Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX –230521

It’s a bullish start to the week for the majors after last week’s PBoC driven sell-off. Failure to move through the week’s pivot levels would deliver more losses…
Bitcoin coin on white keyboard

Binance Coin

Binance Coin tumbled by 46.75% in the week ending 22nd May. Following a 12.94% fall from the previous week, Binance Coin ended the week at $300.00.

A mixed start to the week saw Binance Coin rise to a Sunday intraweek high $612.57 before hitting reverse.

Falling short of the first major resistance level at $673, Binance Coin tumbled to a Wednesday intraweek low $256.77.

The sell-off saw Binance Call fall through the first major support level at $482 and the second major support level at $401.

Significantly, Binance Coin also fell through the 23.6% FIB of $540, the 38.2% FIB of $438, and the 62% FIB of $273.

Steering clear of the third major support level at $210, Binance Coin broke back through the 62% FIB to end the week at $300 levels.

5 days in the red that included an 33.96% slump on Wednesday delivered the downside.

For the week ahead

Binance Coin would need to move through the $390 pivot and the 38.2% FIB of $438 to bring the first major resistance level at $523 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $500 levels.

Barring an extended rally, 38.2% FIB of $438 would likely leave Binance Coin short of the first major resistance level.

In the event of another breakout, Binance Coin could test resistance at the 23.6% FIB of $540 before any pullback. The second major resistance level sits at $746.

Failure to move through the $390 pivot would bring the 62% FIB of $273 and the first major support level at $167 into play.

Barring another extended sell-off, however, Binance Coin should steer clear of sub-$200 levels. The second major support level sits at $34.

At the time of writing, Binance Coin was up by 3.21% to $309.62. A mixed start to the week on Sunday saw Binance Coin fall to an early morning low $292.28 before rising to a high $311.25.

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

Litecoin

Litecoin tumbled by 43.53% in the week ending 22nd May. Following a 13.68% slide from the previous week, Litecoin ended the week at $169.48.

A mixed start to the week saw Litecoin rise to a Sunday intraweek high $324.19 before hitting reverse.

While falling short of the first major resistance level at $379, Litecoin broke through the 23.6% FIB of $322.

The sell-off saw Litecoin tumble to a Wednesday intraweek low $146.19.

Litecoin fell through the first major support level at $256 and the second major support level at $212.

More significantly, Litecoin fell through the 23.6% FIB of $322, the 38.2% FIB of $265, and the 62% FIB of $174.

Finding support late in the week, Litecoin revisited $232 levels before sliding back to end the week at sub-$170 levels.

5 days in the red that included an 36.54% tumble on Wednesday delivered the downside in the week.

For the week ahead

Litecoin would need to move through the 62% FIB of $174 and the $213 pivot to bring the 38.2% FIB of $265 and the first major resistance level at $280 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from $250 levels.

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

In the event of a broad-based crypto rebound, Litecoin could test resistance $300. The second major resistance level sits at $391.

Failure to move through the 62% FIB of $174 and the $213 pivot would bring the first major support level at $102 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $35.

At the time of writing, Litecoin was up by 2.22% to $173.24. A mixed start to the week saw Litecoin fall to an early Sunday morning low $165.73 before rising to a high $173.92

While leaving the major support and resistance levels untested early on, Litecoin tested resistance at the 62% FIB of $174.

Tron’s TRX

Tron’s TRX slid by 37.27% in the week ending 22nd May. Following on from a 15.49% slide in the previous week, Tron’s TRX ended the week at $0.07572.

A choppy start to the week saw Tron’s TRX rise to a Sunday intraweek high $0.1325 before hitting reverse.

Falling short of the 23.6% FIB of $0.1426 and the first major resistance level at $0.466, Tron’s TRX tumbled to a Wednesday intraweek low $0.05573.

Tron’s TRX fell through the first major support level at $0.09887 and the second major support level at $0.07713.

More significantly, Tron’s TRX also fell through the 38.2% FIB of $0.1167 and the 62% FIB of $0.07480.

Finding support late in the week, however, Tron’s TRX broke back through the 62% FIB to revisit $0.09 levels before sliding back.

The 62% FIB of $0.07480 provided support late in the week.

5 days in the red that included a 32.25% tumble on Wednesday delivered the downside.

For the week ahead

Tron’s TRX would need to move through the $0.8798 pivot to support a run at 38.2% FIB of $0.1167 and the first major resistance level at $0.1202.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.10 levels.

Barring a broad-based crypto rally, the 38.2% FIB and the first major resistance level would likely cap any upside.

In the event of an extended rally, Tron’s TRX could tests resistance at the 23.6% FIB of $0.1426 before any pullback. The second major resistance level sits at $0.1648.

Failure to move through the $0.08798 pivot would bring the 62% FIB of $0.0748 and the first major support level at $0.4347 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.050 levels. The second major support level sits at $0.01121.

At the time of writing, Tron’s TRX was up by 1.59% to $0.07692. A mixed start to week day saw Tron’s TRX fall to an early Sunday morning low $0.07344 before rising to a high $0.07794.

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

Most Recent

Top Articles