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

Binance Coin

Binance Coin surged by 90.12% in the week ending 20^th 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 20^th 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 20^th 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.