Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 28/02/21

It’s a mixed start to the week for the majors. Failure to move through the week’s pivot levels would deliver another set of weekly losses.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin fell by 11.21% in the week ending 27th February. Partially reversing a 90.12% surge from the previous week, Binance Coin ended the week at $225.31.

A bullish start to the week saw Binance Coin rise to a Sunday intraweek high $316.45 before hitting reverse.

While falling short of the first major resistance level at $376.19, Binance Coin broke through the 23.6% FIB of $283.

The reversal saw Binance Coin slide through the 23.6% FIB of $283 and the 38.2% FIB of $230 to a Tuesday intraweek low $184.36.

Steering well clear of the first major support level at $123.61, Binance Coin revisited $282 levels before easing back.

Breaking back through the 38.2% FIB, Binance Coin came up against the 23.6% FIB of $283 before a 2nd pullback.

The 2nd pullback saw Binance Coin fall back through 38.2% FIB of $230 to end the day at $225 levels.

4 days in the red that included a 9.35% fall on Monday and a 13.52% slide on Tuesday delivered the downside. A 16.34% rally on Sunday and a 10.03% gain on Wednesday limited the damage, however.

For the week ahead

Binance Coin would need to move through the $242 pivot to bring the 23.6% FIB of $283 and the first major resistance level at $300 into play.

Support from the broader market would be needed for Binance Coin to break back through to $300 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $316.45 would likely limit any upside in the week.

In the event of an extended crypto rally, could test the second major resistance level at $374 before any pullback.

Failure to move through the $242 pivot would bring the 38.2% FIB of $230 into play.

Barring an extended sell-off in the week, however, Binance Coin should steer clear of the first major support level at $168.

At the time of writing, Binance Coin was up by 0.27% to $225.92. A mixed start to the week saw Binance Coin slide to an early Sunday morning low $222.15 before rising to a high $229.33.

Binance Coin left the major support and resistance levels untested early on. The 38.2% FIB of $230 pinned Binance Coin back early on, however.

Litecoin

Litecoin slid by 24.24% in the week ending 27th February. Following a 0.31% gain from the week prior, Litecoin ended the week at $172.01.

A bullish start to the week saw Litecoin rise to a Sunday intraweek high $233.95 before hitting reverse.

Falling well short of the first major resistance level at $254, Litecoin slid to a Tuesday intraweek low $158.70 before finding support.

The sell-off saw Litecoin fall through the first major support level at $193.50.

More significantly, Litecoin also fell through the 23.6% FIB of $195 and the 38.2% FIB of $163.

Finding support at the second major support level at $159.83, Litecoin revisited $205 levels before falling back.

Litecoin briefly broke through the 23.6% FIB before finding support at the 38.2% FIB late in the week.

4 days in the red that included an 8.49% slide on Monday and a 14.71% tumble on Tuesday delivered the downside.

For the week ahead

Litecoin would need to move through the $188 pivot to bring the 23.6% FIB of $195 and the first major resistance level at $218 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $200 levels.

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

In the event of an extended breakout, Litecoin could test resistance at February’s swing hi $247 before any pullback. The second major resistance level sits at $264.

Failure to move through the $188 pivot would bring 38.2% FIB of $163 and the first major support level at $143 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of the second major support level at $113.

At the time of writing, Litecoin was down by 0.56% to $171.05. A mixed start to the week saw Litecoin fall to an early Sunday morning low $169.13 before rising to a high $173.17.

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

Tron’s TRX

Tron’s TRX slid by 19.15% in the week ending 27th February. Following on from a 4.76% decline from the previous week, Tron’s TRX ended the week at $0.04657.

Tracking the broader market, Tron’s TRX rose to a Sunday intraweek high $0.06244 before hitting reverse.

Falling short of the 62% FIB of $0.0648 and the first major resistance level at $0.07010, Tron’s TRX slid to a Tuesday intraweek low $0.03722.

The reversal saw Tron’s TRX slide through first major support level at $0.04552 and the 38.2% FIB of $0.04280.

Steering clear of the second major support level at $0.03343, Tron’s TRX revisited $0.051 levels before falling back into the deep red.

Tron’s TRX slid back through first major support level at $0.04552 and the 38.2% FIB of $0.04280.

Finding late support, however, Tron’s TRX wrapped up the week at $0.04745 levels.

4 days in the red that included a 9.40% fall on Monday and an 16.98% slide on Tuesday delivered the downside for the week.

For the week ahead

Tron’s TRX would need move through the $0.04874 pivot to support a run at the first major resistance level at $0.06027.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.060 levels.

Barring a broad-based crypto rally, the first major resistance level and the 62% FIB of $0.06480 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at $0.075 levels before any pullback. The second major resistance level sits at $0.07396.

Failure to move through the $0.04874 pivot would bring the 38.2% FIB of $0.04280 and the first major support level at $0.03505 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.030 levels. The second major support level sits at $0.02352.

At the time of writing, Tron’s TRX was up by 0.33% to $0.04673. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.04566 before rising to a high $0.04755.

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

Most Recent

Top Articles