Altcoins Weekly Analysis –EOS, ETH and TRX – 24/02/19

The bulls are in town and, after a solid week of gains, holding onto key levels would support more near-term upside.
Altcoins

EOS

EOS surged by 53.26% in the week ending 23rd February. Following a 0.57% gain from the previous week, EOS ended the week at $4.3387.

It was a particularly bullish week for EOS, which saw just 1-day in the red. Rising from a start of a week intraweek low $2.8227, EOS rallied to a Saturday intraday week high $4.4237.

6-days in the green saw EOS breakthrough the week’s major resistance levels, whilst steering clear of the major support levels.

From the top 10 cryptos by market cap, EOS led the way through the week.

For the week ahead,

A hold onto $4.00 levels through the early part of the week would support further gains in the week ahead. A breakthrough last week’s high $4.4237 would bring the week’s first major resistance level at $4.90 into play before any pullback. Barring another broad-based cryptomarket rally, we would expect EOS to come up short of the second major resistance level at $5.46.

Failure to hold onto $4.00 levels could see EOS fall through to $3.80 levels. A pullback to $3.70 levels would likely see EOS call on support at the first major support level at $3.3 before any recovery. Barring a broad-based crypto sell-off, we would expect sub-$3.00 support levels to be left untested through the week.

At the time of writing, EOS was up by 0.45% to $4.3583.

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Ethereum

Ethereum rallied by 29.63 in the week ending 23rd February. Following on from a 3.05% gain from the previous week, Ethereum ended the week at $157.56.

A particularly bullish start to the week saw Ethereum breakthrough the major resistance levels to Monday high $147.8. Range bound through to Friday, Ethereum held onto the early in the week gain before surging to an intraweek high $159.91 on Saturday.

A start of a week intraweek low $121.38 saw Ethereum steer well clear of the week’s first major support level at $115.97.

For the week ahead,

Ethereum would need to hold above $155 levels through the early part of the week to support a breakout to $160 levels.

Following a solid week of gains, support from the broader market would be needed for Ethereum to take a run at the week’s first major resistance level at $171.20. We would expect Ethereum to come up short of $180 levels and the second major resistance level at $184.8 in the event of a breakout.

Failure to hold above $155 levels could see Ethereum pullback through to sub-$150 levels. In the event of a sell-off, holding above $146 levels would be key. A pullback through to sub-$146 levels would likely see Ethereum come under more selling pressure before any recovery. We would expect the week’s first major support level at $132.66 to be left untested, however.

At the time of writing, Ethereum was up by 0.76% to $158.76.

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Tron’s TRX

 

Tron gained 8.49% in the week ending 23rd February. Reversing most of the previous week’s 10.21% slide, Tron ended the week at $0.02593.

A bullish start to the week delivered Tron’s gains. Tron rallied from a start of a week intraday week low $0.02415 to an intraweek high $0.0265 on Monday before easing back.

The early moves saw Tron break through the week’s first major resistance level at $0.0259. Tron steered clear of the week’s major support levels.

2-consecutive days in the green at the end of the week saw Tron recover from a pullback to $0.024 levels mid-week. Tron closed out the week above the first major resistance level.

For the week ahead,

A hold above $0.0255 levels through the early part of the week would support another bullish week ahead. A breakthrough last week’s high $0.0265 would bring the week’s first major resistance level at $0.0270 into play. Support from the broader market would be needed to bring the second major resistance level at $0.0280 into play before any pullback. We would expect Tron to continue to come up short of $0.030 levels and the 23.6% FIB of $0.0322.

Failure to hold above $0.0255 could see Tron fall back through the first major support level at $0.0244 before any recovery. Barring a broad-based crypto sell-off, we would expect Tron to steer clear of sub-$0.023 levels, in the event of a pullback.

At the time of writing, Tron was up by 0.59% to $0.02608.

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