Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 27/09/20

It’s a bullish start to the week for the majors. Steering clear of the pivot levels would support a reversal of last week’s losses.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin fell by 3.57% in the week ending 26th September. Following on from a 4.70% decline from the week prior, Binance Coin ended the week at $26.20.

It was a bearish start to the week. Binance Coin slid from a Sunday intraweek high $26.80 to a Monday intraweek low $21.98.

Falling short of the major resistance levels, Binance Coin fell through the first major support level at $24.47. More significantly, Binance Coin also fell through the 38.2% FIB of $23.5.

Coming within range of the second major support level at $21.75, bounced back to $26 levels on Saturday.

The partial recovery saw Binance break back through the 38.2% FIB and the first major support level.

3 days in the red that included a 12.29% slide on Monday did the damage. 3 consecutive days in the green at the end of the week limited the downside, however.

For the week ahead

Binance Coin would need to avoid a fall through the $25.25 pivot to bring the 23.6% FIB of $27.5 and the first major resistance level at $28.52into play.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB.

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, the second major resistance level at $30.84 could come into play.

Failure to avoid a fall through the $25.25 pivot would bring 38.2% FIB and the first major support level at $22.93 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$20 levels in the week.

The second major support level sits at $19.66.

At the time of writing, Binance Coin was up by 1.92% to $26.70. A bullish start to the week saw Binance Coin rise from an early Sunday low $26.05 to a high $26.85.

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

Litecoin

Litecoin slid by 5.01% in the week ending 26th September. Following on from a 4.66% fall from the previous week, Litecoin ended the week at $46.06.

It was also a bearish start to the week. Litecoin slid from a Sunday intraweek high $48.52 to a Monday intraweek low $41.64 before finding support.

The sell-off saw Litecoin fall through the first major support level at $46.64 and the second major support level at $44.79.

Finding support in the 2nd half of the week, Litecoin broke back through the second major support level to end the week at $46 levels.

The first major support level at $46.64 pinned Litecoin back late in the week.

3 days in the red, which included an 8.41% slide on Monday, delivered the downside for the week.

A run of 3 consecutive days in the green in the 2nd half of the week cut the deficit, however.

For the week ahead

Litecoin would need to avoid a fall through the $45.41 pivot to support a run at the first major resistance level at $49.17.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $48.52.

Barring an extended crypto rally, the first major resistance level and resistance at $50 would likely limit any upside.

In the event of a breakout, the second major resistance level at $52.29 would likely come into play.

Failure to avoid a fall through the $45.41 pivot would bring the first major support level at $42.29 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 and the second major support level at $38.53.

At the time of writing, Litecoin was up by 0.61% to $46.34. A bullish start to the day saw Litecoin rise from an early morning low $46.00 to a high $46.34.

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

Tron’s TRX

Tron’s TRX fell by 1.14% in the week ending 26th September. Following on from a 15.30% tumble from the previous week, Tron’s TRX ended the week at $0.027566.

It was a bearish 1st half of the week. Tron’s TRX fell from a Sunday high $0.028031 to a Wednesday intraweek low $0.024028 before finding support.

The reversal saw Tron’s TRX fall through the first major support level at $0.02424 before recovering to $0.027 levels.

A bullish 2nd half of the week saw Tron’s TRX strike a Saturday intraweek high $0.029349 before falling back to $0.027 levels.

The 23.6% FIB of $0.0291 pinned Tron’s TRX back at the end of the week.

3 days in the red that included a 7.78% slide on Monday delivered the downside. A 5.86% rally on Thursday and a 3.98% gain on Friday limited the downside for the week, however.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.02688 pivot to support a run at the 23.6% FIB and the first major resistance level at $0.02972.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.02935.

Barring a broad-based crypto rally, the first major resistance level and resistance at $0.030 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03220 would likely come into play.

Failure to avoid a fall through the $0.02688 pivot would bring the first major support level at $0.02440 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02156.

At the time of writing, Tron’s TRX was up by 0.29% to $0.02733. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.02702 before rising to a high $0.027451.

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

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