Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 23/02/20

It’s a bullish start to the week, Can the majors hang on? Breaking through key levels early in the week would support a reversal of last week’s losses.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 9.36% in the week ending 22nd February. Reversing most of an 11.04% rally from the previous week, Binance Coin ended the week at $21.99.

It was bearish through the week, with Binance Coin only seeing green on 3 out of the 7 days and a 2.96% gain on Tuesday the only highlight.

The pullback saw Binance Coin rise to a Tuesday intraweek high $25.28 before sliding to a Thursday intraweek low $20.89.

Falling well short of the major resistance levels, Binance Coin fell through the 38.2% FIB of $22.9 and the first major support level at $21.48.

Finding support late in the week, Binance Coin broke back through the first major support level to hit $22 levels before easing back.

For the week ahead

Binance Coin would need to break back through to $24 levels to bring the first major resistance level at $24.55 into play.

Support from the broader market would be needed for Binance Coin to break back through the 38.2% FIB of $22.9 to hit $24 levels.

Barring a broad-based crypto rally, resistance at $25 would likely continue to limit the upside in the week.

In the event of a breakout, the second major resistance level at $27.11 would likely pin Binance Coin back.

Failure to move back through to $24 levels could see Binance Coin spend a 2nd week in the red.

A fall back to sub-$22 levels would bring the first major support level at $20.16 into play

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$20 levels.

At the time of writing, Binance Coin was up by 2.41% to $22.52. A bullish start to the week saw Binance Coin rally from an early morning low $21.96 to a high $22.95 on Sunday morning.

Steering clear of the major support levels, Binance Coin broke through the 38.2% FIB of $22.90 before easing back.

Litecoin

Litecoin fell by just 2.45% in the week ending 22nd February. Reversing a 0.10% gain from the previous week, Litecoin ended the week at $74.88.

Bearish through the week, Litecoin fell from a Sunday intraweek high $80.80 to a Thursday intraweek low $66.00

Litecoin broke through the 38.2% FIB of $78 before hitting reverse. Falling short of the first major resistance level at $83.34, Litecoin fell through the first major support level at $71.30.

A bullish end to the week, that included a 5.55% rally on Friday, led to recovery to $70 levels to limit the loss on the week.

In spite of the recovery, 4 days in the red out of 7 left Litecoin short of the 38.2% FIB in the week.

For the week ahead

Litecoin would need to move through to last week’s high $80.80 to support a run at the first major resistance level at $81.79.

Support from the broader market would be needed for Litecoin to move back through the 38.2% FIB.

Barring an extended crypto rally, however, resistance at $80 would likely pin Litecoin back in the week once more.

Failure to move back through the 38.2% FIB could see Litecoin hit reverse.

A fall back through to sub-$74 levels would bring the first major support level at $66.99 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$65 levels in the week.

At the time of writing, Litecoin was up by 2.87% to $77.03. A bullish start to the week saw Litecoin rise from an early morning low $74.70 to a high $77.80 before easing back.

Litecoin left the major support and resistance levels untested early on.

Tron’s TRX

Tron’s TRX tumbled by 15.03% in the week ending 22nd February. Reversing an 8.30% gain from the previous week, Tron’s TRX ended the week at $0.020045.

Bearish through the week, Tron’s TRX fell from a Sunday intraweek high $0.02467 to a Thursday intraweek low $0.018843.

Steering clear of the resistance levels, Tron’s TRX fell through the first major resistance level at $0.02070.

Finding support late in the week, Tron’s TRX recovered to wrap up the week at $0.020 levels.

5-days in the red out of 7 that included a 10.50% slide on Wednesday did the damage, however.

For the week ahead

Tron’s TRX would need to move back through to $0.02120 levels to support a run at the first major resistance level at $0.02350.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0230 levels.

In the event of a broad-based crypto rally, the second major resistance level at $0.02700 would likely limit any upside.

Failure to move through to $0.02120 could see Tron’s TRX hit reverse.

A fall back through to sub-$0.020 levels would bring the first major support level at $0.01770 into play before any recovery.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.017 levels and second major support level at $0.0154.

At the time of writing, Tron’s TRX was up by 3.57% to $0.02076. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.020093 to a high $0.020867.

Tron’s TRX left the major support and resistance levels untested early on.

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