Altcoins Weekly Analysis – ETH, TRX and XLM – 27/01/19

Tron led the way in what was a relatively bearish week last week and things have not got much better for the broader market at the start of this week… More losses or a rebound on the cards?
altcoins

Ethereum

Ethereum fell by 6.65% in the week ending 26th January, following on from a 1.12% fall from the previous week, to end the week at $115.01.

A particularly bearish start to the week saw Ethereum fall from an intraweek high $123.70 to an early in the week intraweek low $110.37 before steadying.

The moves through the week saw Ethereum fall through the first major support level at $113.65 before partially recovering to a relatively range bound 2nd half of the week.

The start of the week high came up well short of $130 levels and the first major resistance level at $132.53, leaving the extended bearish trend firmly intact, Ethereum continuing to fall well short of the 23.6% FIB of $257.

For the week ahead, a move through to $116 levels would signal a possible reversal of the New Year losses, bringing the week’s first major resistance level at $122.35 into play before any pullback. While we would expect Ethereum to fall well short of the week’s second major resistance level at $129.69, a run through to $125 levels could be on the cards in the event of a market rally before any reversal.

Failure to move through to $116 levels could signal a bearish week for Ethereum. A pullback through last week’s low $110.37 would bring the week’s first major support level at $109.02 into play. Heavier losses could be on the cards in the event of a sell-off, while we would expect Ethereum to find enough support at the second major support level at $103.03 to avoid sub-$100 levels through the week.

At the time of writing, Ethereum was down 0.12% to $114.89.

Tron’s TRX

Tron rallied by 17.8% through the week ending 26th January, following on from a 0.4% gain the previous week, to end the week at $0.02933.

Bucking the trend from across the broader market, it was a particularly bullish week, with Tron bouncing back from a start to the week fall to an intraweek low $0.023348 to strike an end of week intraweek high $0.029619.

Steering clear of the week’s first major support level at $0.0210, 5 days in the green saw Tron break through the week’s first major resistance level at $0.0269 to come up against the second major resistance level at $0.0298 before easing back at the end of the week.

While the solid week of gains left Tron up 52.7% since the start of the year, the extended bearish trend remained intact, with Tron needing a breakout from the 23.6% FIB of $0.0322 to $0.045 levels and the 38.2% FIB of $0.0452 to form a near-term bullish trend.

For the week ahead, a hold above $0.027 levels through the early part of the week would signal further upside for Tron. A move through last week’s high $0.029619 would be needed to support another run at $0.030 levels to bring the first major resistance level at $0.0315 into play before any pullback. We would expect Tron to fall short of the second major resistance level at $0.0337, with selling pressure at the 23.6% FIB of $0.0322 there to pin Tron back from a breakout.

Failure to hold above $0.027 levels could see Tron ease back to $0.025 levels to bring the first major support level at $0.0252 into play before any recovery. While we would expect the week’s second major support level at $0.0212 to be left untested through the week, a hold above last week’s low $0.02335 would be needed to avoid a $0.021 levels in the event of a broad based sell-off.

At the time of writing, Tron was by 0.07% to $0.028914.

Stellar’s Lumen

Stellar’s Lumen fell by 8.2% in the week ending 26th January, reversing a 1.55% gain from the previous week, to end the week at $0.1005.

A particularly bearish week saw Stellar’s Lumen fall on 5 of the 7 days, with the reversal kicking off from a start of a week intraweek high $0.11056 that came up short of the first major resistance level at $0.1148.

The reversal saw Stellar’s Lumen fall through the week’s first major support level at $0.1040 to an end of week intraweek low $0.09928, calling on support at the second major support level at $0.0985 before steadying.

The sell-off left Stellar’s Lumen down 11.2% since the start of the year, reaffirming the extended bearish trend, with Stellar’s Lumen continuing to fall short of the 23.6% FIB Retracement Level of 0.1434 following 15th December’s swing lo $0.09353.

For the week ahead, a move back through to $0.1030 levels would be needed for Stellar’s Lumen to claw back some of last week’s losses. Support from the broader market would be needed to bring the week’s first major resistance level at $0.1078 and $0.11 levels into play. We would expect last week’s high $0.11056 to pin Stellar’s Lumen back from more material gains to leave $0.12 levels and the second major resistance level at $0.1269 off the table for the week.

Failure to move back through to $0.1030 levels could see Stellar’s Lumen resume its downward trend, with a fall back through last week’s low $0.09876 bringing the week’s first major support level at $0.096 into play. While we would expect Stellar’s Lumen to steer clear of sub-$0.090 support levels, the week’s second major support level at $0.0915 could come into plays should the broader market slide.

At the time of writing, Stellar’s Lumen was down by 0.9% to $0.09959.

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