Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 26/04/20

It’s a bullish start to the week. The majors will need to avoid key levels, however, to bring resistance levels into play.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

 Binance Coin fell by 2.46% in the week ending 25th April. Following a 20.48% rally from the previous week, Binance Coin ended the week at $16.25.

A particularly bearish start to the week saw Binance Coin slide from a Sunday high $16.77 to a Tuesday intraweek low $14.75.

In spite of a 3.4% slide on Sunday and 6.6% tumble on Monday, Binance Coin steered clear of the first major support level at $14.41.

Binance Coin also steered clear of the 23.6% FIB of $14.40.

Finding support through the 2nd half of the week, Binance Coin rallied to a Thursday intraweek high 17.24.

In spite of 3 consecutive days in the green, Binance Coin fell short of the first major resistance level at $17.87.

A pullback to sub-$16 levels was short-lived on Friday, with a bullish end to the week limiting the loss for the week.

For the week ahead

Binance Coin would need to break through to $16.50 levels to bring the first major resistance level at $17.41 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $17.24.

Barring a broad-based crypto rally, the major resistance level at $17.41 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $16.50 levels could see Binance Coin struggle in the week.

A fall back through to sub-$15.50 levels would bring the first major support level at $14.92 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels. The 23.6% FIB of $14.40 should limit any downside.

At the time of writing, Binance Coin was flat at $16.25. A range-bound start to the week saw Binance Coin rise from an early morning low $16.18 to a high $16.37.

Litecoin

Litecoin rose by 0.43% in the week ending 25th April. Following on from a 3.76% gain from the previous week, Litecoin ended the week at $44.41.

Another bearish start to the week saw Litecoin fall from a Sunday high $44.39 to a Monday intraweek low $39.53.

Litecoin fell through the first major support level at $39.96 before rallying to a Saturday intraweek high $45.60.

In spite of the rebound, Litecoin fell short of the first major resistance level at $46.47 at the end of the week.

4 consecutive days in the green, before a Saturday pullback reversed 2 consecutive days in the red from the start of the week.

For the week ahead

Litecoin would need to move back through to $45 levels to support a run at the first major resistance level at $46.83.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $45.60.

Barring an extended crypto rally, the first major resistance level at $46.83 should limit any upside.

Failure to move through to $45 levels could see Litecoin come under further pressure.

A fall back through to sub-$43.20 levels would bring the first major support level at $40.76 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$40 support levels.

At the time of writing, Litecoin was up by 0.34% to $44.56. A bullish start to the week saw Litecoin rise from an early morning low $44.27 to a high $45.00.

Litecoin steered clear of the major support and resistance levels early on.

Tron’s TRX

Tron’s TRX rose by 3.44% in the week ending 25th April. Following on from a 6.71% gain from the previous week, Tron’s TRX ended the week at $0.013897.

Tracking the broader market, 2 consecutive days in the red saw Tron’s TRX fall to a Monday intraweek low $0.012231.

Tron’s TRX fell through the first major support level at $0.012320 before rallying to a Friday intraweek high $0.014329.

The rebound saw Tron’s TRX break through the first major resistance level at $0.01403 before easing back.

Following 2 consecutive days in the red, a run of 5 consecutive days in the green delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01350 levels to support a run at the first major resistance level at $0.01474.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.014329.

Barring an extended crypto rally in the week, the first major resistance level at $0.01474 should limit any upside.

Failure to avoid sub-$0.01350 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01350 levels would bring the first major support level at $0.01264 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01139.

At the time of writing, Tron’s TRX was up by 0.89% to $0.014020. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.013981 to a high $0.014051.

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

Most Recent

Top Articles