Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 19/04/20

After last week’s rally, it’s a bearish start to the week. Failure to move through key levels early in the week will bring support levels into play.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin rallied by 20.48% in the week ending 18th April. Following on from a 9.34% gain from the previous week, Binance Coin ended the week at $16.65.

A choppy start to the week saw Binance Coin fall to a Monday intraweek low $13.40, which came in spite of daily gains on Sunday and Monday.

Steering clear of the first major support level at $12.89, Binance Coin rallied to a Saturday intraweek high $16.86.

Binance Coin broke through the first major resistance level at $15.16 and second major resistance level at $16.50.

Of greater significance, however, was a move through the 23.6% FIB of $14.44.

While 5-days in the green delivered the upside for the week, a 6.84% fall in Wednesday limited the gains.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.87 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $16.86.

Barring a broad-based crypto rally, the major resistance level at $17.87 would likely cap any upside.

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 in the week.

A fall back through to sub-$15.65 levels would bring the first major support level at $14.41 and the 23.6% FIB into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

At the time of writing, Binance Coin was down by 0.80% to $16.52. A bearish start to the week saw Binance Coin fall from an early morning high $16.69 to a low $16.32.

Litecoin

Litecoin rose by 3.76% in the week ending 18th April. Following on from a 4.39% gain from the previous week, Litecoin ended the week at $44.20.

Another bearish start to the week saw Litecoin fall from a Sunday high $43.75 to a Thursday intraweek low $38.00.

Litecoin fell through the first major support level at $39.14 before rallying to a Saturday intraweek high $44.51.

In spite of the rebound, Litecoin fell short of the first major resistance level at $46.88 at the end of the week.

An 8.4% rally on Thursday reversed 4 consecutive days in the red to support the upside in the week.

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 $46.47.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $44.51.

Barring an extended crypto rally, resistance at $45 would likely leave Litecoin short of the first major resistance level.

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

A fall back through to sub-$42.30 levels would bring the first major support level at $39.96 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$39 support levels.

At the time of writing, Litecoin was 0.79% to $43.85. A bearish start to the week saw Litecoin fall from an early morning high $44.39 to a low $43.61.

Tron’s TRX

Tron’s TRX rallied by 6.71% in the week ending 18th April. Following on from a 3.91% gain from the previous week, Tron’s TRX ended the week at $0.013413.

A mixed start to the week saw Tron’s TRX rise to a Sunday high $0.013436 before sliding to a Thursday intraweek low $0.011842.

Steering clear of the major resistance levels, Tron’s TRX came within range of the first major support level at $0.01159.

Finding support on Thursday, Tron’s TRX bounced back to strike a Saturday intraweek high $0.013553.

Falling short of the first major resistance level at $0.01376, Tron’s TRX eased back to sub-$0.01350 levels.

The upside in the week came in spite of 4-days in the red.

For the week ahead

Tron’s TRX would need to avoid sub-$0.13 levels to support a run at the first major resistance level at $0.01403.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.013553.

Barring an extended crypto rally in the week, the first major resistance level at $0.01403 should limit any upside.

Failure to avoid sub-$0.13 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01290 levels would bring the first major support level at $0.01232 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01123.

At the time of writing, Tron’s TRX was down by 0.91% to $0.013291. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.013436 to a low $0.013265.

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