Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 18/04/21

It’s a bearish start to the week for the majors. Failure to revisit early Sunday highs would bring support levels into play.
Different cryptocurrencies in a circle with a golden bitcoin in

Binance Coin

Binance Coin rose by 9.16% in the week ending 17th April. Following on from a 46.37% surge from the previous week, Binance Coin ended the week at $514.6.

A mixed start to the week saw Binance Coin fall to a Sunday intraweek low $448.47 before making a move.

Steering clear of the 23.6% FIB of $390 and the first major support level at $355, Binance Coin surged to a Monday intraweek high and a new swing hi $643.66.

Binance Coin broke through the first major resistance level at $548 and the second major resistance level at $625.

Falling short of $700 levels, Binance Coin slid back to $487 levels.

The pullback saw Binance coin fall through the major resistance levels before finding support.

Binance Coin broke back through the first major resistance level at $548 before easing back to end the week at $514 levels.

3 days in the green that included an 11.55% rally on Sunday and a 13.46% breakout on Monday delivered the upside for the week.

For the week ahead

Binance Coin would need to move through the $536 pivot to bring the first major resistance level at $623 into play.

Support from the broader market would be needed, however, for Binance Coin to break out back through to $600 levels.

Barring an extended rally, the first major resistance level and last week’s new swing hi $643.66 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 $731.

Failure to move through the $536 pivot would bring the 23.6% FIB of $494 and the first major support level at $428 into play.

Barring an extended sell-off, Binance Coin should steer well clear of sub-$400 levels and the second major support level at $340. The 38.25 FIB of $400 should limit the downside.

At the time of writing, Binance Coin was down by 0.23% to $513.43. A mixed start to the week saw Binance Coin rise to an early Sunday morning high $521.54 before falling to a low $506.74.

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

Litecoin

Litecoin rallied by 17.50% in the week ending 17th April. Following on from a 31.08 breakout from the previous week, Litecoin ended the week at $301.10.

A bearish start to the week saw Litecoin fall to a Monday intraweek low $240.14 before making a move.

Steering clear of the first major support level at $213, Litecoin rallied to a Saturday intraweek high and a new swing hi $335.35.

Litecoin broke through the first major resistance level at $278 and the second major resistance level at $300.

Falling short of the third major resistance level at $364, Litecoin slide back to sub-$300 before ending the week at $301 levels.

4 days in the green that included a 9.58% rally on Tuesday and a 7.89% rally on Friday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid a fall back through the $292 pivot to bring the first major resistance level at $344 into play.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s new swing hi $335.35.

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

In the event of an extended breakout, Litecoin could test resistance at $400 before any pullback. The second major resistance level sits at $386.

Failure to avoid a fall back through the $292 pivot would bring the 23.6% FIB of $261 and the first major support level at $249 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$240 and the 38.2% FIB of $216. The second major support level sits at $198.

At the time of writing, Litecoin was down by 2.37% to $293.95. A mixed start to the week saw Litecoin rise to an early morning high $305.33 before sliding to a Sunday low $285.56.

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

Tron’s TRX

Tron’s TRX rallied by 22.73% in the week ending 17th April. Following on from a 25.45% jump from the previous week, Tron’s TRX ended the week at $0.1555.

A mixed start to the week saw Tron’s TRX fall to a Sunday intraweek low $0.1172 before making a move.

Steering clear of the 23.6% FIB of $0.1159 and the first major support level at $0.1030, Tron’s TRX surged to a Friday intraweek high and a new swing hi $0.1844.

Tron’s TRX broke through the first major resistance level at $0.1500 and the second major resistance level at $0.1733.

A bearish end to week saw Tron’s TRX fall back through the major resistance levels to sub-$0.15 before ending the week at $0.155 levels.

The recovery to $0.155 levels saw Tron’s TRX break back through the first major resistance level at $0.1500.

4 days in the green that included a 13.12% rally on Tuesday and a 17.06% breakout on Thursday delivered the upside

For the week ahead

Tron’s TRX would need to move back through the $0.1524 pivot to support a run at the first major resistance level at $0.1875.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s swing hi $0.1844.

Barring a broad-based crypto rally, the first major resistance level and resistance at $0.19 would likely cap any upside.

In the event of another extended rally, Tron’s TRX could the second major resistance level at $0.2196.

Failure to move back through the $0.1524 pivot would bring the 23.6% FIB of $0.1426 and the first major support level at $0.1203 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the 38.2% FIB of $0.1167. The second major support level sits at $0.0852.

At the time of writing, Tron’s TRX was down by 2.14% to $0.1522. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.1577 before falling to a low $0.1489.

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

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