Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 30/08/20

It’s a bullish start to the week for the majors. Steering clear of the pivot levels would deliver strong gains for the week.
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Binance Coin

Binance Coin rallied by 3.28% in the week ending 29th August. Reversing a 3.85% slide from the previous week, Binance Coin ended the week at $22.96.

A mixed start to the week saw Binance Coin rise to a Monday high $23.01 before hitting reverse.

Falling short of the first major resistance level at $24.19, Binance Coin slid to a Tuesday intraweek low $20.70.

Finding support at the first major support level at $20.75, Binance coin rallied to a Friday intraweek high $23.92.

Continuing to fall short of the major resistance levels, Binance Coin slipped back to $23 levels before steadying.

3 days in the green that included a 3.98% gain on Thursday and a 3.85% gain on Wednesday delivered the upside. A 5.38% slide on Tuesday weighed, however.

For the week ahead

Binance Coin would need to avoid a fall through the $22.53 pivot to bring the first major resistance level at $24.35 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $23.92.

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

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $25.75 before any pullback.

Failure to avoid a fall through the $22.53 pivot would bring the first major support level at $21.13 into play.

Barring a crypto sell-off, Binance Coin should continue to avoid sub-$19 levels. The 38.2% FIB of $19.4 and the second major support level at $19.31 should limit any downside.

At the time of writing, Binance Coin was up by 0.32% to $23.03. A bullish start to the week saw Binance Coin rise from an early Sunday morning low $22.63 to a high $23.41.

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

Litecoin

Litecoin slid by 5.42% in the week ending 29th August. Reversing a 0.65% gain from the previous week, Litecoin ended the week at $57.01.

It was a bullish start to the week. Litecoin rallied to a Monday intraweek high $62.99 before hitting reverse.

Falling short of the first major resistance level at $67.00 Litecoin slid to a Thursday intraweek low $53.98.

The reversal saw Litecoin fall through the first major support level at $55.64 before finding support.

Finding support at the 23.6% FIB of $54, Litecoin moved back through the first major support level to $58 levels before easing back.

4 days in the red that included a 5.90% slide on Tuesday and a 3.43% fall on Thursday left Litecoin in the red.

For the week ahead

Litecoin would need to avoid a fall through the $57.99 pivot to support a run at the first major resistance level at $62.01.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $62.99 would likely cap any upside.

A fall through the $57.99 pivot would bring the 23.6% FIB of $54 and the first major support level at $53 into play.

Barring an extended crypto sell-off, however, Litecoin should continue to steer clear of sub-$50 levels. The second major support level sits at $48.98.

At the time of writing, Litecoin was up by 2.56% to $58.47. A bullish start to the week saw Litecoin rise from an early Sunday morning low 56.94 to a high $58.67.

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

Tron’s TRX

Tron’s TRX fell by 1.31% in the week ending 29th August. Following on from a 0.23% loss from the previous week, Tron’s TRX ended the week at $0.024894.

It was a mixed start to the week. After a bearish Sunday, Tron’s TRX rose to a Monday intraweek high $0.025795 before hitting reverse.

Falling short of the first major resistance level at $0.03091, Tron’s TRX fell to a Thursday intraweek low $0.021912.

Steering clear of the first support level at $0.02134, Tron’s TRX recovered to $0.025 before easing back.

3 days in the red that included an 8.63% slide on Tuesday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.02420 pivot to support a run at the first major resistance level at $0.02649.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Sunday morning’s high $0.02647.

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

In the event of a breakout, Tron’s TRX could test the second major resistance level at $0.02808 before any pullback.

A fall through the $0.02420 pivot would bring the first major support level at $0.02261 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.020 support levels. The second major support level at $0.02032 should limit any downside.

At the time of writing, Tron’s TRX was up by 4.89% to $0.02611. A particularly bullish start to the week saw Tron’s TRX rally from an early Sunday morning low $0.02487 to a high $0.02647.

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

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