Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 25/10/20

It’s a bearish start to the week for the majors. Failure to break back through last week’s highs will bring support levels into play. Expect the pivot levels to influence.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin rose by 1.42% in the week ending 24th October. Following on from a 6.48% from the week prior, Binance Coin ended the week at $30.67.

It was a choppy start to the week. Binance Coin rose to a Monday high $31.55 before falling to a Wednesday intraweek low $26.48.

Falling short of the resistance levels, Binance Coin fell through the first major support level at $27.94.

More significantly, Binance Coin also fell through the 23.6% FIB of $27.5 before striking a Wednesday intraweek high $32.43.

Coming up against the first major resistance level at $32.41, Binance Coin eased back to end the week at sub-$31 levels.

5 days in the green that included a 3.20% rally on Wednesday delivered the upside. A 3.65% slide on Tuesday, however, limited gains from the week.

For the week ahead

Binance Coin would need to avoid a fall through the $29.86 pivot to bring the first major resistance level at $33.24 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $32.43.

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

In the event of another crypto rally, could visit $35 levels and test the second major resistance level at $35.81.

Failure to avoid a fall through the $29.86 pivot would bring the first major support level at $27.29 and the 23.6% FIB of $27.5 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$25 levels. The second major support level sits at $23.91.

At the time of writing, Binance Coin was up by 0.11% to $30.71. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $30.49 before striking a high $30.78.

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

Litecoin

Litecoin rallied by 26.36% in the week ending 24th October. Reversing a 3.95% slide from the previous week, Litecoin ended the week at $59.30.

It was a bullish start to the week. Litecoin rose to a Monday high $48.48 before hitting reverse.

Falling short of the first major resistance level at $50.44, Litecoin slid to a Tuesday intraweek low $46.45.

Steering clear of the first major support level at $44.53, Litecoin rallied to a Saturday intraweek high $59.67.

Litecoin broke through the first major resistance level at $50.44 and the second major resistance level at $53.95.

More significantly, Litecoin also broke through the 23.6% FIB of $54 come within range of the third major resistance level at $59.86.

6 days in the green which included a 13.14% breakout on Wednesday delivered the upside for the week. A 2.21% fall on Tuesday was the only blemish in the week.

For the week ahead

Litecoin would need to avoid a fall through the $55.14 pivot to support a run at the first major resistance level at $63.83.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $59.67.

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

In the event of a breakout, the second major resistance level at $68.36 would likely come into play.

Failure to avoid a fall through the $55.14 pivot would bring the 23.6% FIB of $54 and the first major support level at $50.61 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $41.92.

At the time of writing, Litecoin was down by 0.99% to $58.71. A Bearish start to the week saw Litecoin fall from an early Sunday high $59.24 to a low $57.82.

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

Tron’s TRX

Tron’s TRX rose by 5.29% in the week ending 24th October. Reversing a 2.44% decline from the previous week, Tron’s TRX ended the week at $0.02716.

A mixed start to the week saw Tron’s TRX fall to a Wednesday intraweek low $0.024155 before making a move.

Tron’s TRX fell through the first major support level at $0.02458 before striking a Wednesday intraweek high $0.029911.

The breakout saw Tron’s TRX move through the 23.6% FIB of $0.0291 and the first major resistance level at $0.02982.

A pullback from the week high, however, saw Tron’s TRX fall back to $0.0260 levels before closing out the week at $0.027 levels. The first major resistance level at $0.02765 pinned Tron’s TRX back late in the week.

5 days in the green that included a 3.44% rise on Wednesday delivered the upside for the week. A 1.75% fall on Friday limited the upside, however.

For the week ahead

Tron’s TRX would need to move back through the $0.02708 pivot to support a run at the 23.6% FIB of $0.0291 and the first major resistance level at $0.0300.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.02980 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.029911 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03283 would likely come into play.

Failure to move back through the $0.02708 pivot would bring the first major support level at $0.02424 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02132.

At the time of writing, Tron’s TRX was down by 0.32% to 0.027076. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.02681 before rising to a high $0.02721.

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

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