Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/03/20

Binance Coin

Binance Coin rose by 0.74% in the week ending 28th March. Following on from a 19.45% rally from the previous week, Binance Coin ended the week at $12.21.

A bearish start to the week saw Binance Coin slide by 7.8% on Sunday, leading to a Monday intraweek low $10.59.

Steering well clear of the first major support level at $8.73, Binance Coin rallied to a Friday intraweek high $13.54.

A 9.66% rebound on Monday and 7.24% rally on Thursday drove Binance Coin to the week high before hitting reverse.

2-consecutive days in the red on Friday and Saturday, including a 6.6% loss on Friday, cut the gains for the week.

For the week ahead

Binance Coin would need to break back through to $13 levels to bring the first major resistance level at $13.64 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $13.54.

Barring a broad-based crypto rally, the first major resistance level at $13.64 would likely cap any upside.

In the event of a breakout, resistance at $14 would likely leave Binance Coin short of the 23.6% FIB of $14.4.

Failure to move back through to $13 levels could see Binance Coin struggle in the week.

A fall back through to sub-$12.1 levels would bring the first major support level at $10.69 into play

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

At the time of writing, Binance Coin was down by 1.23% to $12.06. A Bearish start to the week saw Binance Coin fall from a Sunday morning high $12.30 to a low $12.01.

BNB/USD 29/03/20 Weekly Chart

Litecoin

Litecoin rose by 1.35% in the week ending 28th March. Following on from an 11.57% rally from the previous week, Litecoin ended the week at $38.91.

A bearish start to the week saw Litecoin slide by 7.66% on Sunday, leading to a Monday intraweek low $34.51.

Steering clear of the first major support level at $30.38, Litecoin bounced back to a Friday intraweek high $41.43.

The upside came off the back of a 10.35% rally on Monday.

A choppy end to the week, however, saw Litecoin fall back to sub-$40 levels, with a 6% slide on Friday limiting the upside in the week.

Litecoin had fallen well short of the first major resistance level at $45.18 on Friday before the pullback.

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 $42.06.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $41.43.

Barring an extended crypto rally, the first major resistance at $42.06 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-$38 levels would bring the first major support level at $35.14 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$30 levels. The second major support level at $31.36 should limit any downside in the week.

At the time of writing, Litecoin was down by 0.75% to $38.62. A bearish start to the week saw Litecoin fall from an early morning high $39.19 to a low $38.35.

LTC/USD 29/03/20 Weekly Chart

Tron’s TRX

Tron’s TRX rose by 2.01% in the week ending 28th March. Following on from a 15.45% rally from the previous week, Tron’s TRX ended the week at $0.011448.

Tracking the broader market, Tron’s TRX fell by 8.67% on Sunday, leading to a Monday intraweek low $0.01009.

Steering clear of the first major support level at $0.00893, Tron’s TRX rallied to a Friday intraweek high $0.012107, supported by a 10.58% rebound on Monday.

Falling short of the first major resistance level at $0.01316, Tron’s TRX fell back to sub-$0.011 levels before finding late support.

A 6.06% slide on Friday limited the upside in the week.

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 $0.01234.

Support from the broader market would be needed, however, for Tron’s TRX to break back out from last week’s high $0.012107.

Barring an extended crypto rally in the week, the first major resistance level at $0.01234 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-$0.01122 levels would bring the first major support level at $0.01032 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.0090 levels. The second major support level at $0.00920 should limit any downside.

At the time of writing, Tron’s TRX was down by 1.41% to $0.011287. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.011403 to a low $0.011274.

TRX/USD 29/03/20 Weekly Chart

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