Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 23/08/20

It’s a bearish start to the week for the majors. Failure to move through the weekly pivot levels would bring support levels into play.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 3.85% in the week ending 22nd August. Reversing a 0.79% gain from the previous week, Binance Coin ended the week at $22.22.

A bullish start to the week saw Binance Coin rally to a Monday intraweek high $24.70 before hitting reverse.

Binance Coin broke through the first major resistance level at $24.60 before sliding to a Saturday intraweek low $21.26.

Steering clear of the first major support level at $21.04, Binance coin moved back through to $22 levels to cut the deficit for the week.

4 days in the red that included a 4.36% slide on Friday delivered the downside. A 1.88% rise on Sunday and a 3.19% gain on Thursday, limited losses for the week, however.

For the week ahead

Binance Coin would need to move through the $22.73 pivot to bring the first major resistance level at $24.19 into play.

Support from the broader market would be needed for Binance Coin to break back through to $24 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $24.70 would likely limit any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $26.17 before any pullback.

Failure to move through the $22.73 pivot would bring the first major support level at $20.75 into play.

Barring a crypto sell-off, Binance Coin should avoid sub-$19 levels. The 38.2% FIB of $19.4 and the second major support level at $19.29 should limit any downside.

At the time of writing, Binance Coin was down by 0.73% to 22.05. It was a bearish start to the week on Sunday. Binance Coin fell from an early Sunday morning high $22.27 to a low $21.99.

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

Litecoin

Litecoin rose by 0.65% in the week ending 22nd August. Following on from a 2.46% gain from the previous week, Litecoin ended the week at $60.32.

It was a bullish start to the week. Litecoin rallied to a Monday intraweek high $69.00 before hitting reverse.

Litecoin broke through the first major resistance level at $63.32 and the second major resistance level at $66.75.

The reversal saw Litecoin slide to a Saturday intraweek low $57.75. While falling back through the major resistance levels, Litecoin steered clear of the first major support level at $54.04.

Finding support at the end of the week, Litecoin moved back through to $60 levels to end the week in the green.

3 days in the red that included a 5.20% slide on Tuesday and a 5.83% slide on Friday pinned Litecoin back. A 6.69% gain on Sunday and a 5.30% rise on Monday provided the needed support. It was ultimately a 2% gain on Saturday, however, that delivered the upside for the week.

For the week ahead

Litecoin would need to move through the $62.32 pivot to support a run at the first major resistance level at $67.00.

Support from the broader market would be needed, however, for Litecoin to break out from $65 levels.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the $62.32 pivot would bring the first major support level at $55.64 and the 23.6% FIB of $54 into play.

Barring an extended crypto sell-off, however, Litecoin should continue to steer clear of sub-$50 levels. The second major support level at $50.96 should limit any downside.

At the time of writing, Litecoin was down by 1.33% to $59.52. A mixed start to the week saw Litecoin rise to an early Sunday morning high $60.65 before falling to a low $59.04.

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

Tron’s TRX

Tron’s TRX fell by 0.23% in the week ending 22nd August. Following the previous week’s 23.21% rally, Tron’s TRX ended the week at $0.025259.

It was a bullish start to the week. Tron’s TRX rallied to a Tuesday intraweek high $0.03276 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.02793 and the second major resistance level at $0.03062.

The reversal saw Tron’s TRX slide to a Saturday intraweek low $0.023189.

Steering clear of the first support level at $0.02076, Tron’s TRX recovered to $0.025 levels to limit the loss on the week.

3 days in the red that included an 8.20% slide on Tuesday and an 11.18% tumble on Friday delivered the downside for the week. A 12.32% rally on Sunday and 3.58% gain on Saturday limited the downside for the week, however.

For the week ahead

Tron’s TRX would need to move through the $0.02705 pivot to support a run at the first major resistance level at $0.03091.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.030 levels.

Barring a broad-based crypto rally the first major resistance level and last week’s high $0.03276 would likely cap any upside.

In the event of a breakout, Tron’s TRX could test the second major resistance level at $0.03662 before any pullback.

Failure to move through the $0.02705 pivot would bring the first major support level at $0.02134 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.020 support levels. The second major support level sits at $0.01748.

At the time of writing, Tron’s TRX was down by 1.64% to $0.02479. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.025383 before falling to a low $0.024563.

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

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