Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 27/12/20

It’s a mixed start to the week for the crypto majors. A move through last week’s highs would support a breakout week.
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Binance Coin

Binance Coin rose by 0.87% in the week ending 26th December. Following on from an 18.36% surge from the previous week, Binance Coin ended the week at $33.62.

It was a bullish start to the week. Binance Coin rose to a Sunday high $36.73 before hitting reverse.

Binance Coin broke through the first major resistance level at $36.57 before sliding to a Wednesday intraweek low $29.7.

The reversal saw Binance Coin test support at the 23.6% FIB of $29.7 before striking a Saturday intraweek high and a new swing hi $36.89.

Coming up against the first major resistance level at $36.57, however, Binance Coin eased back to end the week at $33 levels.

5 days in the green that included a 4.15% rally on Thursday delivered the upside for the week. A 6.48% slide on Monday and a 6.98% reversal on Wednesday pinned Binance Coin back, however.

For the week ahead

Binance Coin would need to avoid back through the $33.39 pivot to bring the first major resistance level at $37.12 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $36.89.

Barring an extended crypto rally, the first major resistance level and resistance at $38 would likely limit any upside in the week.

In the event of another crypto rally, could test resistance at $40 before any pullback. The second major resistance level sits at $40.63.

Failure to avoid a fall back through the $33.39 pivot would bring the first major support level at $29.88 and the 23.6% FIB of $29.7 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$26 levels and the 38.2% FIB of $25.2. The second major support level at $26.15 should limit the downside.

At the time of writing, Binance Coin was down by 0.33% to $33.50. A mixed start to the week saw Binance Coin rise to an early Sunday morning high $34.22 before falling to a low $32.70.

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

Litecoin

Litecoin rose by 4.97% in the week ending 26th December. Following on from a 56.44% jump from the previous week, Litecoin ended the week at $129.56.

It was a bearish start to the week. Litecoin fell to a Wednesday intraweek low $95.28 before making a move.

While steering clear of the first major support level at $88.96, Litecoin fell through the 23.6% FIB of $101.

Through the 2nd half of the week, however, Litecoin rallied to a Saturday intraweek high and a new swing hi $135.00.

Falling short of the first major resistance level at $137.74, however, Litecoin eased back to end the week at sub-$130 levels.

4 days in the green that included a 14.81% rally on Friday delivered the upside. An 8.91% slide on Monday and a 10.46% tumble on Wednesday limited the upside, however.

For the week ahead

Litecoin would need to avoid the $120 pivot to support a run at the first major resistance level at $144.61.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $135.00.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely limit any upside.

In the event of another breakout, the second major resistance level at $159.67 and resistance at $160 would likely come into play.

Failure to avoid a fall through the $120 pivot would bring the 23.6% FIB of $109 and the first major support level at $104.89 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $80.23.

At the time of writing, Litecoin was up by 3.37% to $133.93. A mixed start to the week saw Litecoin fall to an early morning low $127.39 before striking a high $134.57.

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

Tron’s TRX

Tron’s TRX slid by 11.02% in the week ending 26th December. Reversing a 9.97% rally from the week prior, Tron’s TRX ended the week at $0.02779.

It was a mixed week. Tron’s TRX rose to a Sunday intraweek high $0.034017 before hitting reverse.

Falling short of the first major resistance level at $0.03531, Tron’s TRX slid to a Wednesday intraweek low $0.02353.

Tron’s TRX fell through the 23.6% FIB of $0.0291 and the first major support level at $0.02731.

Finding support at the second major support level at $0.02339, however, Tron’s TRX briefly revisited $0.030 levels before falling back.

The pullback saw Tron’s TRX fall back through the 23.6% FIB of $0.0291 to end the week at $0.027 levels.

4 days in the red that included a 14.46% tumble on Wednesday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to move through the $0.02845 pivot and 23.6% FIB of $0.0291 to support a run at the first major resistance level at $0.03336.

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 $0.034017 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03893 and resistance at $0.040 would likely come into play.

Failure to move through the $0.02845 pivot would bring the first major support level at $0.02287 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.020 levels. The second major support level sits at $0.01796.

At the time of writing, Tron’s TRX was up by 0.09% to $0.027815. A mixed start to the week saw Tron’s TRX fall to an early morning low $0.027002 before striking a high $0.028285.

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

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