Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 24/05/20

Binance Coin

Binance Coin rose by 2.62% in the week ending 23rd May. Partially reversing an 8.38% fall from the previous week, Binance Coin ended the week at $16.48.

A particularly bullish start to the week saw Binance Coin rally to a Wednesday intraweek high $17.55 before hitting reverse.

Falling short of the first major resistance level at $17.73, Binance Coin slid to a Thursday intraweek low $15.44.

In spite of a 4.87% slide on Thursday, Binance Coin steered clear of the first major support level at $14.02.

Finding support at the end of the week, a 3.18% rally on Friday reversed the mid-week losses to deliver the upside for the week.

Thursday’s slide had all but reversed 3 consecutive days in the green at the start of the week.

In spite of the late in the week recovery, however, Binance Coin failed to move back through to $17 levels. A pullback on Saturday pinned Binance Coin back.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.54 into play.

Support from the broader market would be needed for Binance Coin to break back through to $17 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $17.55 would likely cap any upside.

In the event of a breakout, Binance Coin could test the second major resistance level at $18.60 before any pullback.

Failure to move back through to $17 levels could see Binance Coin struggle throughout the week.

A fall back through to sub-$16.50 levels would bring the first major support level at $15.43 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$15 and the second major support level at $14.38.

At the time of writing, Binance Coin was up by 0.78% to $16.61. A bullish start to the week saw Binance Coin rise from an early morning low $16.36 to a high $16.67.

Binance Coin left the major support and resistance levels untested at the start of the week.

BNB/USD 24/05/20 Weekly Chart

Litecoin

Litecoin rose by 1.57% in the week ending 23rd May. Partially reversing a 7.84% slide from the previous week, Litecoin ended the week at $43.89.

A bullish start to the week saw Litecoin rise to a Monday intraweek high $47.50 before easing back.

Litecoin broke through the first major resistance level at $47.07 before falling back to $44 levels.

Through the middle of the week, the downward trend continued, with 2 consecutive days in the red on Wednesday and Thursday.

The reversal saw Litecoin fall to a Thursday intraweek low $41.53 before finding support.

Steering clear of the first major support level at $39.41, Litecoin recovered with a 3.6% rally on Friday to return to $44 levels.

In spite of 3.39% and 3.42% falls mid-week, 4-days in the green delivered the upside for the week. A bearish end to the week limited the upside, however.

For the week ahead

Litecoin would need to move back through to $44.30 levels to support a run at the first major resistance level at $47.08.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level at $47.08 and last week’s high $47.50 would likely cap any upside.

Failure to move through to $44.30 levels could see Litecoin come under further pressure.

A fall back through to $43 levels would bring the first major support level at $41.11 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $38.34.

At the time of writing, Litecoin was up by 0.43% to $44.08. A bullish start to the week saw Litecoin rise from an early morning low $43.74 to a high $44.19.

Litecoin left the major support and resistance levels untested at the start of the week.

LTC/USD 24/05/20 Weekly Chart

Tron’s TRX

Tron’s TRX rose by 0.27% in the week ending 23rd May. Partially reversing a 6.79% slide from the previous week, Tron’s TRX ended the week at $0.014993.

It was a bullish start to the week, with Tron’s TRX seeing 3 consecutive days in the green before hitting reverse.

A Tuesday high $0.015590 saw Tron’s TRX fall short of the first major resistance level at $0.01634.

The reversal saw Tron’s TRX slide by 3.91% on Wednesday and by 4.91% on Thursday to a Thursday intraweek low $0.013882.

Steering clear of the first major support level at $0.01329, Tron’s TRX found support late in the week. A 4.10% rally on Friday and a 5th day in the green out of 7 on Saturday delivered the upside for the week.

A Saturday intraweek high $0.015629 came up short of the first major resistance level at $0.01634.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01490 levels to support a run at the first major resistance level at $0.01579.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.015629.

Barring a broad-based crypto rally in the week, the first major resistance level at $0.01579 and last week’s high will likely cap any upside.

Failure to avoid sub-$0.01490 levels could see Tron’s TRX struggle throughout the week.

A fall back through to sub-$0.01490 levels would bring the first major support level at $0.01404 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support levels at $0.01309.

At the time of writing, Tron’s TRX was up by 0.05% to $0.015001. A range-bound start to the week saw Tron’s TRX rise from an early morning low $0.014971 to a high $0.015001.

Tron’s TRX left the major support and resistance levels untested at the start of the week.

TRX/USD 24/05/20 Weekly Chart

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