Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 10/05/20

Binance Coin

Binance Coin fell by 4.33% in the week ending 9th May. Partially reversing a 5.46% gain from the previous week, Binance Coin ended the week at $16.79.

It was a mixed start to the week, with Binance Coin rising to an early Sunday high $18.04 before hitting reverse.

Falling well short of the first major resistance level at $19.49, Binance Coin slid to an early Thursday intraweek low $15.26.

Finding support at the first major support level at $15.25, Binance Coin found support late in the week to return to $17 levels. Binance Coin briefly revisited $18 levels on Thursday before easing back. A Thursday intraday high $18.26 came up short of the first major resistance level at $19.49, however.

4 consecutive days in the red, which included a 2.47% and 3.15% fall on Sunday and Wednesday, delivered the losses.

2 consecutive days in the green before a Saturday pullback did limit the damage at the end of the week, however.

For the week ahead

Binance Coin would need to break through to $16.80 levels to bring the first major resistance level at $18.28 into play.

Support from the broader market would be needed for Binance Coin to break back through to $18 levels.

Barring a broad-based crypto rally, resistance at $17 would likely leave Binance Coin short of the first major resistance level at $18.28.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $16.80 levels could see Binance Coin struggle throughout the week.

A fall back through to the second major support level at $13.77 would bring sub-$12 levels into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of the third major support level at $10.77.

At the time of writing, Binance Coin was down by 11.26% to $14.895. A particularly bearish start to the week saw Binance Coin slide from an early morning high $17.02 to a low $13.62.

Binance Coin fell through the first major support level at $15.28 and the second major support level at $13.77.

BNB/USD 10/05/20 Weekly Chart

Litecoin

Litecoin fell by 4.71% in the week ending 9th May. Partially reversing a 10.85% rally from the previous week, Litecoin ended the week at $46.94.

A mixed start to the week saw Litecoin rise to an early Sunday intraweek high $49.99 before hitting reverse.

Falling short of the first major resistance level at $52.42, Litecoin slid to a Wednesday intraweek low $44.47.

Litecoin fell through the first major support level at $44.65 before finding support from the broader market.

Ending a run of 4 consecutive days in the red, Litecoin briefly bounced back to $49 levels. 2 consecutive days in the green cut the deficit for the week before a Saturday reversal.

For the week ahead

Litecoin would need to move back through to $47.20 levels to support a run at the first major resistance level at $49.80.

Support from the broader market would be needed, however, for Litecoin to break out from the first major support level at $44.28.

Barring an extended crypto rally, resistance at $45 would likely leave Litecoin short of the first major resistance level at $49.80.

Failure to move through to $47.20 levels could see Litecoin come under further pressure.

A fall back through to $40 levels would bring the third major support level at $36.09 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 support levels.

At the time of writing, Litecoin was down by 11.18% to $41.69. A bearish start to the week saw Litecoin fall from an early morning high $47.00 to a low $40.03.

Litecoin fell through the first major support level at $44.28 and the second major support level at $41.61.

LTC/USD 10/05/20 Weekly Chart

Tron’s TRX

Tron’s TRX fell by 1.57% in the week ending 9th May. Following a 16.64% rally from the previous week, Tron’s TRX ended the week at $0.016135.

A choppy start to the week saw Tron’s TRX fall to a Monday intraweek low $0.015132 before finding support.

Steering clear of the first major support level at $0.01455, Tron’s TRX bounced back to a Tuesday intraweek high 0.016650.

Falling short of the first major resistance level at $0.01737, Tron’s TRX slid back to $0.0154 levels before finding support.

Continuing to steer clear of the major support levels, Tron’s TRX returned to $0.0165 levels.

5 days in the red delivered the loss for the week.

For the week ahead

Tron’s TRX would need to move through to $0.016 levels to support a run at the first major resistance level at $0.01681.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the first major support level at $0.01529.

Barring a broad-based crypto rebound in the week, resistance at $0.016 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move through to $0.016 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.014 levels would bring the third major support level at $0.01294 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.012 levels.

At the time of writing, Tron’s TRX was down by 11.99% to $0.014201. A bearish start to the week saw Tron’s TRX slide from an early morning high $0.01665 to a low $0.01300.

Tron’s TRX fell through the first major support level at $0.01529 and the second major support level at $0.01445.

TRX/USD 10/05/20 Weekly Chart

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