Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 16/05/21

It’s a bullish start to the week for the majors. A move through the week’s pivot levels would bring resistance levels into play.
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Binance Coin

Binance Coin slid by 12.94% in the week ending 15th May. Reversing a 4.24% gain from the previous week, Binance Coin ended the week at $563.51.

A mixed start to the week saw Binance Coin rise to a Wednesday intraweek high $700.42 before hitting reverse.

Falling short of the first major resistance level at $709, Binance Coin slid to a Thursday intraweek low $509.71.

The sell-off saw Binance Call fall through the first major support level at $581 and the second major support level at $514.

Significantly, Binance Coin also fell through the 23.6% FIB of $540.

Steering clear of sub-$500 levels, Binance Coin broke back through the second major support levels and 23.6% FIB to end the week at $560 levels.

4 days in the red that included an 11.94% slide on Wednesday and a 6.61% decline on Saturday delivered the downside.

For the week ahead

Binance Coin would need to move through the $591 pivot to bring the first major resistance level at $673 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $650 levels.

Barring an extended rally, the first major resistance level and early May’s new swing hi $704.62 would likely cap any upside.

In the event of another breakout, Binance Coin could test resistance at $800 before any pullback. The second major resistance level sits at $782.

Failure to move through the $591 pivot would bring the 23.6% FIB of $540 and the first major support level at $482 into play.

Barring an extended sell-off, Binance Coin should steer well clear of the 38.2% FIB of $438. The second major support level sits at $401.

At the time of writing, Binance Coin was 1.02% to $569.26. A mixed start to the week saw Binance Coin fall to an early Sunday low $558.20 before rising to a high $578.64.

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

Litecoin

Litecoin slid by 13.68% in the week ending 15th May. Partially reversing a 25.52% rally from the previous week, Litecoin ended the week at $300.18.

A bullish start to the week saw Litecoin rally to a Monday intraweek high and a new swing hi $413.91 before hitting reverse.

Litecoin broke through the first major resistance level at $392 before sliding to a Thursday intraweek low $291.21.

The sell-off saw Litecoin fall through the 23.6% FIB of $322 before finding support.

Steering clear of the first major support level at $284, Litecoin broke back through the 23.6% FIB before a Saturday reversal.

3 days in the red that included an 17.81% tumble on Wednesday and an 8.11% slide on Saturday delivered the downside in the week.

For the week ahead

Litecoin would need to move through the 23.6% FIB of $322 and the $335 pivot to bring the first major resistance level at $379 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from $350 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance $450. The second major resistance level sits at $458.

Failure to move through the 23.6% FIB of $322 and the $335 pivot would bring 38.2% FIB of $265 and the first major support level at $256 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$250 levels. The second major support level sits at $212.

At the time of writing, Litecoin was up by 1.51% to $304.70. A mixed start to the week saw Litecoin fall to an early Sunday low $298.40 before rising to a high $307.97.

Litecoin left the major support and resistance levels untested early on.

Tron’s TRX

Tron’s TRX slid by 15.49% in the week ending 15th May. Reversing a 9.06% gain from the previous week, Tron’s TRX ended the week at $0.1206.

A choppy start to the week saw Tron’s TRX rise to a Monday intraweek high $0.1508 before hitting reverse.

Falling short of the first major resistance level at $0.1744, Tron’s TRX tumbled to a Thursday intraweek low $0.1031.

Tron’s TRX fell through the 23.6% FIB of $0.1426, the 38.2% FIB of $0.1167, and the first major support level at $0.1147.

Steering clear of sub-$0.10 support levels, Tron’s TRX broke back through the first major support level and 38.2% FIB to end the week at $0.12 levels.

3 days in the red that included an 11.56% fall on Monday and a 15.00% slide on Wednesday delivered the downside.

For the week ahead

Tron’s TRX would need to move through the $0.1248 pivot to support a run at 23.6% FIB of $0.1426 and the first major resistance level at $0.1466.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.14 levels.

Barring a broad-based crypto rally, the first major resistance level and the 23.6% FIB would likely cap any upside.

In the event of another extended rally, Tron’s TRX could tests resistance at $0.18 levels before any pullback. The second major resistance level sits at $0.1725.

Failure to move through the $0.1248 pivot would bring the 38.2% FIB of $0.1167 and the first major support level at $0.09887 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.09 levels. The second major support level sits at $0.07713.

At the time of writing, Tron’s TRX was up by 0.98% to $0.1218. Tron’s TRX fall to an early Sunday morning low $0.1190 before rising to a high $0.1240.

Tron’s TRX left the support and resistance levels untested early on.

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