Altcoins Weekly Analysis –BNB, ETH and XLM – 03/03/19

Binance bucked the trend last week but struggles in the early hours of this morning. Moves through the day could well define the week.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

BNB

Binance rose by 9.84% in the week ending 2nd March. Following on from an 18.6% rally from the previous week, Binance ended the week at $12.0477.

A bearish start to the week saw Binance slide from a Sunday high $11.5625 to a Wednesday intraweek low $9.245. The pullback saw Binance come within range of the first major support level at $9.3725.

Following 3 consecutive days in the red, Binance rallied for 4 consecutive days to strike an intraday week high $12.1326 on Saturday. The rally saw Binance break through the 38.2% FIB of $9.5269 to form a near-term bullish trend. In spite of the upward momentum, Binance was pinned back by the week’s first major resistance level at $12.1197.

Bucking the broader market trend through the week, the upward momentum saw Binance move through to the number 8 spot by market cap.

For the week ahead,

A hold above $11.15 levels in the early part of the week would support further upside later in the week. A move back through last week’s high $12.1326 would bring the first major resistance level at $13.0385 into play.

Barring a broad-based crypto rally, we would expect Binance to fall short of $15.00 levels. The second major resistance level at $14.0294 would like cap the upside in the event of a breakout.

Failure to hold above $11.15 could see Binance test the first major support level at $10.1509. We would expect some profit taking to weigh in the early part of the week, however. Sub-$10.00 levels would likely be avoided in the event of a sell-off. Binance would likely receive plenty of support at the first major support level to avoid heavier losses in the week.

At the time of writing, Binance was down by 2.1% to $11.7952.

Ethereum

Ethereum tumbled by 16.01% in the week ending 2nd March. Partially reversing a 29.63% rally from the previous week, Ethereum ended the week at $132.32.

Tracking the broader market, Ethereum slid from an intraweek high $165.62 to an intraweek low $125.70. Most of the damage was done on Sunday when Ethereum tumbled to $131 levels.

Ethereum fell through the first major support level at $132.66 on Wednesday. A steadier 2nd half of the week saw Ethereum recover to $140 levels. Ethereum was unable to hold on, however, sliding back through the first major support level to $132 level on Saturday.

For the week ahead,

Ethereum would need to move through to $141 levels to signal a rebound from the previous week. An early move through to $141 levels would support a run at $150 levels. Ethereum would need support from the broader market, however, to bring the first major resistance level at $156.73 into play.

We would expect Ethereum to come up short of last week’s high $165.62 in the event of a rebound.

Failure to move through to $141 levels could see Ethereum come under pressure mid-week. A fall through to $130 would bring $125 levels into play before any recovery. Barring a broad-based crypto sell-off, we would expect Ethereum to steer clear of the first major support level at $116.81.

At the time of writing, Ethereum was up by 0.72% to $133.27.

Stellar’s Lumen

Stellar’s Lumen slid by 11.25% in the week ending 2nd March. Partially reversing the previous week’s 20.15% gain, Stellar’s Lumen ended the week at $0.08535.

A bearish start to the week saw Stellar’s Lumen slide from an intraweek high $0.09940 to an intraday week low $0.08196. The reversal saw Stellar’s Lumen slide through the first major support level at $0.08320 before finding support.

Attempts at a return to $0.09 levels failed, with Stellar’s Lumen ending the week below the first major support level.

Stellar’s Lumen came up short of the first major resistance level at $10.1032 at the start of the week.

For the week ahead,

A move through to $0.0890 levels would support upward momentum through the week. Moving through to $0.09 levels would bring the first major resistance level at $0.0958 into play. We would expect Stellar’s Lumen to continue to fall short of $0.10 levels, however. Stellar’s Lumen will likely be pinned back by last week’s high $0.0994 and the first major resistance level.

Failure to move through to $0.0890 levels could see Stellar’s Lumen struggle through the week. A fall through last week’s low $0.08196 would bring $0.070 levels into play. We would expect Stellar’s Lumen to test the first major support level at $0.0784 in the event of a sell-off. Sub-$0.070 levels would likely be avoided, however. The second major support level at $0.0715 would prevent more material losses in the event of a crypto meltdown.

At the time of writing, Stellar’s Lumen was up by 0.25% to $0.08557.

Most Recent

Top Articles