Altcoins Weekly Analysis –BNB, ETH and XLM – 17/03/19

After a strong set of gains last week and a broad-based crypto rally on Saturday, its a sea of red early on. Holding onto key levels will be needed to support further gains in the week ahead.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance

Binance gained 10.55% in the week ending 16th March. Following on from a 22.3% surge from the previous week, Binance ended the week at $16.2884.

A choppy first half of the week saw Binance rise from an intraweek low $14.06 to $15.80 levels before easing back to $14 levels. The week’s major support and resistance levels were left untested ahead of a Saturday rally.

Relatively range bound going into Saturday, a broad-based Saturday crypto market rally saw Binance strike an intraday week high and new swing hi $16.6443.

Coming within range of the week’s first major resistance level at $16.76, Binance eased back while holding onto $16 levels.

For the week ahead,

A hold onto $16 levels through the early part of the week would support further upside for Binance in the week ahead.

A move back through last week’s high $16.6443 would bring $17 levels and the first major resistance level at $17.2674 into play. Barring a broad-based crypto rally, we would expect the week’s first major resistance level to pin Binance back in the week. A crypto rally, however, would likely bring $18 levels into play. We would expect the second major resistance level at $18.8, however, to be left untested in the event of a breakout.

Failure to hold onto $16 levels could see Binance slide through $15.60 levels to bring the first major support level at $14.69 into play. Sentiment across the broader market would need to materially deteriorate, however, for a pullback to sub-$15.60 levels. Barring a broad-based crypto sell-off, we would expect Binance to hold above $15.80 levels through the week.

At the time of writing, Binance was down by 1.27% to $16.08.

Ethereum

Ethereum gained 2.98% in the week ending 16th March. Following on from a 3.1% rise from the previous week, Ethereum ended the week at $140.48.

A bearish start to the week saw Ethereum fall from $136 levels to an intraday week low $127.19 on Tuesday.

Steering clear of the week’s first major support level at $126.11, Ethereum recovered to $136 levels ahead of Saturday’s rally. Finding support from the broader market, Ethereum rallied to a Saturday intraweek high $147.23. Ethereum broke through the first major resistance level at $143.36 before easing back to $140 levels.

For the week ahead,

A hold onto $138 levels through the early part of the week would support a move back through to $140 levels. Support from the broader market would likely see Ethereum move back through last week’s high $147.23. A breakout from $140 would likely bring the first major resistance level at $149.41 into play before any pullback. We would expect Ethereum to face plenty of resistance at $149 levels to leave $150 off the table for the week.

Failure to hold onto $138 levels could see Ethereum reverse the previous week’s gains. A fall through $133 levels would bring the first major support level at $129.37 into play. We would expect Ethereum to avoid sub-$128 levels in the event of a reversal, however.

At the time of writing, Ethereum was down 1.45% to $138.45.

Stellar’s Lumen

Stellar’s Lumen rallied by 20.79% in the week ending 16th March. Following on from a 7.31% gain from the previous week, Stellar’s Lumen ended the week at $0.11076.

A particularly bullish start to the week saw Stellar’s Lumen rally from an intraweek low $0.0917 to an intraweek high $0.11489. 4 consecutive days in the green saw Stellar’s Lumen break through the week’s major resistance levels.

2 consecutive days in the red saw Stellar’s Lumen pullback through the third major resistance level at $0.1142 to $0.1050 levels. Support from the broader market kicked in on Saturday, supporting a move back through to $0.11 levels.

For the week ahead,

A hold above $0.1060 levels through the early part of the week would support a move through last week’s high $0.11489. Support from the broader market would be needed, however, for a run at the first major resistance level at $0.1199. We can expect Stellar’s Lumen to face plenty of resistance on the way through $0.1150 levels. Last week’s gains will likely weigh in the week.

Failure to hold above $0.1060 could see Stellar’s Lumen fall back through to sub-$0.10 levels later in the week. A pullback would see Stellar’s Lumen call on support at the first major support level at $0.0967 before any recovery. Barring a broad-based crypto sell-off, however, we would expect Stellar’s Lumen to hold onto $0.10 levels in the week ahead.

At the time of writing, Stellar’s Lumen was down by 0.79% to $0.10988.

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