the losses in the week.

For the week ahead

Tron’s TRX would need to move back through to $0.011 levels to support a run at the first major resistance level at $0.01551.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.012 levels.

Barring a broad-based crypto rally in the week, resistance at $0.012 would likely leave Tron’s TRX short of the major resistance levels.

Failure to move through to $0.011 levels could see Tron’s TRX struggle in the week.

A fall back through last week’s low $0.007111 would bring the first major support level at $0.0056 into play before any recovery.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.0080 levels.

At the time of writing, Tron’s TRX was up by 1.32% to $0.009932. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.009718 to a high $0.009974.

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