Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 26/01/20

Binance Coin

Binance Coin fell by 4.78% in the week ending 25th January. Partially reversing a 19.4% surge from the previous week, Binance Coin ended the week at $16.92.

A bullish start to the week saw Binance Coin strike an early Sunday intraweek high $18.56 before hitting reverse.

Falling short of the first major resistance level at $19.44, Binance Coin slid to a Sunday low $16.42 before finding support to close out the day at $17 levels.

After a 2.43% fall on Sunday and a 0.43% fall on Monday, Binance Coin found support on Tuesday. A 4.55% rally on Tuesday saw Binance Coin return to $18 levels before sliding back into the red.

3 days in the red out of 4 saw Binance Coin fall back to close out the week at sub-$17 levels.

For the week ahead

Binance Coin would need to break through to $17.30 levels to support a run at the first major resistance level at $18.21.

Support from the broader market would be needed for Binance Coin to move back through to $18 levels.

Barring a broad-based crypto rally, the first major resistance level and 23.6% FIB of $18.8 would likely limit any upside in the week.

In the event of a breakout, the second major resistance level at $19.51 would likely come into play.

Failure to move through to $17.30 levels could see Binance Coin spend a 2nd consecutive week in the red.

A fall back through last week’s low $16.32 would bring the first major support level at $15.97 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$15 levels. The second major support level at $15.03 should limit any downside.

At the time of writing, Binance Coin was up by 0.39% to $16.95. A bullish start to the day saw Binance Coin rise from an early Sunday low $16.75 to a high $17.11.

Binance Coin left the major support and resistance levels untested early on.

BNB/USD 27/01/20 Weekly Chart

Litecoin

Litecoin slid by 10.16% in the week ending 25th January. Partially reversing a 20.07% jump from the previous week, Litecoin ended the week at $53.22.

Tracking the broader market, Litecoin rallied to a Sunday intraweek high $62.50 before hitting reverse.

While falling short of the first major resistance level at $65.36, Litecoin broke through the 23.6% FIB of $62 on the day before hitting reverse.

The reversal saw Litecoin slide through the first major support level at $51.01 to a Friday intraweek low $50.63 before finding support.

While recovering to $53 levels, 5 days in the red, which included a 6.33% slide on Thursday did the damage.

For the week ahead

Litecoin would need to move through to $55.50 levels to support a run at the first major resistance level at $60.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

Barring abroad-based crypto rally, the first major resistance level and the 23.6% FIB of $62 would likely cap any upside.

Failure to move through to $55.50 levels could see Litecoin hit reverse once more.

A fall back through to last week’s low $50.63 would bring the first major support level at $48.40 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$48 levels.

At the time of writing, Litecoin was up by 0.3% to $53.38. A mixed start to the week saw Litecoin rise from an early morning low $52.75 to a high $53.80.

Litecoin left the major support and resistance levels untested early on Sunday.

LTC/USD 27/01/20 Weekly Chart

Tron’s TRX

Tron’s TRX slid by 8.36% in the week ending 25th January. Partially reversing a 21.82% breakout from the previous week, Tron’s TRX ended the week at $0.016184.

A choppy start to the week saw Tron’s TRX strike a Sunday intraweek high $0.018081 before hitting reverse.

Falling short of the first major resistance level at $0.01920, Tron’s TRX fell to a Thursday intraweek low $0.015727.

Steering clear of the first major support level at $0.01540, Tron’s TRX recovered to $0.016 levels to reduce the deficit for the week.

While Tron’s TRX fell on just 3 of the 7 days last week, a 6.2% slide on Sunday and 6.54% slide on Thursday did the damage.

For the week ahead

Tron’s TRX would need to move back through to $0.01670 levels to support a run at the first major resistance level at $0.01760.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0170 levels.

Barring an extended crypto rally, the first major resistance level would likely pin Tron’s TRX back from $0.018 levels.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.0190 would likely come into play.

Failure to move through to $0.01760 levels could see Tron’s TRX spend another week in the red.

A fall back to sub-$0.016 levels would bring the first major support level at $0.01520 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.015 and the second major support level at $0.01430.

At the time of writing, Tron’s TRX was up by 0.61% to $0.016282. A bullish start to the day on Sunday saw Tron’s TRX rise from an early morning low $0.016096 to a high $0.016282.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 27/01/20 Weekly Chart

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