Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 17/05/20

It’s a relatively positive start to the week, following last week’s reversals. Failure to break through key levels could lead to another sell-off, however.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

 Binance Coin fell by 8.38% in the week ending 16th May. Following on from a 4.33% decline from the previous week, Binance Coin ended the week at $16.08.

A particularly bearish start to the week saw Binance Coin tumble by 8.46% on Sunday to an intraweek low $13.62.

Binance Coin slid through the first major support level at $15.32 before finding support to wrap up the day at $15 levels.

A 2nd consecutive day in the red saw Binance Coin fall back through the first major support level on Monday.

The fall back to $13 levels was brief, however, with Binance Coin finding support mid-week.

3 consecutive days in the green led to a Thursday intraweek high $17.33 before sliding back into the red.

Falling short of the first major resistance level at $19.49, Binance Coin took a 4.18% hit on Friday.

The pullback saw Binance Coin test the first major support level before making a partial recovery on Saturday.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.73 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $17.33.

Barring a broad-based crypto rally, resistance at $17 would likely leave Binance Coin short of the first major resistance level at $17.73.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $17 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-16 levels would bring the first major support level at $14.02 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the second major support level at $11.97.

At the time of writing, Binance Coin was up by 0.77% to $16.20. A mixed start to the day saw Binance Coin fall to an early morning low $15.76 before striking a high $16.48.

Binance Coin left the major support and resistance levels untested in the early hours of Sunday morning.

Litecoin

 Litecoin slid by 7.84% in the week ending 16th May. Following on from a 4.71% fall from the previous week, Litecoin ended the week at $43.27.

A particularly bearish start to the week saw Litecoin slide by 10.20% on Sunday and by 1.49% on Monday. The sell-off saw Litecoin fall from a Sunday intraweek high $47.00 to a Monday intraweek low $39.98.

Litecoin fell through the first major support level at $44.28 and second major support level at $41.61 before recovering to $41 levels.

Finding support mid-week, Litecoin saw green for 3 consecutive days to return to $44 levels before another pullback on Friday.

While falling back through the first major support level, Litecoin avoided the second major support level at $41.61.

A 4th day in the green on Saturday limited the downside for the week. Litecoin failed to break back through the first major support level, however.

For the week ahead

Litecoin would need to move back through to $44 levels to support a run at the first major resistance level at $47.07.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $47.00.

Barring an extended crypto rally, the first major resistance level at $47.07 and last week’s high would likely cap any upside.

Failure to move through to $44 levels could see Litecoin come under further pressure.

A fall back through to $42 levels would bring the first major support level at $39.41 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $35.54.

At the time of writing, Litecoin was up by 0.55% to $43.51. A bullish start to the week saw Litecoin rise from an early morning low $43.08 to a high $43.68.

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

Tron’s TRX/

 Tron’s TRX slid by 6.79% in the week ending 16th May. Following on from a 1.57% decline from the previous week, Tron’s TRX ended the week at $0.014962.

It was a particularly bearish start to the week. Tron’s TRX tumbled from a Sunday intraweek high 0.016052 to a Sunday intraweek low $0.013000.

The sell-off saw Tron’s TRX slide through the first major support level at $0.01529 and second major support level at $0.01445.

Finding support at the third major support level at $0.01294, Tron’s TRX recovered to $0.0144 levels before a 2nd sell-off on Monday.

A 2.26% fall saw Tron’s TRX fall back through the first and second major support levels before a mid-week rebound.

Three consecutive days in the green saw Tron’s TRX recover to a Thursday high $0.015417 before a Friday pullback.

While falling back through the first major support level, the second major support level at $0.01445 limited the downside.

Tracking the broader market, a bullish end to the week delivered a 4th day in the green to reduce the deficit for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01470 levels to support a run at the first major resistance level at $0.01634.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016052.

Barring a broad-based crypto rally in the week, the first major resistance level at $0.01634 and last week’s high will likely cap any upside.

Failure to avoid sub-$0.01470 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.01470 levels would bring the first major support level at $0.01329 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.012 support levels.

At the time of writing, Tron’s TRX was up by 0.33% to $0.015011. A relatively bullish start to the week saw Tron’s TRX rise from an early morning low $0.014941 to a high $0.015072 on Sunday.

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

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