Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/12/19

It was a mixed week for the majors, with Litecoin finding strong support. As the year comes to a rapid end, it’s a bearish start to the week, however…
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Binance Coin

Binance Coin rose by 2.48% in the week ending 28th December. Partially reversing a 7.44% slide from the previous week, Binance Coin ended the week at $13.65.

A relatively bullish start to the week saw Binance Coin rise to a Monday intraweek high $14.05 before hitting reverse.

Falling short of the first major resistance level at $14.58, Binance Coin tumbled to sub-$13 levels on Wednesday before finding support.

Steering clear of the first major support level at $12.07, Binance Coin recovered to $13.6 levels before sliding to a Friday intraweek low $12.84.

In spite of the pullback, Binance Coin steered clear of the first major support level to bounce back into the green on Saturday.

Binance Coin saw 5 days in the green to end a run of 5 consecutive weeks in the red. It did take a 2.8% rally on Sunday, however, to deliver the weekly gain.

For the week ahead

Binance Coin would need to move through to $14.00 levels to support a run at the first major resistance level at $14.72.

Support from the broader market would be needed for Binance Coin to break back through to $14 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall short of $15 levels again.  The second major resistance level at $14.72 would likely cap any upside on the week.

Failure to move through to $14.00 levels could likely see Binance Coin reverse last week’s gains.

A fall back through to sub-$13.50 levels would bring the first major support level at $12.98 into play.

Barring a crypto meltdown, Binance Coin should steer clear of sub-$12 levels. The second major support level at $12.30 should limit any downside in the week.

At the time of writing, Binance Coin was down by 0.06% to $13.64. A bearish start to the day on Sunday saw Binance Coin fall from an early morning high $13.68 to a low $13.59.

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Litecoin

Litecoin rallied by 7.55% in the week ending 28th December. Partially reversing an 8.12% slide from the previous week, Litecoin ended the week at $42.73.

Another positive start to the week saw Litecoin rise to an early morning high $42.69 on Monday before hitting reverse.

Coming up short of the first major resistance level at $43.75, Litecoin fell to a Wednesday intraweek low $39.36.

Steering well clear of the first major support level at $35.79, Litecoin rallied to a Saturday intraweek high $43.65 before easing back.

The first major resistance level at $43.75 limited the upside at the end of the week.

While Litecoin saw green in just 3 of the 7 days, a 5.5% rally on Sunday and a 4.4% gain on Saturday delivered the upside in the week.

For the week ahead

Litecoin would need to move through to $43 levels to support a run at the first major resistance level at $44.45.

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

Barring a broad-based crypto rally in the week, last week’s high $43.65 and first major resistance level would likely cap any upside on the week.

Failure to move through to $43 levels could see Litecoin hit reverse.

A fall back through to sub-$42 levels would bring the first major support level at $40.18 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$40 levels in the week.

At the time of writing, Litecoin was down by 0.3% to $42.60. A bearish start to the day saw Litecoin fall from a morning high $42.75 to a low $42.60 on Sunday.

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Tron’s TRX

Tron’s TRX slipped by 0.42% in the week ending 28th December. Following on from a 2.82% slide from the previous week, Tron’s TRX ended the week at $0.013520.

A bullish start to the week saw Tron’s TRX rally to an early Monday intraweek high $0.01600 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01440 and the second major resistance level at $0.01530.

The reversal saw Tron’s TRX slide to a Wednesday intraweek low $0.013043 before finding support.

Steering well clear of the first major support level at $0.01240, Tron’s TRX struck $0.01380 levels on Friday before sliding back into the deep red.

A 1.69% gain on Sunday cut the deficit for the week, however, with Tron’s TRX finding support from the broader market.

For the week ahead

Tron’s TRX would need to move back through to $0.01420 levels to support a run at the first major resistance level at $0.01530.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0140 levels.

Barring an extended crypto rally, Tron’s TRX would likely fall short of last week’s high $0.0160.

In the event of a broad-based crypto rally, the second major resistance level at $0.0170 levels would likely cap any upside.

Failure to move through to $0.01420 levels could see Tron’s TRX spend another week in the red.

A pullback to through last week’s low $0.013043 would bring the first major support level at $0.01240 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of the second major support level at $0.1120

At the time of writing, Tron’s TRX was down by 0.46% to $0.013458. A bearish start to the week saw Tron’s TRX fall from a morning high $0.013520 to a low $0.013458.

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