Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 31/01/21

Binance Coin

Binance Coin rose by 9.60% in the week ending 30^th January. Reversing a 5.01% fall from the previous week, Binance Coin ended the week at $44.85.

Recovering from a Sunday low $39.09, Binance Coin rose to a Monday high $45.77 before hitting reverse.

Falling short of the first major resistance level at $48.39, Binance Coin fell to a Friday intraweek low $36.36.

While steering clear of the first major support level at $34.10, Binance Coin fell through the 23.6% FIB of $38.9.

A bounce back on Friday saw Binance Coin strike an intraweek high and a new swing hi $51.11.

Binance Coin broke back through the 23.6% FIB and through the first major resistance level at $48.39 before hitting reverse.

The reversal saw Binance Coin fall back through the first major resistance level to end the week at sub-$45 levels.

5 days in the green that included a 4.64% rally on Saturday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $44.11 pivot to bring the first major resistance level at $51.85 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s new swing hi $51.11.

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

In the event of an extended crypto rally, could test resistance at $60 before any pullback. The second major resistance level sits at $58.86.

Failure to avoid a fall through the $44.11 pivot would bring the 23.6% FIB of $40.6 and the first major support level at $37.10 and into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the second major support level at $29.36. The 38.2% FIB of $34.0 should limit the downside.

At the time of writing, Binance Coin was up by 0.30% to $44.98. A mixed start to the week saw Binance Coin fall to an early Sunday low $44.20 before striking a high $45.66.

Binance Coin left the major support and resistance levels untested early on.

Litecoin

Litecoin fell by 3.03% in the week ending 30^th January. Following on from a 4.05% decline from the previous week, Litecoin ended the week at $133.61.

It was a bullish start to the week. Litecoin rose to a Monday intraweek high $147.69 before hitting reverse.

While falling short of the first major resistance level at $161.90, Litecoin came up against the 23.6% FIB of $148.

The reversal saw Litecoin slide to a Wednesday intraweek low $118.00.

While falling through the 38.2% FIB of $125, Litecoin steered clear of the first major support level at $117.94.

Finding support late in the week, Litecoin revisited $145 levels before falling back to end the week at $133 levels.

4 days in the red that included a 9.02% slump on Wednesday delivered the downside.

For the week ahead

Litecoin would need to move back through the $133.10 pivot to bring the 23.6% FIB of $148 and the first major resistance level at $148.20 into play.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $147.69.

Barring an extended crypto rally, the first major resistance level and resistance at $150 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance at $160 before any pullback. The second major resistance level sits at $162.79.

Failure to move back through the $133.10 pivot would bring the 38.2% FIB of $125 and the first major support level at $118.51 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$110 levels. The second major support level sits at $103.41.

At the time of writing, Litecoin was down by 1.05% to $137.37. A mixed start to the week saw Litecoin rise to an early Sunday high $133.62 before falling to a low $131.52.

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

Tron’s TRX

Tron’s TRX rose by 8.09% in the week ending 30^th January. Reversing a 2.31% fall from the week prior, Tron’s TRX ended the week at $0.03192.

It was a mixed week. Tron’s TRX rose to a Monday high $0.03454 before hitting reverse.

The early rally saw Tron’s TRX break through the first major resistance level at $0.03376, before sliding to a Friday intraweek low $0.02592.

Tron’s TRX fell back through the first major resistance level and through the 23.6% FIB of $0.0291 before making a move.

Steering clear of the first major support level at $0.02491, Tron’s TRX surged to a Friday intraweek high $0.04905.

Tron’s TRX broke back through the 23.6% FIB and broke through the week’s major resistance levels.

More significantly, Tron’s TRX also broke through the 38.2% FIB of $0.0428 before sliding back to end the week at $0.031 levels.

The pullback saw Tron’s TRX fall back through week’s major resistance levels and also back through the 38.2% FIB.

3 days in the green that included an 11.48% rally on Friday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to move through the $0.03563 pivot to support a run at the first major resistance level at $0.04534

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.040 levels.

Barring a broad-based crypto rally, the 38.2% FIB of $0.0428 and the first major resistance level would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at last week’s high $0.04905 and resistance at $0.050 before any pullback. The second major resistance level sits at $0.05877.

Failure to move through the $0.03563 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02220 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.020 levels. The second major support level sits at $0.01249.

At the time of writing, Tron’s TRX was down by 0.87% to $0.03164. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.03232 before falling to a low $0.03116.

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