Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 18/07/21

After a bearish week, the majors will need to move through the week’s pivot levels to avoid another week in the red.

Binance Coin

Binance Coin fell by 4.94% in the week ending 17th July. Partially reversing a 6.01% rise from the previous week, Binance Coin ended the week at $300.58.

A mixed start to the week saw Binance Coin rise to a Monday intraweek high $336.76 before hitting reverse.

Falling short of the first major resistance level at $344, Binance Coin slid to a Thursday low $288.87.

Finding support at the first major support level at $288, Binance Coin revisited $320 levels before falling back into the red.

4 days in the red that included a 4.05% loss on Friday delivered the downside.

For the week ahead

Binance Coin would need to move through the $309 pivot to bring the first major resistance level at $329 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $325 levels.

Barring an extended rally, the first major resistance level and last week’s high $336.76 would likely limit any upside.

In the event of a broad-based crypto rebound, Binance Coin could test resistance at $400. The second major resistance level sits at $357.

Failure to move through the $309 pivot would bring the first major support level at $281 and the 62% FIB of $273 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of the second major support level at $261.

At the time of writing, Binance Coin was up by 1.19% to $304.15. A mixed start to the week saw Binance Coin fall to an early Sunday low $299.81 before rising to a high $305.05.

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

Litecoin

Litecoin slid by 10.45% in the week ending 17th July. Following a 4.43% decline from the previous week, Litecoin ended the week at $120.02.

A mixed start to the week saw Litecoin rise to a Monday intraweek high $139.65 before hitting reverse.

Falling short of the first major resistance level at $146, Litecoin slid to a Saturday intraweek low $117.73.

Litecoin fell through the first major support level at $124 to end the week at sub-$121 levels.

6 days in the red that included a 3.99% fall on Thursday and a 4.06% slide on Friday delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $126 pivot to bring the first major resistance level at $134 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $139.65 would likely limit any upside.

In the event of a broad-based crypto rally, Litecoin could test resistance at $150 before any pullback. The second major resistance level sits at $148.

Failure to move through the $134 pivot would bring the first major support level at $112 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level at $104 should limit the downside.

At the time of writing, Litecoin was up by 1.57% to $121.90. A mixed start to the week saw Litecoin fall to an early Sunday low $119.80 before rising to a high $122.37.

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

Tron’s TRX

Tron’s TRX slid by 8.51% in the week ending 17th July. Following a 7.88% fall from the previous week, Tron’s TRX ended the week at $0.05612.

A mixed start to the week saw Tron’s TRX rise to a Monday intraweek high $0.06379 before hitting reverse.

Falling short of the first major resistance level at $0.06758, Tron’s TRX slid to a Saturday intraweek low $0.05425.

The reversal saw Tron’s TRX fall through the first major support level at $0.05692 before briefly revisiting $0.0569 levels. Late in the day on Saturday, the first major support level pinned Tron’s TRX back.

4 days in the red that included a 3.46% fall on Thursday and a 4.16% slide on Friday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to move through the $0.05805 pivot to support a run at the first major resistance level at $0.06186.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.060 levels.

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

In the event of an extended rally, Tron’s TRX could test resistance at $0.070 levels. The second major resistance level sits at $0.06759. Tron’s TRX would need plenty of support, however, to break out from last week’s high $0.06379.

Failure to move through the $0.05805 pivot would bring the first major support level at $0.05232 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.050 levels. The second major support level sits at $0.04851.

At the time of writing, Tron’s TRX was up by 0.90% to $0.05662. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.05573 before rising to a high $0.05706.

Tron’s TRX left the support and resistance levels untested early on.

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