Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 17/01/21

It’s a mixed start to the week for the majors. Failure to take a run at last week’s highs would bring support levels into play.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 2.11% in the week ending 16th January. Partially reversing a 14.97% rally from the previous week, Binance Coin ended the week at $43.09.

It was a mixed start to the week. Binance Coin rose to a Sunday intraweek high $47.42 before hitting reverse.

Falling well short of the first major resistance level at $50.22, Binance Coin slid to a Monday intraweek low $32.43.

Binance Coin fell the first major support level at $35.82 and the 23.6% FIB of $37.00.

Finding support at the 38.2% FIB of $32.3, Binance Coin revisited $45 levels before falling back into the red.

The partial recovery saw Binance Coin break back through the 23.6% FIB to end the week at $43 levels.

3 days in the red that included a 10.00% sell-off on Monday delivered the downside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $40.98 pivot to bring the first major resistance level at $49.53 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $47.42.

Barring an extended crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of another crypto rally, could test resistance at $55 before any pullback. The second major resistance level sits at $55.97.

Failure to avoid a fall through the $40.98 pivot would bring the 23.6% FIB of $38.4 and the first major support level at $34.54 and into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the second major support level at $25.99. The 38.2% FIB of $32.3 should limit the downside.

At the time of writing, Binance Coin was up by 0.76% to $43.42. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $42.29 before striking a high $44.67.

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

Litecoin

Litecoin tumbled by 19.34% in the week ending 16th January. Partially reversing a 29.74% surge from the previous week, Litecoin ended the week at $143.5.

It was a bullish start to the week. Litecoin rallied to a Sunday intraweek high and a new swing hi $186.34 before hitting reverse.

Falling short of the first major resistance level at $194.45, Litecoin slid to a Monday intraweek low $111.04.

The sell-off saw Litecoin fall through the first major support level at $148.40 and the second major support level at $118.92.

More significantly, Litecoin also fell through the 23.6% FIB of $148 and the 38.2% FIB of $125.

Steering clear of sub-$100 support levels, however, Litecoin revisited $156 levels before easing back.

Litecoin briefly broke back through the 23.6% FIB of $148 before ending the week down at $143 levels.

5 days in the red that included an 18.08% slump on Monday delivered the downside. A 10.59% rally on Wednesday limited the damage, however.

For the week ahead

Litecoin would need to move through the $147.0 pivot and the 23.6% FIB of $148 to support a run at the first major resistance level at $182.88.

Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $186.34 would likely limit any upside.

In the event of a breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $222.3.

Failure to move through the $147 pivot and the 23.6% FIB would bring the 38.2% FIB of $125 and the first major support level at $107.6 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $71.7.

At the time of writing, Litecoin was up by 1.05% to $145.00. A mixed start to the week saw Litecoin fall to an early Sunday morning low $141.57 before striking a high $145.90.

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

Tron’s TRX

Tron’s TRX slid by 11.58% in the week ending 16th January. Partially reversing a 26.38% jump from the week prior, Tron’s TRX ended the week at $0.03024.

It was a mixed week. Tron’s TRX rallied to a Sunday intraweek high $0.03772 before hitting reverse.

Falling short of the first major resistance level at $0.03900, Tron’s TRX slid to a Monday intraweek low $0.02421.

The sell-off saw Tron’s TRX fall through the 23.6% FIB of $0.0291 and the first major support level at $0.02685.

Finding support mid-week, Tron’s TRX broke back through the first major support level and the 23.6% FIB.

Falling short of $0.034 levels, however, Tron’s TRX slid back to sub-$0.027 levels before ending the week at $0.030 levels.

5 days in the red that included an 11.44% slide on Monday delivered the downside for the week. A 5.99% rally on Wednesday limited the damage, however.

For the week ahead

Tron’s TRX would need to move back through the $0.03072 pivot to support a run at the first major resistance level at $0.03724.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.037 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.03772 would likely cap any upside.

In the event of an extended rally, the 38.2% FIB of $0.0428 and the second major resistance level at $0.04423 would likely come into play.

Failure to move back through the $0.03072 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02373 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.023 levels. The second major support level sits at $0.01721.

At the time of writing, Tron’s TRX was down by 0.27% to $0.03016. A mixed start to the week on Sunday saw Tron’s TRX fall to an early morning low $0.02950 before striking a high $0.03101.

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

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