Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 16/08/20

It’s a bearish start to the week for the majors on Sunday. Avoiding a fall through the weekly pivot levels, however, should provide support.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 0.79% in the week ending 15th August. Following on from a 6.06% gain from the previous week, Binance Coin ended the week at $23.10.

A bearish start to the week saw Binance Coin slide to a Wednesday intraweek low $20.47 before finding support.

Steering clear of the first major support level at $19.68, Binance coin rallied to a Saturday intraweek high $24.03.

Falling short of the first major resistance level at $25.36, Binance Coin fell back to end the week at sub-$24 levels.

5 days in the green that included a 6.13% rally on Friday delivered the upside. A 5.94% slide on Tuesday, limited gains for the week, however.

For the week ahead

Binance Coin would need to avoid a fall through the $22.53 pivot to bring the first major resistance level at $24.60 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $24.03.

Barring a broad-based crypto rally, the first major resistance level and resistance at $25 would likely limit any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $26.09 before any pullback.

Failure to avoid a fall through the $22.53 pivot would bring the first major support level at $21.04 into play.

Barring a crypto sell-off, Binance Coin should avoid sub-$19 levels. The 38.2% FIB of $19.4 should limit any downside.

At the time of writing, Binance Coin was down by 0.15% to $23.06. A mixed start to the week on Sunday saw Binance Coin fall to an early morning low $22.71 before rising to a high $23.17.

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

Litecoin

Litecoin rose by 2.46% in the week ending 15th August. Partially reversing a 5.28% slide from the previous week, Litecoin ended the week at $59.90.

It was a choppy start to the week. Litecoin rose to a Tuesday $59.70 before hitting reverse.

Falling short of the first major resistance level at $60.86, Litecoin slid to a Wednesday intraweek low $51.61.

Litecoin fell through the 23.6% FIB of $54.00 and the first major support level at $52.34 before finding support.

Through the second half of the week, Litecoin rallied to a Saturday intraweek high $60.89 before easing back.

Falling short of the first major resistance level at $64.95, Litecoin eased back to wrap up the week at sub-$60 levels.

4 days in the green that included a 4.82% rally on Thursday and a 5.46% rally on Saturday delivered the upside. A 7.14% slide on Tuesday capped the gains for the week, however.

For the week ahead

Litecoin would need to avoid a fall through the $57.47 pivot to support a run at the first major resistance level at $63.32.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $60.89.

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

Failure to avoid a fall through the $57.47 pivot would bring the 23.6% FIB and the first major support level at $54.04 into play.

Barring an extended crypto sell-off, however, Litecoin should continue to steer clear of sub-$50 levels. The second major support level sits at $48.19.

At the time of writing, Litecoin was down by 0.90% to $59.36. A mixed start to the week saw Litecoin rise to an early morning high $60.08 before falling to a low $58.92.

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

Tron’s TRX

Tron’s TRX rallied by 23.21% in the week ending 15th August. Following a 0.20% decline from the previous week, Tron’s TRX ended the week at $0.025245.

It was a choppy start to the week. Tron’s TRX rose to a Monday high $0.022348 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.02186 before sliding to a Wednesday intraweek low $0.018955.

Steering clear of the first support level at $0.01842, Tron’s TRX rallied to a Saturday intraweek high $0.026132.

Tron’s TRX broke back through the first major resistance level at $0.02186 and the second major resistance level at $0.02327.

Falling short of the third major resistance level at $0.02670, Tron’s TRX eased back to wrap up the week at $0.025 levels.

5 days in the green that included an 11.29% rally on Thursday and 10.34% breakout on Friday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.02305 pivot to support a run at the first major resistance level at $0.02714.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.026132.

Barring another broad-based crypto rally the first major resistance level would likely cap any upside.

In the event of a breakout, Tron’s TRX could test 23.6% FIB of $0.0291 and the second major resistance level at $0.03022 before any pullback.

Failure to avoid a fall through the $0.02305 pivot would bring the first major support level at $0.01996 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.018 support levels. The second major support level sits at $0.01587.

At the time of writing, Tron’s TRX was down by 1.66% to $0.024825. A mixed start to the week saw Tron’s TRX rise to an early morning high $0.025407 before falling to a low $0.024624.

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

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