Altcoins Weekly Analysis – BNB, EOS and ETH – 26/05/19

It was another bullish week last week. Can Bitcoin continue to provide support to the broader market?
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Binance Coin

Binance Coin jumped by 22.19% in the week ending 25th May. Following on from a 38.19% rally from the previous, Binance Coin ended the week at $35.24.

It was another bullish week for Binance Coin, rallying from a start of a week intraweek low $25.38 to a Saturday intraweek high and new swing hi $35.75.

Steering well clear of the week’s first major support level at $21.97, 6 days in the green out of 7 saw Binance Coin break through the first major resistance level at $32.89.

The week-long rally and new swing hi $35.75 reaffirmed the near-term bullish trend formed back at early December’s swing lo $4.1724.

For the week ahead

A hold above $32 levels in the early part of the week would support further upside in the week ahead.

A move through last week’s high $35.75 would bring the first major resistance level at $38.87 into play.

Support from the broader market would be needed, however, for Binance Coin to take a run at $40 levels.

While we have seen Binance Coin buck the trend from the top 10, Bitcoin’s hold at around the $8,000 level has been positive.

Continued support for the broader market could bring the second major resistance level at $42.49 into play before any pullback

Failure to hold above $32 levels could see Binance Coin give up some of last weeks gains. A pullback through to sub-$30 levels would bring the first major support level at $28.50 into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer well clear of last week’s low $25.38.

In the event of a sell-off, expect a visit to $25 levels before any recovery.

At the time of writing, Binance Coin was down 2.21% to $34.47.

EOS

EOS gained 8.54% in the week ending 25th May. Following on from a 7.98% rise in the previous week, EOS ended the week at $6.3832.

A particularly bullish start to the week saw EOS rally by 9.98% on Sunday to $6.5 levels before hitting reverse.

Falling short of the major resistance level at $6.7674, EOS slid to a Thursday intraweek low $5.7264 before finding support.

Steering well clear of the first major support level at $5.1168, EOS rallied to a Friday intraday high $6.6083 before easing back.

Falling short of the major resistance levels in the week, the 23.6% FIB Retracement Level of $6.62 pinned EOS back for a 2nd consecutive week.

For the week ahead,

A hold above $6.25 levels through the early part of the week would support another run at the 23.6% FIB of $6.62.

EOS would need support from the broader market, however, to break out from the 23.6% FIB and take a run at the first major resistance level at $6.7522.

Barring a broad-based crypto rally, EOS would likely come up well short of the second major resistance level at $7.1212.

In the event of a breakout, expect a visit to $7.00 levels before any pullback.

Failure to hold above $6.25 levels could see EOS hit reverse. A fall through to sub-$6.10 levels would bring the first major support level at $5.87 into play before any recovery.

Barring a broad-based crypto sell-off, EOS would likely steer well clear of last week’s low $5.7264.

At the time of writing, EOS was up by 0.29% to $6.4017.

Ethereum

Ethereum gained 7.5% in the week ending 25th May. Following on from a 21.52% rally from the previous week, Ethereum ended the week at $251.55.

A relatively choppy week saw Ethereum rally to a Sunday intraweek high $264.77 before hitting reverse.

Falling short of the first major resistance level at $283.07, Ethereum slid to a Thursday intraweek low $231.12 before finding support.

Steering clear of the first major support level at $183.69, Ethereum bounced back to $250 levels.

The moves through the week saw Ethereum pinned back by the 23.6% FIB Retracement Level of $257.

For the week ahead,

A hold above $248 levels through the early part of the week would likely lead to further gains in the week ahead.

Ethereum would need to move through to $260 levels to bring the first major resistance level at $267.17 into play.

Support from the broader market would be needed, however, for Ethereum to break clear of the 23.6% FIB of $257.

Failure to hold above $248 levels could see Ethereum reverse some of last week’s gains. A fall through to sub-$240 levels would bring the first major support level at $233.52 into play before any recovery.

Barring a crypto meltdown, Ethereum would likely steer clear of last week’s low $231.12.

At the time of writing, Ethereum was down by 0.01% to $251.53.

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