Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 25/04/21

It’s a mixed start to the week after last week’s broad-based crypto sell-off. A move through the week’s pivot levels would support a recovery, however.
Crypto00 567

Binance Coin

Binance Coin fell by 3.38% in the week ending 24th April. Partially reversing a 9.16% gain from the previous week, Binance Coin ended the week at $497.35.

A mixed start to the week saw Binance Coin fall to a Sunday intraweek low $416.04 before making a move.

Binance Coin fell through the 23.6% FIB of $490 and the first major support level at $428.

Finding mid-week support, Binance Coin struck a Wednesday intraweek high $625.35 before hitting reverse.

Binance Coin broke back through the first major support level and the 23.6% FIB.

Coming up against the first major resistance level at $623, however, Binance Coin fell back through the 23.6% FIB to sub-$440 levels.

Steering clear of the first major support level, Binance Coin broke back through the 23.6% FIB to end the week at $497 levels.

4 days in the red that included a 6.24% fall on Sunday and a 7.22% slide on Thursday delivered the downside.

For the week ahead

Binance Coin would need to move through the $513 pivot to bring the first major resistance level at $610 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $600 levels.

Barring an extended rally, the first major resistance level and last week’s high $625.35 would likely cap any upside.

In the event of another breakout, Binance Coin could test resistance at $750 before any pullback. The second major resistance level sits at $722.

Failure to move through the $513 pivot would bring the 23.6% FIB of $494 and the first major support level at $401 and 38.2% FIB of $400 into play.

Barring another extended sell-off, Binance Coin should steer well clear of sub-$350 levels and the second major support level at $304.

At the time of writing, Binance Coin was down by 1.07% to $492.05. A mixed start to the week saw Binance Coin rise to an early Sunday morning high $506.34 before falling to a low $487.24.

While leaving the major support and resistance levels untested early on, Binance Coin briefly fell through the 23.6% FIB of $490.

Litecoin

Litecoin slid by 25.16% in the week ending 24th April. Reversing a 17.50% gain from the previous week, Litecoin ended the week at $225.30.

A mixed start to the week saw Litecoin rise to a Sunday intraweek high $305.33 before hitting reverse.

Falling short of the first major resistance level at $344, Litecoin slid to a Friday intraweek low $207.10.

Litecoin fell through the 23.6% FIB of $262, the first major support level at $249, and the 38.2% FIB of $217.

Steering clear of sub-$200 levels, Litecoin broke back through the 38.2% FIB to end the week at $225 levels.

7 days in the red that included an 8.93% slide last Sunday delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $246 pivot to bring the first major resistance level at $285 into play.

Support from the broader market would be needed, however, for Litecoin to break out from 23.6% FIB of $262.

Barring an extended crypto rally, the first major resistance level and resistance at $300 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance at $350 before any pullback. The second major resistance level sits at $344.

Failure to move through the $246 pivot would bring the 38.2% FIB of $217 and the first major support level at $187 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $148.

At the time of writing, Litecoin was up by 0.72% to $226.93. A mixed start to the week on Sunday saw Litecoin fall to an early morning low $223.26 before rising to a high $231.67.

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

Tron’s TRX

Tron’s TRX tumbled by 33.95% in the week ending 24th April. Reversing a 22.73% jump from the previous week, Tron’s TRX ended the week at $0.1027.

A mixed start to the week saw Tron’s TRX rise to a Sunday intraweek high $0.1577 before hitting reverse.

Falling short of the first major resistance level at $0.1875, Tron’s TRX slid to a Friday intraweek low $0.08798.

The sell-off saw Tron’s TRX fall through the 23.6% FIB of $0.1426, the first major support level at $0.1203, and the 38.2% FIB of $0.1167.

Steering clear of the second major support level at $0.08517, Tron’s TRX revisited $0.11 levels before ending the week at sub-$0.11 levels.

The 38.2% FIB of $0.1167 pinned Tron’s TRX back at the end of the week.

6 days in the red that included a 7.7% fall on Sunday, a 9.19% slide on Monday, and an 11.08% tumble on Thursday delivered the downside.

For the week ahead

Tron’s TRX would need to move through the $0.1161 pivot and 38.2% FIB of $0.1167 to support a run at the first major resistance level at $0.1443.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the 23.6% FIB of $0.1426.

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

In the event of another extended rally, Tron’s TRX could tests resistance at $0.17 before any pullback. The second major resistance level sits at $0.1859.

Failure to move back through the $0.1161 pivot would bring the first major support level at $0.07455 and the 62% FIB of $0.0748 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.070 levels. The second major support level sits at $0.04641.

At the time of writing, Tron’s TRX was up by 1.79% to $0.1046. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.1016 before rising to a high $0.1070.

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

Most Recent

Top Articles