Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 22/12/19

It’s a positive start to the week, following last week’s sell-off. We’ve been here before, however. An early move through to key levels would restore confidence.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 7.44% in the week ending 21st December. Following on from an 8.18% slide from the previous week, Binance Coin ended the week at $13.31.

A relatively bullish start to the week saw Binance Coin rise to an early Sunday intraweek high $14.62.

Falling well short of the first major resistance level at $15.49, Binance Coin tumbled to a late Tuesday intraweek low and new swing lo $12.11.

A 6.6% loss on Monday and 8.1% slide on Tuesday saw Binance Coin visit sub-$13 levels for the 1st time since March.

3 consecutive days in the red also saw Binance Coin fall through the first major support level at $13.71 and second major support level at $13.06.

A rebound on Wednesday saw Binance Coin rally by 10.5% to revisit $14 levels before easing back to sub-$14 levels.

For the week ahead

Binance Coin would need to move through to $13.50 levels to support a run at the first major resistance level at $14.58.

Support from the broader market would be needed for Binance Coin to break back through to $14 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall well short of $16 levels again.  The second major resistance level at $15.86 would likely cap any upside on the week.

Failure to move through to $13.50 levels could likely see Binance Coin spend a 6th consecutive week in the red.

A fall back through to sub-$13 levels would bring the first major support level at $12.07 into play.

Barring another crypto meltdown, Binance Coin should steer clear of sub-$12 and the second major support level at $10.84.

At the time of writing, Binance Coin was up by 0.41% to $13.37. A mixed start to the day on Sunday saw Binance Coin fall to a morning low $13.27 before striking a high $13.41.

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Litecoin

Litecoin slid by 8.12% in the week ending 21st December. Following on from a 4.36% decline from the previous week, Litecoin ended the week at $39.73

A positive start to the week saw Litecoin rise to an intraweek high $44.04 on Sunday before hitting reverse.

Following a 0.39% gain on Sunday, Litecoin slid by 8.1% on Monday and by 7.3% on Tuesday to a Wednesday intraweek low and new swing lo $35.88.

Steering clear of the major resistance levels, Litecoin fell through the major support levels before finding support on Wednesday.

A broad-based crypto rally saw Litecoin bounce back to $41 levels with a 10.7% gain on the day.

The upside was short-lived, however, with Litecoin easing back to sub-$40 and into the deep red.

The pullback saw Litecoin fall back through the first major support level at $41.85 and second major support level at $40.47.

For the week ahead

Litecoin would need to move through to $40 levels to support a run at the first major resistance level at $43.75.

Support from the broader market would be needed, however, for Litecoin to break back through to $43 levels.

Barring a broad-based crypto rally in the week, last week’s high $43.84 and first major resistance level would likely cap any upside on the week.

Failure to move through to $40 levels could see Litecoin spend another week in the red.

A fall back through to sub-$38 levels would bring the first major support level at $35.79 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$36 levels in the week.

At the time of writing, Litecoin was up by just 0.08% to $39.76. Early on Sunday, Litecoin fell to an early low $39.69 before striking a high $39.81.

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Tron’s TRX

Tron’s TRX fell by 2.82% in the week ending 21st December. Following on from a 7.72% tumble from the previous week, Tron’s TRX ended the week at $0.013488.

A bullish start to the week saw Tron’s TRX rise to a Sunday intraweek high $0.014214 before hitting reverse.

Falling well short of the first major resistance level at $0.01430, Tron’s TRX slid to a Wednesday intraweek low $0.012160.

The reversal saw Tron’s TRX slide through the first major support level at $0.01290 and the second major support level at $0.01230.

Finding support in the 2nd half of the week, 2 days in the green out of 3 saw Tron’s TRX move back to $0.01340 levels to limit the loss for the week.

Early in the week, a 4% fall on Monday and a 7.05% slide on Tuesday did the damage. A 7.47% bounce back on Wednesday., did limit the downside, however.

For the week ahead

Tron’s TRX would need to avoid a return to $0.0133 levels to support a run at the first major resistance level at $0.01440

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0140 levels.

Barring an extended crypto rally, Tron’s TRX would likely fall short of $0.0160 levels in the week. The second major resistance level at $0.01530 would likely limit any upside.

Failure to steer clear of $0.0138 levels could see Tron’s TRX see another heavy weekly loss.

A pullback to through last week’s low $0.01330 levels would bring the first major support level at $0.01240 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of the second major support level at $0.1120

At the time of writing, Tron’s TRX was up by 3.08% to $0.013903. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.013572 to a high $0.013903.

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