Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 21/06/20

It’s a mixed start to the week. failure to break back through last week’s highs will put further pressure on the majors in the week ahead.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 4.52% in the week ending 20th June. Following on from a 4.27% decline from the previous week, Binance Coin ended the week at $16.06.

It was another mixed start to the week for Binance Coin and the broader market.

Binance Coin rose to a Sunday intraweek high $16.88 before hitting reverse.

Falling well short of the first major resistance level at $17.91, Binance Coin slid to a Monday intraweek low $15.39.

Binance Coin fell through the first major support level at $15.73 before finding support.

A move back through to $16 levels on Monday reversed losses on the day before returning to the red mid-week.

Off the back of 3 consecutive days in the red, Tuesday through Thursday, Binance Coin fell back to sub-$16s.

The reversal saw Binance Coin fall back through the first major support level before support kicked.

A relatively bullish day on Saturday saw Binance Coin recover to $16 levels to limit the loss on the week.

5-days in the red for the week delivered the downside, however. A 1.6% slide on Sunday was the biggest daily loss in the week.

For the week ahead

Binance Coin would need to avoid a fall through to $16.10 levels to bring the first major resistance level at $16.83 into play.

Support from the broader market would be needed for Binance Coin to break out from $16.50 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $16.88 would likely cap any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $17.60 and $18 levels before any pullback.

Failure to avoid a fall through to sub-$16.10 levels could see Binance Coin struggle throughout the week.

A fall back through sub-$16.10 levels would bring the first major support level at $15.34 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$15 support levels. The second major support level sits at $14.62.

At the time of writing, Binance Coin was up by 0.78% to $16.18. A bullish start to the week saw Binance Coin rise from an early morning low $16.01 to a high $16.35.

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

Litecoin

Litecoin fell by 3.42% in the week ending 20th June. Following on from a 3.61% slide from the previous week, Litecoin ended the week at $43.54.

It was a bearish start to the week. Litecoin slid from a Sunday intraweek high $45.08 to a Monday intraweek low $41.75 before finding support.

Falling well short of the major resistance levels, Litecoin slid through the first major support level at $42.41.

Finding support mid-week, Litecoin recovered to $45 levels on Wednesday before falling back into the red.

2 consecutive days in the red, following 2 consecutive days in the green saw Litecoin fall back to a low $42.23.

Litecoin fell back through the first major support level before a 1.66% gain on Saturday to limit the loss from the week.

4-days in the red that included a 2.40% slide on Sunday delivered the downside for the week.

For the week ahead

Litecoin would need to move through to $43.50 levels to support a run at the first major resistance level at $45.16.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $45.08.

Barring another extended crypto rally, the first major resistance level and last week’s high would likely cap any upside.

Failure to move through to $43.50 levels could see Litecoin come under further pressure.

A fall through to sub-$43 levels would bring the first major support level at $41.83 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 levels. The second major support level at $40.13 should limit any downside.

At the time of writing, Litecoin was down by 0.11% to $43.49. A mixed start to the week saw Litecoin rise to an early morning high $43.82 before falling to a low $43.49 on Sunday.

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

Tron’s TRX

Tron’s TRX slid by 3.78% in the week ending 20th June. Following on from a 1.82% decline from the previous week, Tron’s TRX ended the week at $0.016033.

It was a bearish start to the week. Tron’s TRX rose to a Sunday intraweek high $0.16678 before hitting reverse.

Coming up well short of the first major resistance level at $0.01849, Tron’s TRX slid to a Monday intraweek low $0.015058.

Tron’s TRX came within range of the first major support level at $0.01502 before finding support.

Off the back of 3 consecutive days in the green, Tron’s TRX recovered to $0.01640 levels before sliding back.

2 consecutive days in the red saw Tron’s TRX slide back to sub-$0.01570 before finding support.

4-days in the green, which included a 0.84% gain on Saturday, were not enough to reverse losses from the start of the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.01590 pivot to support a run at the first major resistance level at $0.01679.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016678.

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

In the event of a breakout, Tron’s TRX could eye $0.018 levels before any pullback. The second major resistance level at $0.01754 and resistance at $0.018 would likely cap any upside, however.

Failure to avoid a through the $0.01590 pivot could see Tron’s TRX spend a 3rd consecutive week in the red.

A fall back through to sub-$0.01590 levels would bring the first major support level at $0.01517 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01430.

At the time of writing, Tron’s TRX was down by 0.42% to $0.015965. A mixed start to the week saw Tron’s TRX fall to a low $0.015940 before rising to an early morning high $0.016022.

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

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