Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/11/20

It’s a bearish start to the week for the majors on Sunday. Failure to move through the week’s pivot levels would bring support levels into play.
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Binance Coin

Binance Coin fell by 4.42% in the week ending 28th November. Partially reversing a 9.11% rally from the week prior, Binance Coin ended the week at $29.20.

Recovering from a bearish start to the week, Binance Coin surged to a Tuesday high and new swing hi $36.83 before hitting reverse.

Binance Coin broke through the first major resistance level at $32.33 and the second major resistance level at $34.12.

The reversal saw Binance Coin fall through the 23.6% FIB of $27.5 and the first major support level at $27.50 to a Thursday intraweek low $26.11.

Finding support late in the week, however, Binance Coin broke back through the 23.6% FIB to end the week at $29 levels.

3 days in the red that included a 7.78% slide on Wednesday and a 9.74% tumble on Thursday delivered the downside. A 9.38% rally on Tuesday limited the losses, however.

For the week ahead

Binance Coin would need to move through the 23.6% FIB of $29.65 and the $30.71 pivot to bring the first major resistance level at $35.32 into play.

Support from the broader market would be needed for Binance Coin to break back through to $35 levels.

Barring an extended crypto rally, the first major resistance level 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 $41.43.

Failure to move through the $30.71 pivot would bring the first major support level at $24.60 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$20 levels. The second major support level at sits $19.99.

At the time of writing, Binance Coin was up by 0.67% to $29.40. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $28.74 before rising to a high $29.79.

While leaving the major support and resistance levels untested, Binance Coin tested resistance at the 23.6% FIB of $29.65.

Litecoin

Litecoin slid by 16.55% in the week ending 28th November. Partially reversing the previous week’s 36.38% surge, Litecoin ended the week at $72.79.

It was a bearish start to the week. Litecoin fell to a Sunday low $78.00 before making a move.

Steering clear of the first major support level at $69.29, Litecoin rallied to a Tuesday intraweek high $94.05.

Falling short of the first major resistance level at $96.77, however, Litecoin tumbled to a Thursday intraweek low $64.30.

Litecoin fell through the 38.2% FIB of $71 and the first major support level at $69.29.

Finding support at the end of the week, however, Litecoin moved back through to $72 levels to limit the loss. A Saturday rally saw Litecoin break back through the first major support level and the 38.2% FIB.

3 days in the red which included an 8.50% slide on Wednesday and a 13.02% tumble on Thursday did the damage. A 7.5% rally on Monday and a 5.13% gain on Saturday cut some of the losses, however.

For the week ahead

Litecoin would need to move through the $77.05 pivot to support a run at the first major resistance level at $89.79.

Support from the broader market would be needed, however, for Litecoin to break back through to $80 levels.

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

In the event of a breakout, the 62% FIB of $100 would likely come into play. The second major resistance level sits at $106.80.

Failure to move through the $77.05 pivot would bring the 38.2% FIB of $71 and the first major support level at $60.04 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$50 levels and the second major support level at $47.30. The 23.6% FIB of $54 should limit any downside.

At the time of writing, Litecoin was down by 0.99% to 72.07. A mixed start to the week saw Litecoin rise to an early Sunday morning high $73.09 before falling to a low $71.64.

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

Tron’s TRX

Tron’s TRX slipped by 0.01% in the week ending 28th November. Following the previous week’s 21.56% breakout, Tron’s TRX ended the week at $0.03052.

It was a mixed start to the week. Tron’s TRX fell to a Sunday low $0.02675 before making a move.

Steering clear of the first major support level at $0.02588, Tron’s TRX rallied to a Tuesday intraweek high $0.04161.

Tron’s TRX broke through the first major resistance level at $0.03314 and the second major resistance level at $0.04302.

More significantly, Tron’s TRX also broke through the 23.6% FIB of $0.0291 and the 38.2% FIB of $0.0428 before hitting reverse.

The reversal saw Tron’s TRX slide through the 23.6% FIB and the 38.2% FIB to a Thursday intraweek low $0.02595.

Steering clear of the first major support level at $0.02588, however, Tron’s TRX recovered to $0.0305 levels to end the week flat. The recovery saw Tron’s TRX break back through the 23.6% FIB of $0.0291.

3 days in the green that included a 10.59% rally on Monday and a 10.86% breakout on Tuesday limited the losses. A 5.78% fall on Sunday, a 6.49% slide on Wednesday, and an 11% tumble on Thursday pinned Tron’s TRX back, however.

For the week ahead

Tron’s TRX would need to move through the $0.03269 pivot to support a run at the first major resistance level at $0.03944

Support from the broader market would be needed, however, for Tron’s TRX to break back through $0.032 levels.

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

In the event of an extended rally, the 38.2% FIB of $0.0428 and the second major resistance level at $0.04835 would likely come into play.

Failure to move through the $0.03269 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02378 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01703.

At the time of writing, Tron’s TRX was down by 1.30% to $0.03012. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.03075 before falling to a low $0.02982.

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

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