Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 30/05/21

It’s a bearish start to the week for the majors. A move through the week’s pivot levels would be needed to avoid heavy losses in the week ahead.
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Binance Coin

Binance Coin rose by 1.76% in the week ending 29th May. Partially reversing the previous week’s 46.75% sell-off, Binance Coin ended the week at $305.20.

A bearish start to the week saw Binance Coin slide to a Sunday intraweek low $219.95 before finding support.

While steering clear of the first major support level at $167, Binance Coin fell through the 62% FIB of $273.

Avoiding sub-$200 levels, Binance Coin bounced back to a Wednesday intraweek high $395.42 before easing back.

While falling well short of the first major resistance level at $523, Binance Coin broke back through the 62% FIB to end the week at $300 levels.

5 days in the red that included an 12.94% slump on Sunday and an 11.03% slide on Friday delivered the downside.

For the week ahead

Binance Coin would need to move through the $307 pivot to bring the first major resistance level at $394 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $350 levels.

Barring an extended rally, the first major resistance level and resistance at $400 should limit any upside.

In the event of a broad-based crypto rebound, Binance Coin could test resistance at the 38.2% FIB of $438 before any pullback. The second major resistance level sits at $482.

Failure to move through the $307 pivot would bring the 62% FIB of $273 and the first major support level at $218 into play.

Barring another extended sell-off, however, Binance Coin should steer clear of sub-$200 levels. The second major support level sits at $131.

At the time of writing, Binance Coin was down by 3.29% to $295.16. A mixed start to the week saw Binance Coin rise to an early Sunday high $306.18 before falling to a low $290.65.

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

Litecoin

Litecoin fell by 3.16% in the week ending 29th May. Following a 43.53% slump from the previous week, Litecoin ended the week at $164.12.

A mixed start to the week saw Litecoin slide to a Sunday intraweek low $117.58 before making a move.

Steering clear of the first major support level at $102, Litecoin bounced back to a Thursday intraweek high $208.98.

While falling short of the first major resistance level at $280, Litecoin broke back through the 62% FIB of $174.

A bearish 2nd half of the week, however, saw Litecoin fall back through the 62% FIB to end the week at $164 levels.

5 days in the red that included an 15.79% slide on Sunday delivered the downside in the week.

For the week ahead

Litecoin would need to move through the $164 pivot and the 62% FIB of $174 to bring the first major resistance level at $210 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 a broad-based crypto rebound, Litecoin could test resistance at the 38.2% FIB of $265. The second major resistance level sits at $255.

Failure to move through $164 pivot and the 62% FIB of $174 would bring the first major support level at $118 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $72.

At the time of writing, Litecoin was down by 4.33% to $157.02. A bearish start to the week saw Litecoin fall from an early Sunday high $164.37 to a low $155.28.

Litecoin left the major support and resistance levels untested early on.

Tron’s TRX

Tron’s TRX fell by 9.47% in the week ending 29th May. Following on from a 37.27% slide from the previous week, Tron’s TRX ended the week at $0.06854.

A choppy start to the week saw Tron’s TRX slide to a Sunday intraweek low $0.05474 before making a move.

While steering clear of the first major support level at $0.04346, Tron’s TRX fell through the 62% FIB of $0.0748.

Finding support on Monday, Tron’s TRX rallied to a Wednesday intraweek high $0.08666.

While falling short of the first major resistance level at $0.1202, Tron’s TRX broke back through the 62% FIB.

A bearish end to the week, however, saw Tron’s TRX fall back through the 62% FIB to end the week at sub-$0.70 levels.

4 days in the red that included a 16.52% tumble on Sunday and a 9.20% slide on Friday delivered the downside.

For the week ahead

Tron’s TRX would need to move through the $0.6998 pivot and the 62% FIB of $0.07480 to support a run at the first major resistance level at $0.08522.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.08 levels.

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

In the event of an extended rally, Tron’s TRX could test the second major resistance level at $0.1019.

Failure to move through the $0.06998 pivot would bring the first major support level at $0.05330 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.03806.

At the time of writing, Tron’s TRX was down by 1.84% to $0.06728. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.06929 before falling to a low $0.06579.

Tron’s TRX left the support and resistance levels untested early on.

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