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

It’s a mixed start to the week for the majors. Expect the week’s pivot levels to provide direction in the week.
Bitcoin and Litecoin over dollar banknotes.

Binance Coin

Binance Coin rose by 9.60% in the week ending 30th 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 30th 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 30th 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.

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