Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 22/03/20

Binance Coin

Binance Coin rallied by 19.45% in the week ending 21st March. Partially reversing a 50.05% tumble from the previous week, Binance Coin ended the week at 12.10.

A mixed start to the week saw Binance Coin rise to a Sunday high $11.91 before hitting reverse.

Falling well short of the major resistance levels, Binance Coin tumbled to a Monday intraweek low $8.19.

Steering clear of the first major support level at $4.24, Binance Coin rebounded from an 8.78% slide to strike a Friday intraweek high $14.40.

In spite of a 17.94% Thursday rally, Binance Coin came up short of the first major resistance level at $18.22.

The 23.6% FIB of $14.40 pinned Binance Coin back on Friday, leading to a 3.08% slide on the day.

A 5th day in the green on Saturday consolidated the gains from earlier in the week. A lackluster end to the week, however, left Binance Coin back to sub-$13 levels.

For the week ahead

Binance Coin would need to break back through to $13 levels to bring the first major resistance level at $14.94 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 another broad-based crypto rally, the 23.6% FIB would likely leave Binance Coin short of the major resistance levels.

Failure to move back through to $13 levels could see Binance Coin hit reverse.

A fall back through to sub-$11.6 levels would bring the first major support level at $8.73 into play

Barring another crypto meltdown, however, Binance Coin should steer clear of sub-$10 levels.

At the time of writing, Binance Coin was up by 2.23% to $12.37. A bullish start to the week, on Sunday, saw Binance Coin rise from an early morning low $11.81 to a high $12.57.

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

BNB/USD 22/03/20 Weekly Chart

Litecoin

Litecoin rallied by 11.57% in the week ending 21st March. Partially reversing a 43.13% slump from the previous week, Litecoin ended the week at $38.39.

A bullish start to the week saw Litecoin rally by 5.26% on Sunday to hit an early high $39.0 before hitting reverse.

Falling short of the major resistance levels, Litecoin slid by 8.03% on Monday to an intraweek low $29.17.

Steering well clear of the first major support level at $19.44, Litecoin rallied to a Friday intraweek high $43.97.

Falling well short of the first major resistance level at $55, Litecoin fell back to $34 levels before finding support.

A recovery to $38 levels on Friday and a 0.79% gain on Saturday consolidated a 12.14% rally from Thursday.

For the week ahead

Litecoin would need to move back through to $40 levels to support a run at the first major resistance level at $45.18.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $43.97.

Barring an extended crypto rally, the first major resistance at $45.18 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-$37 levels would bring the first major support level at $30.38 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$30 levels…

At the time of writing, Litecoin was up by 2.34% to $39.29. A bullish start to the week saw Litecoin rise from an early morning low $37.97 to a high $39.71.

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

LTC/USD 22/03/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 15.45% in the week ending 21st March. Partially reversing a 42.41% tumble from the previous week, Tron’s TRX ended the week at $0.011256.

Tracking the broader market, Tron’s TRX struck a Sunday high $0.011173 before sliding to a Monday intraweek low $0.008502.

Steering clear of the first major support level at $0.0056, Tron’s TRX rallied to a Friday intraweek high $0.012737.

Falling well short of the first major resistance level at $0.01551, Tron’s TRX slid back to sub-$0.011 levels.

Finding late support on Friday and Saturday, Tron’s TRX consolidated a 13.48% gain from Thursday.

For the week ahead

Tron’s TRX would need to move back through to $0.012 levels to support a run at the first major resistance level at $0.01316.

Support from the broader market would be needed, however, for Tron’s TRX to break back out from last week’s high $0.012737

Barring an extended crypto rally in the week, the first major resistance level at $0.01316 should cap any upside.

Failure to move through to $0.012 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.011 levels would bring the first major support level at $0.00893 into play.

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 2.61% to $0.011550. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.011176 to a high $0.011600.

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

TRX/USD 22/03/20 Weekly Chart

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