Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 01/03/20

Binance Coin

Binance Coin tumbled by 12.51% in the week ending 29th February. Following on from a 9.36% loss from the previous week, Binance Coin ended the month up by 5.37% to $19.23.

A bullish start to the week saw Binance Coin rise to a Monday intraweek high $23.55 before hitting reverse.

Falling short of the first major resistance level at $24.55, Binance Coin slid to a Thursday intraweek low $17.65.

Binance Coin fell through the first major support level at $20.16 and the second major support level at $18.33.

The reversal also saw Binance Coin fall through the 23.6% FIB of $18.8 before finding support.

Upward momentum through the late part of the week saw Binance Coin break back through the second major support level and the 23.6% FIB.

4-days in the red that included an 8.22% slide on Tuesday and 7.74% fall on Wednesday did the damage.

For the week ahead

Binance Coin would need to break back through to $20.15 levels to bring the first major resistance level at $22.64 into play.

Support from the broader market would be needed for Binance Coin to break back through to $20 levels.

Barring a broad-based crypto rally, resistance at $24 would likely continue to limit the upside in the week.

In the event of a breakout, the second major resistance level at $26.04 would likely pin Binance Coin back.

Failure to move back through to $20 levels could see Binance Coin spend a 3rd week in the red.

A fall back through the 23.6% FIB of 18.8 would bring the first major support level at $16.74 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$17 levels.

At the time of writing, Binance Coin was up by 1.96% to $19.61. A mixed start to the week saw Binance Coin fall to an early morning low $19.12 before striking a high $19.94.

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

BNB/USD 01/03/20 Daily Chart

Litecoin

Litecoin tumbled by 22.48% in the week ending 29th February. Following on from a 2.45% fall from the previous week, Litecoin ended the month down by 14.60% to $58.04.

A bullish start to the week saw Litecoin rise to a Sunday intraweek high $80.75 before hitting reverse.

While falling short of the first major resistance level at $81.79, Litecoin broke through the 38.2% FIB of $78.

The reversal saw Litecoin tumble to a Friday intraweek low $56.35. Litecoin fell through the first major support level at $66.99 and the second major support level at $59.09. Of greater significance, however, was a fall through the 38.2% FIB of $78 and 23.6% FIB of $62.

While recovering from the week low, Litecoin failed to return to $60 levels.

5-days in the red that included a 6.08% fall on Tuesday and 14.85% tumble on Wednesday did the damage.

For the week ahead

Litecoin would need to move through to $65 levels to support a run at the first major resistance level at $73.74.

Support from the broader market would be needed, however, for Litecoin to move back through the 23.6% FIB of $62.

Barring an extended crypto rally, the 23.6% FIB would likely pin Litecoin back from $70 levels in the week.

Failure to move back through to $65 levels could see Litecoin come under pressure.

A fall back through last week’s low $56.35 would bring the first major support level at $49.34 into play.

Barring another crypto meltdown, however, Litecoin should steer well clear of the second major support level at $40.65.

At the time of writing, Litecoin was up by 2.74% to $59.63. A bullish start to the week saw Litecoin rise from an early morning low $58.00 to high $60.24.

Litecoin left the major support and resistance levels untested.

LTC/USD 01/03/20 Daily Chart

Tron’s TRX

Tron’s TRX slumped by 17.51% in the week ending 29th February. Following on from a 15.03% tumble from the previous week, Tron’s TRX ended the month down by 10.94% to $0.01660.

A bullish start to the week saw Tron’s TRX rise to a Sunday intraweek high $0.021486 before hitting reverse.

Falling short of the first major resistance level at $0.02350, Tron’s TRX fell to a Wednesday intraweek low $0.015610.

The reversal saw Tron’s TRX slide through the first major support level at $0.0177 and the second major support level at $0.01540.

Finding support late in the week, Tron’s TRX recovered to $0.017 levels before falling back to end the week at $0.016 levels.

4-days in the red that included a 13.6% slide on Wednesday did the damage in the week.

For the week ahead

Tron’s TRX would need to move back through to $0.0179 levels to support a run at the first major resistance level at $0.02020.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0200 levels.

In the event of a broad-based crypto rally, Tron could revisit $0.021 levels before any pullback. We would expect the second major resistance level at $0.0238 to be out of reach in the week.

Failure to move through to $0.01790 could see Tron’s TRX hit reverse.

A fall back through last week’s low $0.01561 would bring the first major support level at $0.01430 into play before any recovery.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels and second major support level at $0.0120.

At the time of writing, Tron’s TRX was up by 1.81% to $0.01690. A relatively bullish start to the week saw Tron’s TRX rise from an early morning low $0.016570 to a high $0.017110.

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

TRX/USD 01/03/20 Weekly Chart

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