Altcoins Weekly Analysis – Binance Coin, Ripple’s XRP and Tron’s TRX – 15/12/19

The crypto bears dig in, with the majors seeing a mixed start to the week. Expect more volatility to kick in this week…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin slid by 8.18% in the week ending 14th December. Following on from a 0.57% decline from the previous week, Binance Coin ended the week at $14.37.

It was a choppy and bearish start to the week for Binance Coin.

Off the back of a 0.08% fall on Sunday, Binance Coin rose to a Monday afternoon intraweek high $15.96 before hitting reverse.

Binance Coin fell well short of the first major resistance level at $16.46 at the start of the week

The reversal saw Binance Coin fall in 6 out of 7 days, leading to a Saturday intraweek low $14.18.

Binance Coin fell through the first major support level at $14.79.

In spite of support kicking in late on Saturday, Binance Coin failed to break back through the first major support level at $14.79.

For the week ahead

Binance Coin would need to move through to $14.90 levels to support a run at the first major resistance level at $15.49.

Support from the broader market would be needed for Binance Coin to break back through to $15 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall well short of $16 levels again.  Last week’s high $15.96 and the first major resistance level at $15.49 would likely cap any upside.

Failure to move through to $14.90 levels could likely see Binance Coin spend a 5th consecutive week in the red.

A fall back through last week’s low $14.18 would bring the first major support level at $13.71 into play.

Barring another crypto meltdown, Binance Coin should steer clear of the second major support level at $13.06.

At the time of writing, Binance Coin was down by 1.02% to $14.22.

Ripple’s XRP

Ripple’s XRP slid by 5.08% in the week ending 14th November. Reversing a 0.94% gain from the previous week, Ripple’s XRP ended the week at $0.21728.

A bullish start to the week saw Ripple’s XRP strike a Sunday intraweek high $0.23387 before hitting reverse.

Falling short of the first major resistance level at $0.2359, Ripple’s XRP reversed Sunday’s 0.95% gain with interest.

Five days in the red out of 6 saw Ripple’s XRP slide to a Saturday intraweek low $0.21550.

Ripple’s XRP fell through the first major support level at $0.2165 before finding late support at the end of the week.

While breaking back through the first major support level, Ripple’s XRP ended the week at sub-$0.22 levels for the 1st time this year.

For the week ahead

Ripple’s XRP would need to move through to $0.2185 levels to support a run at the first major resistance level at $0.2208.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.22 levels.

Barring a broad-based crypto rally in the week, last week’s high $0.22163 and first major resistance level would likely cap any upside on the week.

Failure to move through to $0.2185 levels could see Ripple’s XRP spend another week in the red.

A fall back through to last week’s low $0.2155 would bring the first major support level at $0.2146 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.21 levels. The second major support level at $0.2120 should limit any downside in the week.

At the time of writing, Ripple’s XRP was down by 0.05% to $0.21717.

Tron’s TRX

Tron’s TRX tumbled by 7.72% in the week ending 14th December. Following on from a 2.76% slide from the previous week, Tron’s TRX ended the week at $0.013382.

A bullish start to the week saw Tron’s TRX rise to a Monday intraweek high $0.01480 before hitting reverse.

Falling well short of the first major resistance level at $0.01580, Tron’s TRX slid to a Thursday intraweek low $0.013316 before finding support.

3 days in the red out of 5, which included a 2.6% fall on Thursday pulled Tron’s TRX through the first major support level at $0.01380.

Steering clear of sub-$0.0130 levels, Tron’s TRX bounced back to $0.01470 levels on Saturday before sliding back to sub-$0.0140 levels.

In spite of the pullback, the first major support level at $0.01380 limited the downside in the week.

For the week ahead

Tron’s TRX would need to avoid a return to $0.0138 levels to support a run at the first major resistance level at $0.01430

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

Barring an extended crypto rally, Tron’s TRX would likely fall short of $0.0160 levels in the week. The second major resistance level at $0.01580 would likely limit any upside.

Failure to steer clear of $0.0138 levels could see Tron’s TRX take another hit in the week.

A pullback to through the low of $0.013316 from last week would bring the first major support level at $0.01290 into play before any recovery.

Barring a crypto meltdown, however, support at $0.0130 should limit the downside on the day.

At the time of writing, Tron’s TRX was up by 1.28% to $0.014060.

Most Recent

Top Articles