Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 03/05/20

Binance Coin

Binance Coin rose by 5.46% in the week ending 2nd May. Following on from a 20.48% rally from the previous week, Binance Coin ended the week at $17.57.

A choppy first half of the week saw Binance Coin fall to a Wednesday intraweek low $14.99 before making a move.

Steering clear of the first major support level at $14.41 and 23.6% FIB of $14.40, Binance Coin rallied to a Thursday intraweek high $19.16.

Binance Coin broke through the first major resistance level at $17.87 and second major resistance level at $19.10.

A reversal on the day saw Binance Coin slide back to sub-$16 levels to end the day in the red.

It was a bullish end to the week, however. Binance Coin broke back through the first major resistance level to visit $18 levels before easing back.

For the week, 5 days in the green delivered the upside, while a 2.57% fall on Thursday pinned Binance Coin back.

For the week ahead

Binance Coin would need to break through to $18.00 levels to bring the first major resistance level at $19.49 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $19.16.

Barring a broad-based crypto rally, the major resistance level at $19.49 and 38.2% FIB of $19.40 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $20 levels before any pullback.

Failure to move back through to $18.00 levels could see Binance Coin struggle in the week.

A fall back through to sub-$17.25 levels would bring the first major support level at $15.32 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 levels.

At the time of writing, Binance Coin was up by 0.48% to $17.65. A bullish start to the week saw Binance Coin rise from an early morning low $17.19 to a high $18.04.

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

BNB/USD 03/05/20 Weekly Chart

Litecoin

Litecoin rallied by 10.85% in the week ending 2nd May. Following on from a 0.43% gain from the previous week, Litecoin ended the week at $49.26.

A mixed start to the week saw Litecoin fall to a Monday intraweek low $43.19 before making a move.

Steering clear of the first major support level at $40.76, Litecoin rallied to a Thursday intraweek high $50.96.

Litecoin broke through the first major resistance level at $46.83 and the second major resistance level at $49.25.

A reversal on the day saw Litecoin fall back to sub-$46 levels before a late in the week rally.

Litecoin broke back through the first and second major resistance levels to wrap up the week at $49 levels.

5 days in the green, including a 6.66% rally on Wednesday delivered the upside for the week.

For the week ahead

Litecoin would need to move back through to $50 levels to support a run at the first major resistance level at $52.42.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $50.96.

Barring an extended crypto rally, the first major resistance level at $52.42 should limit any upside.

Failure to move through to $50 levels could see Litecoin come under further pressure.

A fall back through to sub-$47.80 levels would bring the first major support level at $44.65 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$45 support levels.

At the time of writing, Litecoin was up by 0.63% to $49.57. A bullish start to the day saw Litecoin rise from an early morning low $49.19 to a high $49.99.

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

LTC/USD 03/05/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 16.64% in the week ending 2nd May. Following on from a 3.44% gain from the previous week, Tron’s TRX ended the week at $0.016308.

A particularly bullish start to the week saw Tron’s TRX rally from a Sunday intraweek low $0.013855 to a Thursday intraweek high $0.016669.

Tron’s TRX broke through the first major resistance level at $0.01474 and the second major resistance level at $0.01558.

A Thursday reversal saw Tron’s TRX fall back to $0.01490 levels before finding support late in the week.

The late rebound saw Tron’s TRX break back through the second major resistance level to wrap up the day at $0.016 levels.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01560 levels to support a run at the first major resistance level at $0.01737.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016669.

Barring an extended crypto rally in the week, resistance at $0.017 would likely leave Tron’s TRX short of the first major resistance level.

Failure to avoid sub-$0.01560 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01560 levels would bring the first major support level at $0.01455 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.014 levels.

At the time of writing, Tron’s TRX was up by 0.45% to $0.016382. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.016382 to a high $0.016598.

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

TRX/USD 03/05/20 Weekly Chart

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