Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 28/06/20

It’s a bearish start to the week for the majors. Failure to break through the week’s pivot levels would deliver another weekly loss for the pack.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin slid by 5.79% in the week ending 27th June. Following on from a 4.52% fall from the previous week, Binance Coin ended the week at $15.13.

It was a mixed start to the week. Binance Coin slipped by 0.58% on Sunday before finding support on Monday.

An early in the week rally saw Binance Coin rise to a Monday intraweek high $16.92 before hitting reverse.

Coming up against the first major resistance level at $16.83, Binance Coin slid to Saturday intraweek low $14.76.

The sell-off saw Binance Coin fall through the first major support level at $15.34 before finding support.

In spite of a move back through to $15 levels, however, Binance Coin failed to break back through the first major support level.

5 consecutive days in the red that included a 3.87% slide on Saturday reversed a 3.45% gain from last Monday.

For the week ahead

Binance Coin would need to move through to $15.60 levels to bring the first major resistance level at $16.45 into play.

Support from the broader market would be needed for Binance Coin to break back through to $16 levels.

Barring a broad-based crypto rally, the first major resistance level at $16.45 would likely cap any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $17.76 before any pullback.

Failure to move through to $15.60 levels could see Binance Coin struggle throughout the week.

A fall back through sub-$15 levels would bring the 23.6% FIB of $14.4 and the first major support level at $14.29 into play.

Barring another crypto meltdown, Binance Coin should avoid the second major support level at $13.44.

At the time of writing, Binance Coin was down by 0.64% to $15.03 on Sunday. A bearish start to the week saw Binance Coin fall from an early morning high $15.13 to a low $14.99.

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

Litecoin

Litecoin slid by 5.79% in the week ending 27th June. Following on from a 3.42% decline from the previous week, Litecoin ended the week at $41.04.

It was a bearish start to the week. Litecoin fell to an early Sunday low $42.82 before finding support on Monday.

Tracking the broader market, Litecoin rallied to a Monday intraweek high $44.66 before hitting reverse.

Falling short of the first major resistance level at $45.16, Litecoin slid to a Saturday intraweek low $39.18.

Litecoin fell through the first major support level at $41.83 and the second major support level at $40.13.

A late Saturday move back through the second major support level cut the deficit for the week.

5-days in the red that included a 3.62% slide on Wednesday and a 4.67% slide on Saturday delivered the loss.

For the week ahead

Litecoin would need to move through the $41.63 pivot to support a run at the first major resistance level at $44.07.

Support from the broader market would be needed, however, for Litecoin to break out from $43 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $44.66 would likely cap any upside.

Failure to move through the $41.63 pivot could see Litecoin come under further pressure.

A fall through to sub-$40 levels would bring the first major support level at $38.59 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $36.15.

At the time of writing, Litecoin was down by 0.54% to $40.82. A bearish start to the week saw Litecoin fall from an early morning high $41.03 to a low $40.66.

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

Tron’s TRX

Tron’s TRX fell by 2.76% in the week ending 27th June. Following on from a 3.78% slide from the previous week, Tron’s TRX ended the week at $0.015513.

It was a mixed start to the week. Tron’s TRX fell to a Sunday low $0.015799 before rallying to a Wednesday intraweek high $0.016841.

Tron’s TRX broke through the first major resistance level at $0.01679 before hitting reverse.

The reversal saw Tron’s TRX slide through the first major support level at $0.01517 to a Saturday intraweek low $0.014899.

Finding late support on Saturday, Tron’s TRX recovered to $0.0155 levels to limit the downside for the week.

4 consecutive days in the red that included a 3.44% slide on Wednesday delivered the loss for the week.

For the week ahead

Tron’s TRX would need to move through the $0.01575 pivot to support a run at the first major resistance level at $0.01660.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.016 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.016841 would likely cap any upside.

In the event of a breakout, Tron’s TRX could eye $0.017 levels before any pullback. The second major resistance level at $0.01769 would likely cap any upside, however.

Failure to move through the $0.01575 pivot could see Tron’s TRX spend a 4th consecutive week in the red.

A fall back through to sub-$0.015 levels would bring the first major support level at $0.01466 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01381.

At the time of writing, Tron’s TRX was down by 1.18% to $0.015330. A bearish start to the week saw Tron’s TRX fall from an early Sunday high $0.015429 to a low $0.015330.

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

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