Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 17/02/20

Support levels are in play early in the week as the crypto market hits reverse. Failure to recover through key levels by mid-week will weigh further…
Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin rallied by 11.04% in the week ending 15th February. Following on from a 19.45% surge from the previous week, Binance Coin ended the week at $24.23.

A bullish start to the week saw Binance Coin rally from a Sunday intraweek low $21.74 to a Thursday intraweek high $27.51.

Binance Coin broke through the first major resistance level at $23.74 and second major resistance level at $25.69. Of greater significance, however, was a breakthrough the 38.2% FIB of $22.90.

At the start of the week, Binance Coin had steered clear of the first major support level at $18.76.

Following 4 consecutive days in the green that included an 11.93% rally, Binance Coin came under pressure.

2 days in the red out of 3, which included an 8.24% slide on Saturday saw Binance Coin fall back through the second major resistance level.

At the time of writing, Binance Coin was down by 7.54% for the current week. A 3.68% fall on Sunday and a 3.94% fall in the early part of Monday left Binance Coin in the deep red.

The bearish start to the week saw Binance Coin fall through the 38.2% FIB of $22.90 to a current week low $21.69 on Sunday.

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

For the week ahead

Binance Coin would need to break through to $24.50 levels to bring the first major resistance level at $27.25 into play.

Support from the broader market would be needed for Binance Coin to break back through the 38.2% FIB of $22.8 to hit $24 levels.

Barring a broad-based crypto rally, resistance at $25 would likely limit the upside in the week.

In the event of a breakout, the first major resistance level at $27.25 and last week’s high $27.51 would likely pin Binance Coin back.

Failure to move back through the 38.2% FIB to $24.50 levels could see Binance Coin fall deeper into the red.

A fall back to sub-$22 levels would bring the first major support level at $21.45 into play

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$20 levels.

Litecoin

Litecoin rose by just 0.1% in the week ending 15th February. Following on from an 8.46% rally from the previous week, Litecoin ended the week at $76.66.

A mixed start to the week saw Litecoin fall to a Tuesday intraweek low $72.46 before finding support.

While steering clear of the first major support level at $69.48, Litecoin fell through the 38.2% FIB of $78.

Through the middle of the week, Litecoin bounced back to a Thursday intraweek high $84.50 before sliding back.

Litecoin moved back through the 38.2% FIB to break through the first major resistance level at $80.89.

A bearish end to the week reversed the gains, however, with a 7.89% slide on Saturday leaving Litecoin flat.

The sell-off saw Litecoin fall back through the first major resistance level and 38.2% FIB.

At the time of writing, Litecoin was down by 6.49% to $71.78 for the current week. A bearish start to the week saw Litecoin slide from a current week high $80.80 to a low $67.28 before finding support.

Steering clear of the major resistance levels, Litecoin fell through the 38.2% FIB of $78 and the first major support level at $71.30.

For the week ahead

Litecoin would need to move through to $78 levels to support a run at the first major resistance level at $83.34.

Support from the broader market would be needed for Litecoin to break back out from the current week high $80.80.

Barring a broad-based crypto rebound, however, the 38.2% FIB and resistance at $80 would likely pin Litecoin back in the week.

In the event of a rebound, last week’s high $84.50 and first major resistance level would likely cap any upside.

Failure to move back through to $78 levels could see Litecoin fall deeper into the red.

A fall back through the first major support level at $71.30 to the current week low $67.28 would bring the second major support level at $65.86 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$65 levels in the week.

Tron’s TRX

Tron’s TRX rose by 8.30% in the week ending 15th February. Following on from a 14.25% rally from the previous week, Tron’s TRX ended the week at $0.023615.

Bullish through most of the week, Tron’s TRX rose from a Monday intraweek low $0.020787 to a Friday intraweek high 0.02680.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.0242 and second major resistance level at $0.02670.

Following 6 consecutive days in the green, a 10.44% slide on Saturday, led to a fall back through the major resistance levels.

At the time of writing, Tron’s TRX was down by 10.74% to $0.021058. A bearish start to the week saw Tron’s TRX slide from a current week high 0.024670 to a low $0.020258.

Tron’s TRX fell through the first major support level at $0.02070 on Sunday before finding support.

For the week ahead

Tron’s TRX would need to move back through to $0.0237 levels to support a run at the first major resistance level at $0.02670.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0230 levels.

In the event of a broad-based crypto rebound, the first major resistance level at $0.02670 and last week’s high $0.0268 would likely limit any upside.

Failure to move through to $0.02370 could see Tron’s TRX fall deeper into the red.

A fall back through the first major support level at $0.02070 would bring sub-$0.020 levels into play before any recovery.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.0177.

 

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