Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 21/03/21

It’s a positive start to the week for the majors. An early move through last week’s highs would be needed, however, to support a bullish week ahead.
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Binance Coin

Binance Coin fell by 4.23% in the week ending 20th March. Partially reversing a 21.84% breakout from the previous week, Binance Coin ended the week at $264.47.

A bearish start to the week saw Binance Coin fall to a Monday intraweek low $236.11 before making a move.

Steering clear of 38.2% FIB of $230 and the first major support level at $224, Binance Coin rallied to a Thursday intraweek high $285.24.

While falling short of the first major resistance level at $324, Binance Coin came up against the 23.6% FIB of $283.

Going into the weekend, Binance Coin eased back to $252 levels before a partial recovery to end the week at $264 levels.

3 days in the red that included a 4.56% fall on Sunday delivered the downside for the week.

For the week ahead

Binance Coin would need to avoid a fall back through the $262 pivot to bring the 23.6% FIB of $283 and the first major resistance level at $288 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $285.24.

Barring an extended rally, the first major resistance level and resistance at $300 would likely cap any upside.

Failure to avoid a fall through the $262 pivot would bring the first major support level at $239 and the 38.2% FIB of $230 into play.

Barring an extended sell-off, Binance Coin should steer well clear of the second major support level at $213.

At the time of writing, Binance Coin was up by 0.61% to $266.09. A mixed start to the week saw Binance Coin fall to an early Sunday low $261.09 before striking a high $268.39.

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

Litecoin

Litecoin slid by 11.47% in the week ending 20th March. Partially reversing a 23.63% rally from the previous week, Litecoin ended the week at $200.16.

A mixed start to the week saw Litecoin rise to a Sunday intraweek high $227.94 before hitting reverse.

Falling well short of the first major resistance level at $244, Litecoin slid to a Tuesday intraweek low $191.18.

The pullback saw Litecoin fall through the 23.6% FIB of $195 and the firsts major support level at $194.

Steering clear of sub-$190, Litecoin revisited $208 levels before falling back into the red.

The 23.6% FIB and the first major support level at $194 limited the downside late in the week.

3 days in the red that included a 5.30% fall on Sunday and a 6.21% slide on Monday delivered the loss for the week.

For the week ahead

Litecoin would need to move through the $206 pivot to bring the first major resistance level at $222 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $220 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $230 would likely limit any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $243 and February’s swing hi $247.

Failure to move through the $206 pivot would bring the 23.6% FIB of $195 and the first major support level at $185 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $170.

At the time of writing, Litecoin was up by 0.57% to $201.30. A mixed start to the week saw Litecoin fall to an early Sunday low $198.56 before rising to a high $201.95.

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

Tron’s TRX

Tron’s TRX rallied by 14.71% in the week ending 20th March. Following on from a 5.58% gain from the week prior, Tron’s TRX ended the week at $0.06105.

A bearish start to the week saw Tron’s TRX fall to a Monday intraweek low $0.04637 before making a move.

Tron’s TRX fell through the first major support level at $0.04826 before rallying to a Saturday intraweek high $0.06895.

Tron’s TRX broke through the first major resistance level at $0.05721 and the second major resistance level at $0.06121.

More significantly, Tron’s TRX briefly broke through the 62% FIB of $0.06480 before easing back to end the week at $0.061 levels.

4 days in the green that included a 9.40% rally on Friday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.05879 pivot to support a run at the first major resistance level at $0.07121.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the 62% FIB and last week’s high $0.06895.

Barring a broad-based crypto rally, the first major resistance level and resistance at $0.075 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at $0.080. The second major resistance level sits at $0.08137.

A break through and hold above the 62% FIB of $0.0648 would lead to a near-term bullish trend formation.

Failure to avoid a fall through the $0.05879 pivot would bring the first major support level at $0.04863 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the 38.2% FIB of $0.04280. The second major support level at $0.04863 should limit the downside.

At the time of writing, Tron’s TRX was up by 2.55% to $0.06260. A bullish start to the week saw Tron’s TRX rise from an early Sunday low $0.06013 to a high $0.06391.

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

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