Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 15/03/20

Binance Coin

Binance Coin tumbled by 50.05% in the week ending 14th March. Reversing a 5.46% gain from the previous week, Binance Coin ended the week at $10.14.

A bearish start to the week saw Binance Coin slide by 16.72% on Sunday before steadying.

The reversal saw Binance Coin fall from a Sunday intraweek high $20.40 to sub-$16 levels before finding support.

Binance Coin fell through the first major support level at $18.52 and the second major support level at $16.75.

The slide also saw Binance Coin fall through the 23.6% FIB of $18.8. Support and a return to $16 levels was brief, however, with Binance Coin tumbling by 43.91% to sub-$10 levels on Thursday.

Binance Coin fell through the third major support level, with the sell-off continuing into Friday morning.

The continued sell-off saw Binance Coin fall to an intraweek low and new swing lo $6.4164.

A Friday bounce back saw Binance Coin recover to $12 levels before a 5th day in the red on Saturday.

For the week ahead

Binance Coin would need to break back through to $12.30 levels to bring the first major resistance level at $18.22 into play.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB of $14.4.

Barring a broad-based crypto rally, resistance at $12 would likely leave Binance Coin well short of the 23.6% FIB and the major resistance levels.

Failure to move back through to $12.3 levels could see Binance Coin spend another week in the red.

A fall back through to sub-$10 levels would bring the first major support level at $4.2376 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$6 levels.

At the time of writing, Binance Coin was down by 0.96% to $10.04. A bearish start to the week saw Binance Coin fall from an early morning high $10.18 to a low $9.89 early on Sunday.

BNB/USD 15/03/20 Weekly Chart

Litecoin

Litecoin slumped by 43.13% in the week ending 14th March. Reversing a 4.31% gain from the previous week, Litecoin ended the week at $34.43.

Bearish throughout the week, Litecoin tumbled from a Sunday intraweek high $60.55 to a Friday intraweek low and new swing low $25.00.

The sell-off saw Litecoin see red in 6 of the 7 days, with a 15.55% slide on Sunday and 38.01% tumble on Thursday doing the damage.

Finding support on Friday, Litecoin recovered to $40 levels before falling back.

The sell-off in the week saw Litecoin slide through the week’s major support levels.

For the week ahead

Litecoin would need to move through to $40 levels to support a run at the first major resistance level at $55.00.

Support from the broader market would be needed, however, for Litecoin to break through the 23.6% FIB of $54.

Barring a broad-based crypto rebound, resistance at $40 would likely limit any upside in the week.

Failure to move back through to $40 levels could see Litecoin come under further pressure.

A fall back through to sub-$30 levels would bring the first major support level at $19.44 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$20 levels…

At the time of writing, Litecoin was up by 0.03% to $34.44. A mixed start to the day saw Litecoin fall to an early morning low $34.24 before striking a high $34.64.

LTC/USD 15/03/20 Weekly Chart

Tron’s TRX

Tron’s TRX slumped by 42.41% in the week ending 14th March. Reversing a 2.64% gain from the previous week, Tron’s TRX ended the week at $0.009803.

It was a particularly bearish week. Tron’s TRX slumped from a Sunday intraweek high $0.017021 to a Friday intraweek low and new swing lo $0.007111.

The sell-off saw Tron’s TRX fall through the week’s major support levels before finding support on Friday.

In spite of an 18.47% bounce back on Friday, Tron’s TRX failed to break back through the third major support level at $0.01269.

A bearish end to the week, however, saw Tron’s TRX fall back to $0.010 levels.

In the week, 4-days that included a 13.91% loss on Sunday and 42.88% tumble on Thursday delivered the losses in the week.

For the week ahead

Tron’s TRX would need to move back through to $0.011 levels to support a run at the first major resistance level at $0.01551.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.012 levels.

Barring a broad-based crypto rally in the week, resistance at $0.012 would likely leave Tron’s TRX short of the major resistance levels.

Failure to move through to $0.011 levels could see Tron’s TRX struggle in the week.

A fall back through last week’s low $0.007111 would bring the first major support level at $0.0056 into play before any recovery.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.0080 levels.

At the time of writing, Tron’s TRX was up by 1.32% to $0.009932. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.009718 to a high $0.009974.

TRX/USD 15/03/20 Weekly Chart

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