Altcoins Weekly Analysis –BNB, EOS and XLM – 10/03/19

After a bullish week last week, Stellar’s Lumen leads the way at the start of the week. A hold onto key levels would support more upside in the week ahead.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

BNB

Binance rallied by 22.3% in the week ending 9th March. Following on from a 9.84% gain from the previous week, Binance ended the week at $14.7348.

A relatively bearish start to the week saw Binance fall to a Monday intraday week low $11.00 before making a move.

3 consecutive days in the green saw Binance rally to an intraweek high and new swing hi $15.9101 before easing back. Binance broke through the week’s first major resistance level at $13.0385 and second major resistance level at $14.0294.

A bearish Friday saw Binance slide back to $13 levels before finding support to end the week at $14 levels. Holding onto $15 levels proved to be a challenge through the week. A return to $15 levels on Saturday was short-lived, though Binance managed to close out the day above the second major resistance level.

For the week ahead,

A hold onto $14 levels through the early part of the week would support another positive week ahead for Binance.

A move back through to $15.00 levels would bring the week’s first major resistance level at $16.7619 into play. Barring a broad-based crypto rally, we would expect Binance to fall short of $17 levels.

The first major resistance level at $16.7619 and a 5th consecutive week in the green would likely cap the upside.

Failure to hold onto $14 levels could see Binance slide through to $12.00 levels before any recovery. In the event of reversal, we would expect the first major support level at $11.856 to prevent heavier losses in the week.

A broad-based crypto sell-off would unlikely have a more material impact on the downside. The anticipated demand for Binance Coin during fundraising projects on the Binance Launchpad platform is the differentiator for now.

At the time of writing, Binance was down by 0.61% to $14.6452.

EOS

EOS gained 7.52% in the week ending 9th March. Partially reversing an 18.06% slide from the previous week, EOS ended the week at $3.8298.

A choppy start to the week saw EOS slide to a Monday intraweek low $3.1534 before finding support.

Steering clear of the first major support level at $3.0993, EOS rallied to a Thursday intraweek high $4.0015 before easing back.

While breaking back through to $4.00 levels, EOS fell well short of the week’s first major resistance level at $4.2808.

For the week ahead,

A hold onto $3.70 levels through the early part of the week would support another bullish week ahead. A move through last week’s high $4.0015 would bring the first major resistance level at $4.1697 into play. In the event of a broad-based crypto rally, a return to $4.50 levels could be on the cards. We would expect the second major resistance level at $4.5097 to pin EOS back from more material gains, however.

Failure to hold onto $3.70 levels could see EOS test the week’s first major support level at $3.3216 before any recovery. Barring a crypto meltdown, we would expect sub-$3.00 levels and the second major support level at $2.8135 to be left untested.

At the time of writing, EOS was down 1.73% to $3.7637.

Stellar’s Lumen

Stellar’s Lumen rose by 7.31% in the week ending 9th March. Partially reversing the previous week’s 11.25% slide, Stellar’s Lumen ended the week at $0.09215.

A bullish start to the weeks saw Stellar’s Lumen rise to a Sunday high $0.09144 before hitting reverse. Tracking the broader market on Monday, Stellar’s Lumen slid to an intraweek low $0.08150 before finding support.

The moves through the early part of the week left the major support and resistance levels untested.

A bullish second half of the week saw Stellar’s Lumen rally to an intraweek high $0.09399 before easing back. In spite of the strong finish, Stellar’s Lumen was unable to test selling pressure at the first major resistance level at $0.0958.

For the week ahead,

A hold onto $0.0970 levels through the early part of the week would support a run at the second major resistance level at $0.1017. Moves through the early part of Sunday morning saw Stellar’s Lumen rally to an early in the week high $0.0981. The early rally saw Stellar’s Lumen break through the week’s first major resistance level at $0.0969.

Support from the broader market would be needed however for Stellar’s Lumen to hold onto $0.010 levels in the event of a breakout.

Failure to hold onto $0.0970 levels could see Stellar’s Lumen slide back to sub-$0.090 levels. A pullback would bring the week’s first major support level at $0.0844 into play before any recovery. Barring a broad-based crypto meltdown, we would expect Stellar’s Lumen to hold above last week’s low $0.0815.

At the time of writing, Stellar’s Lumen was up by 5.94% to $0.09762.

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