Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 22/11/20

It’s a bearish start to the week after last week’s breakout. A move back through Sunday’s early highs should support a run at the resistance levels.
crypto currency mining concept

Binance Coin

Binance Coin rallied by 9.11% in the week ending 21st November. Following on from a 0.61% gain from the week prior, Binance Coin ended the week at $30.53.

Recovering from a bearish start to the week, Binance Coin rose to a Tuesday high $30.81 before hitting reverse.

Binance Coin broke through the first major resistance level at $29.70 before sliding to a Wednesday intraweek low $26.26.

The reversal saw Binance Coin fall through the 23.6% FIB of $27 to test support at the first major support level at $26.18.

Finding support late in the week, however, Binance Coin surged to a Saturday intraweek high $31.09. The rally saw Binance Coin break back through the 23.6% FIB and the first major resistance level to wrap up the day at $30 levels.

5 days in the green that included a 3.04% rise on Friday and a 5.23% rally on Saturday delivered the upside.

For the week ahead

Binance Coin would need to avoid a fall through the $29.29 pivot to bring the first major resistance level at $32.33 into play.

Support from the broader market would be needed for Binance Coin to break out from Sunday morning’s high $31.26.

Barring an extended crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of another crypto rally, could test the second major resistance level at $34.12 and resistance at $35.

Failure to avoid a fall through the $29.29 pivot would bring the 23.6% FIB of $27.50 and the first major support level at $27.50 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the second major support level at $24.46.

At the time of writing, Binance Coin was down by 1.75% to $29.995. A mixed start to the week saw Binance Coin strike an early Sunday morning high $31.26 before falling to a low $29.83

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

Litecoin

Litecoin surged by 36.38% in the week ending 21st November. Following on from an 8.28% rally from the previous week, Litecoin ended the week at $87.13.

It was a bearish start to the week. Litecoin fell to a Sunday intraweek low $61.08 before making a move.

Steering clear of the first major support level at $58.43, Litecoin rallied to a Saturday intraweek high $88.56.

Litecoin broke through the week’s major resistance levels and the 38.2% FIB of $71 to wrap up the week at $87 levels.

The third major resistance level at $81.62 delivered support in the early part of Saturday.

5 days in the green which included an 18.27% surge on Monday and an 11.11% rally on Thursday delivered the upside.

For the week ahead

Litecoin would need to avoid a fall through the $78.92 pivot to support a run at the first major resistance level at $96.77 and the 62% FIB of $100 into play.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $88.56.

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

In the event of another breakout, the second major resistance level at $106.40 would likely come into play.

Failure to avoid a fall through the $78.92 pivot would bring the 38.2% FIB of $71 and the first major support level at $69.29 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$60 levels. The second major support level sits at $51.44.

At the time of writing, Litecoin was down by 3.17% to $84.37. A mixed start to the week saw Litecoin rise to an early Sunday morning high $88.00 before falling to a low $83.65.

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

Tron’s TRX

Tron’s TRX jumped by 21.56% in the week ending 21st November. Following a 1.33% gain from the previous week, Tron’s TRX ended the week at $0.03052.

A bullish start to the week saw Tron’s TRX rise to a Tuesday high $0.02841 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.02664 and the second major resistance level at $0.02819.

Coming up short of $0.029 levels, Tron’s TRX slid to a Wednesday intraweek low $0.023858 before finding support.

Steering clear of the first major support level at $0.02354, Tron’s TRX surged to a Saturday intraweek high $0.03112.

Tron’s TRX broke through the first major resistance level at $0.02664 and the second major resistance level at $0.02819.

More significantly, Tron’s TRX also broke through the 23.6% FIB of $0.0291. Coming up against the third major resistance level at $0.03129, however, Tron’s TRX slipped back to end the week at $0.030 levels.

5 days in the green that included a 3.64% rally on Tuesday and a 15.83% surge on Saturday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall back through the $0.02850 pivot to support a run at the first major resistance level at $0.03314.

Support from the broader market would be needed, however, for Tron’s TRX to break through the 23.6% FIB of $0.0291 and break out from last week’s high $0.3112.

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 an extended rally, the second major resistance level at $0.03576 and resistance at $0.040 would likely come into play.

Failure to avoid a fall back through the $0.02850 pivot would bring the first major support level at $0.02588 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02124.

At the time of writing, Tron’s TRX was down by 5.45% to $0.02886. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.03097 before sliding to a low $0.02808.

Tron’s TRX left the major support and resistance levels untested at the start of the week. The early pullback saw Tron’s TRX fall through the 23.6% FIB of $0.0291, however.

Most Recent

Top Articles