Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 24/01/21

It’s a mixed start to the week for the majors. Failure to revisit last week’s highs could deliver another week in the red.
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Binance Coin

Binance Coin fell by 5.01% in the week ending 23rd January. Following on from a 2.11% fall from the previous week, Binance Coin ended the week at $40.95.

It was a mixed start to the week. Binance Coin rose to a Monday intraweek high and a new swing hi $48.98 before hitting reverse.

Falling short of the first major resistance level at $49.53, Binance Coin slid to a Friday intraweek low $34.69.

The sell-off saw Binance Coin fall the 23.6% FIB of $38.9 before making a partial recovery.

Coming within range of the first major support level at $34.54, Binance Coin broke back through the 23.6% FIB to end the week at $40 levels.

3 days in the red that included a 9.43% sell-off on Thursday delivered the downside for the week.

For the week ahead

Binance Coin would need to move through the $41.54 pivot to bring the first major resistance level at $48.39 into play.

Support from the broader market would be needed for Binance Coin to break out from $45 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $40.98 would likely limit any upside in the week.

In the event of an extended crypto rally, could test resistance at $55 before any pullback. The second major resistance level sits at $55.83.

Failure to move through the $41.54 pivot would bring the 23.6% FIB of $38.4 and the first major support level at $34.10 and into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the second major support level at $27.25. The 38.2% FIB of $32.3 should limit the downside.

At the time of writing, Binance Coin was down by 0.45% to $40.76. A mixed start to the week saw Binance Coin fall to an early Sunday low $40.33 before striking a high $41.10.

Binance Coin left the major support and resistance levels untested early on.

Litecoin

Litecoin fell by 4.05% in the week ending 23rd January. Following on from a 19.34% tumble from the previous week, Litecoin ended the week at $137.76.

It was a mixed start to the week. Litecoin slipped to a Sunday low $136.29 before making a move.

Steering clear of the major support levels, Litecoin rallied to a Tuesday intraweek high $166.21.

While falling short of the first major resistance level at $182.88, Litecoin broke through the 23.6% FIB of $148.

A sell-off mid-week, however, saw Litecoin tumble to a Friday intraweek low $122.25.

While steering clear of the first major support level at $107.58, Litecoin fell through the 23.6% FIB of $148 and the 38.2% FIB of $125.

Finding support late in the week, Litecoin broke back through the 38.2% FIB to end the week at $137 levels.

3 days in the red that included an 13.37% slump on Thursday delivered the downside.

For the week ahead

Litecoin would need to move through the $142.07 pivot and the 23.6% FIB of $148 to support a run at the first major resistance level at $161.90.

Support from the broader market would be needed, however, for Litecoin to break back through to $160 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $166.21 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance at $180 before any pullback. The second major resistance level sits at $186.03.

Failure to move through the $142.07 pivot and the 23.6% FIB would bring the 38.2% FIB of $125 and the first major support level at $117.94 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $98.11.

At the time of writing, Litecoin was down by 0.28% to $137.37. A mixed start to the week saw Litecoin fall to an early Sunday low $136.34 before striking a high $138.51.

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

Tron’s TRX

Tron’s TRX fell by 2.31% in the week ending 23rd January. Following on from an 11.58% slide in the week prior, Tron’s TRX ended the week at $0.02955.

It was a mixed week. Tron’s TRX rallied to a Tuesday intraweek high $0.03333 before hitting reverse.

While falling short of the first major resistance level at $0.03724, Tron’s TRX broke through the 23.6% FIB of $0.0291.

The reversal saw Tron’s TRX slide back through the 23.6% FIB to a Friday intraweek low $0.02448.

Steering clear of the first major support level at $0.02373, Tron’s TRX broke back through the 23.6% FIB to wrap up the week at $0.0295 levels.

3 days in the red that included an 8.07% slide on Thursday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall back through the 23.6% FIB of $0.0291 and the $0.02912 pivot to support a run at the first major resistance level at $0.03376.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.033 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.03333 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03797 and resistance at $0.040 would likely come into play.

Failure to avoid a fall back through the $0.02912 pivot and the 23.6% FIB would bring the first major support level at $0.02491 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.02027.

At the time of writing, Tron’s TRX was up by 2.59% to $0.03031. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.02882 before striking a high $0.03081.

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

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