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

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.

BNB/USD 17/03/19 Weekly Chart

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.

ETH/USD 17/03/19 Weekly Chart

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.

XLM/USD 17/03/19 Weekly Chart

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