Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 21/02/21

It’s a mixed start to the week for the majors. Failure to hit key levels early in the week could could test support levels.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin surged by 90.12% in the week ending 20th February. Following on from an 82.88% breakout from the previous week, Binance Coin ended the week at $253.85.

A mixed start to the week saw Binance Coin fall to a Monday intraweek low $115.71 before making a move.

While steering well clear of the first major support level at $79.31, Binance Coin fell through the 23.6% FIB of $117.

Breaking back through the 23.6% FIB on Monday, Binance Coin surged to a Friday intraweek high and a new swing hi $368.29.

Binance Coin broke through the week’s major resistance levels before a sell-off to $221 levels on Saturday.

The pullback saw Binance Coin fall through the third major resistance level at $295 to end the week at $253 levels.

5 days in the green that included a 70.55% surge on Friday and a 27.22% rally on Wednesday delivered the upside for the week. A 23.93% slide on Saturday pared some of the gains from the week.

For the week ahead

Binance Coin would need to avoid a fall through the $246 pivot to bring the 23.6% FIB of $283 and the first major resistance level at $376 into play.

Support from the broader market would be needed for Binance Coin to break back through to $300 levels.

Barring an extended crypto rally, the first major resistance level and last week’s swing hi $368.29 would likely limit any upside in the week.

In the event of an extended crypto rally, could test resistance at $500 before any pullback. The second major resistance level sits at $499.

Failure to avoid a fall through the $246 pivot would bring the 38.2% FIB of $230 into play.

Barring an extended sell-off in the week, however, Binance Coin should steer clear of the 62% FIB of $145 and the first major support level at $124.

At the time of writing, Binance Coin was up by 8.22% to $274.71. A mixed start to the week saw Binance Coin fall to an early Sunday low $249.01 before rising to a high $281.59.

Binance Coin left the major support and resistance levels untested early on. The early rally did see Binance Coin come within range of the 23.6% FIB of $283, however.

Litecoin

Litecoin rose by 0.31% in the week ending 20th February. Following on from a 45.29% breakout from the week prior, Litecoin ended the week at $227.17.

A bearish start to the week saw Litecoin fall to a Monday intraweek low $186.58 before making a move.

Steering clear of the 23.6% FIB of $181 and the first major support level at $175, Litecoin rallied to a Saturday intraweek high and a new swing hi $247.00.

Falling short of the first major resistance level at $249, Litecoin fell back to end the week at sub-$230 levels.

4 days in the green that included a 13.02% rally on Wednesday delivered the upside.

For the week ahead

Litecoin would need to avoid a fall through the $220 pivot to bring the first major resistance level at $254 into play.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s swing hi $247.00.

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 $280 before any pullback. The second major resistance level sits at $281.

Failure to avoid a fall through the $220 pivot would bring 23.6% FIB of $195 and the first major support level at $194 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $160.

At the time of writing, Litecoin was up by 0.58% to $228.48. A mixed start to the week saw Litecoin fall to an early Sunday low $223.66 before rising to a high $229.59.

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

Tron’s TRX

Tron’s TRX fell by 4.76% in the week ending 20th February. Following a 71% surge from the week prior, Tron’s TRX ended the week at $0.05761.

Tracking the broader market, Tron’s TRX slid to a Monday intraweek low $0.04592 before making a move.

Steering clear of the first major support level at $0.04004, Tron’s TRX rallied to a Friday intraweek high $0.07050.

While falling short of the first major resistance level at $0.07201, Tron’s TRX broke through the 62% FIB of $0.0648 before falling back to sub-$0.060 levels.

After closing out the day at $0.061 levels on Friday, Tron’s TRX fell back sub-$0.060 levels to end the week at $0.057 levels.

3 days in the red that included an 8.23% fall on Sunday and an 8.36% slide on Monday delivered the downside for the week.

For the week ahead

Tron’s TRX would need move back through the $0.05801 pivot to support another run at 62% FIB of $0.06480 and the first major resistance level at $0.07010.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the 62% FIB.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.07050 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at $0.085 levels before any pullback. The second major resistance level sits at $0.08259.

Failure to move back through the $0.05801 pivot would bring the first major support level at $0.04552 and the 38.2% FIB of $0.04280 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.040 levels. The second major support level sits at $0.03343.

At the time of writing, Tron’s TRX was down by 0.18% to $0.05751. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.05609 before rising to a high $0.05891.

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

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