Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/03/20

After modest gains last week, it’s a bearish start to the week. Failure to move back through last week’s highs could weigh in the week.
Bitcoin and Litecoin over dollar banknotes.

Binance Coin

Binance Coin rose by 0.74% in the week ending 28th March. Following on from a 19.45% rally from the previous week, Binance Coin ended the week at $12.21.

A bearish start to the week saw Binance Coin slide by 7.8% on Sunday, leading to a Monday intraweek low $10.59.

Steering well clear of the first major support level at $8.73, Binance Coin rallied to a Friday intraweek high $13.54.

A 9.66% rebound on Monday and 7.24% rally on Thursday drove Binance Coin to the week high before hitting reverse.

2-consecutive days in the red on Friday and Saturday, including a 6.6% loss on Friday, cut the gains for the week.

For the week ahead

Binance Coin would need to break back through to $13 levels to bring the first major resistance level at $13.64 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $13.54.

Barring a broad-based crypto rally, the first major resistance level at $13.64 would likely cap any upside.

In the event of a breakout, resistance at $14 would likely leave Binance Coin short of the 23.6% FIB of $14.4.

Failure to move back through to $13 levels could see Binance Coin struggle in the week.

A fall back through to sub-$12.1 levels would bring the first major support level at $10.69 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$10 levels.

At the time of writing, Binance Coin was down by 1.23% to $12.06. A Bearish start to the week saw Binance Coin fall from a Sunday morning high $12.30 to a low $12.01.

Litecoin

Litecoin rose by 1.35% in the week ending 28th March. Following on from an 11.57% rally from the previous week, Litecoin ended the week at $38.91.

A bearish start to the week saw Litecoin slide by 7.66% on Sunday, leading to a Monday intraweek low $34.51.

Steering clear of the first major support level at $30.38, Litecoin bounced back to a Friday intraweek high $41.43.

The upside came off the back of a 10.35% rally on Monday.

A choppy end to the week, however, saw Litecoin fall back to sub-$40 levels, with a 6% slide on Friday limiting the upside in the week.

Litecoin had fallen well short of the first major resistance level at $45.18 on Friday before the pullback.

For the week ahead

Litecoin would need to move back through to $40 levels to support a run at the first major resistance level at $42.06.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $41.43.

Barring an extended crypto rally, the first major resistance at $42.06 would likely limit any upside in the week.

Failure to move back through to $40 levels could see Litecoin come under further pressure.

A fall back through to sub-$38 levels would bring the first major support level at $35.14 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$30 levels. The second major support level at $31.36 should limit any downside in the week.

At the time of writing, Litecoin was down by 0.75% to $38.62. A bearish start to the week saw Litecoin fall from an early morning high $39.19 to a low $38.35.

Tron’s TRX

Tron’s TRX rose by 2.01% in the week ending 28th March. Following on from a 15.45% rally from the previous week, Tron’s TRX ended the week at $0.011448.

Tracking the broader market, Tron’s TRX fell by 8.67% on Sunday, leading to a Monday intraweek low $0.01009.

Steering clear of the first major support level at $0.00893, Tron’s TRX rallied to a Friday intraweek high $0.012107, supported by a 10.58% rebound on Monday.

Falling short of the first major resistance level at $0.01316, Tron’s TRX fell back to sub-$0.011 levels before finding late support.

A 6.06% slide on Friday limited the upside in the week.

For the week ahead

Tron’s TRX would need to move back through to $0.012 levels to support a run at the first major resistance level at $0.01234.

Support from the broader market would be needed, however, for Tron’s TRX to break back out from last week’s high $0.012107.

Barring an extended crypto rally in the week, the first major resistance level at $0.01234 should cap any upside.

Failure to move through to $0.012 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01122 levels would bring the first major support level at $0.01032 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.0090 levels. The second major support level at $0.00920 should limit any downside.

At the time of writing, Tron’s TRX was down by 1.41% to $0.011287. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.011403 to a low $0.011274.

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