Altcoins Weekly Analysis –BNB, ETH and TRX – 24/03/19

It’s a bearish start to the week for the majors. Following a mixed bag last week, failure to move through to key levels could weigh heavily this week.
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BNB

Binance slid by 5.71% in the week ending 23rd March. Partially reversing a 10.55% rally from the previous week, Binance ended the week at $15.36.

Off the back of a new swing hi $16.64 on 16th March, Binance fell for 5 consecutive days to a Thursday intraweek low $14.18.

A start of a week intraweek high $16.35 fell well short of the first major resistance level at $17.27 on Monday. The reversal saw Binance fall through the first major support level at $14.69 on Thursday.

Binance managed to see green on Friday. A move back through to $15 levels and limited the losses for the week. 6-days out of 7 in the red could have weighed far more heavily.

For the week ahead,

A move back through to $15.30 levels in the early part of the week would support a bounce back from last week’s losses.

A breakout would bring $16 levels and last week’s high $16.35 into play. Support from the broader market would be needed, however, for Binance to break through the first major resistance level at $16.41.

Barring a broad-based crypto rally, we would expect Binance to continue to come up short of the 16th march swing hi $16.44.

Failure to move back through to $15.30 levels could see Binance see more losses in the week ahead. A pullback would likely see Binance slide through to $14 levels before any recovery. Barring a mass crypto sell-off, however, we would expect Binance to steer clear of the first major support level at $14.24.

In the event of a sell-off, Binance could touch sub-$14 levels before any recovery.

At the time of writing, Binance was down by 0.6% to $15.27.

Ethereum

Ethereum fell by 2.83% in the week ending 23rd March. Reversing a 2.98% rise from the previous week, Ethereum ended the week at $136.52.

A mixed start to the week saw Ethereum rise to an intraweek high $141.3 before hitting reverse. The week’s high on Monday came in spite of 2 consecutive days in the red. A range-bound middle of the week provided little support, with Ethereum sliding to an intraweek low $132.21 on Thursday.

Moves through the week left the major support and resistance levels untested.

For the week ahead,

A hold onto $136 levels through the early part of the week would support a move back through to $140 levels.

Following last week’s sell-off, a material shift in sentiment across the broader market would be needed, however.

A broad-based crypto rebound would give Ethereum a run at the first major resistance level at $141.14 before any pullback. Barring a crypto rally, we would expect last week’s high $141.3 to pin Ethereum back from a breakout to $145 levels in the week.

Failure to hold onto $136 levels could see Ethereum slide back through to $132 levels touched last week. Barring a broad-based crypto sell-off, however, we would expect the first major support level at $132.05 to prevent heavier losses in the week.

In the event of a crypto sell-off, the second major support level at $127.59 could come into play before any recovery.

At the time of writing, Ethereum was down by 0.34% to $136.05.

Tron’s TRX

Tron’s TRX gained 4.24% in the week ending 23rd March. Following on from a 2.04% rise from the previous week, Tron ended the week at $0.02463.

Bearish through much of the week, Tron tumbled from $0.023 levels to a Thursday intraweek low $0.02215.

Falling short of the first major resistance level at $0.0244 early on, Tron fell through the first major support level at $0.0225.

Tron reversed the week’s losses on Saturday, rallying to an intraday week high $0.0248. The rebound saw Tron break through and hold above the first major resistance level at $0.0244 at the end of the week.

For the week ahead,

A hold onto $0.024 levels through the early part of the week would signal further upside for the week ahead. A breakthrough last week’s high $0.0248 would bring $0.025 levels into play before any pullback.

Support from the broader market would be needed, however, for Tron to take a run at the first major resistance level at $0.0256.

Failure to hold onto $0.024 levels could see Tron give up some of its recent gains. A pullback through to $0.0235 levels would bring the first major support level at $0.0229 into play before any recovery.

Barring a broad-based crypto sell-off, however, we would expect Tron to avoid sub-$0.022 support levels in the week.

At the time of writing, Tron was down by 0.63% to $0.02448.

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