Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 31/05/20

Binance Coin

Binance Coin rose by 7.65% in the week ending 30th May. Following on from a 2.62% gain from the previous week, Binance Coin ended the week at $17.74.

A bearish start to the week saw Binance Coin fall to a Sunday intraweek low $15.54 before finding support.

Steering clear of the first major support level at $15.43, Binance Coin rallied to a late Saturday intraweek high $18.05.

Binance Coin broke through the first major resistance level at $17.54 to visit $18 levels for the first time 3-weeks.

Falling short of the second major resistance level at $18.60, Binance Coin eased back to end the week at $17 levels.

4 days in the green, which included a 3.6% rally on Thursday and 4.35% rally on Saturday delivered the upside.

For the week ahead

Binance Coin would need to avoid sub-$17.10 levels to bring the first major resistance level at $18.68 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, the first major resistance level and early Sunday’s high $18.26 would likely cap any upside.

In the event of a breakout, Binance Coin could test the 38.2% FIB of $19.4 and the second major resistance level at $19.62 before any pullback.

Failure to avoid sub-$17.10 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 $16.17 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 and last week’s low $15.54.

At the time of writing, Binance Coin was up by 1.00% to $17.92. A bullish start to the week saw Binance Coin rise from an early morning low $17.59 to a high $18.26.

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

BNB/USD 31/05/20 Weekly Chart

Litecoin

Litecoin rallied by 8.89% in the week ending 30th May. Following on from a 1.57% gain from the previous week, Litecoin ended the week at $47.75.

A relatively bearish start to the week saw Litecoin fall to a Monday intraweek low $41.76 before finding support.

Steering clear of the first major support level at $41.11, Litecoin struck a Saturday intraweek high $48.07.

Litecoin broke through the first major resistance level at $47.08 to hit $48 for the first time since 9th May.

While easing back to sub-$48 levels, Litecoin held above the first major resistance level.

4 days in the green, including a 7.30% rally on Saturday, delivered the upside for the week.

For the week ahead

Litecoin would need to avoid sub-$46 levels to support a run at the first major resistance level at $49.96.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $48.07.

Barring another extended crypto rally, the first major resistance level at $49.96 would likely cap any upside.

Failure to avoid sub-$46 levels could see Litecoin come under further pressure.

A fall back through to sub-$46 levels would bring the first major support level at $43.65 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.55.

At the time of writing, Litecoin was down by 0.63% to $47.45. A bearish start to the week saw Litecoin fall from an early morning high $47.81 to a low $47.38 on Sunday.

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

LTC/USD 31/05/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 9.13% in the week ending 30th May. Following on from a 0.27% gain from the previous week, Tron’s TRX ended the week at $0.016338.

A bearish start to the week saw Binance Coin fall to a Monday intraweek low $0.014117 before finding support.

Steering clear of the first major support level at $0.01404, Tron’s TRX rallied to Saturday intraweek high $0.016411.

Tron’s TRX broke through the first major resistance level at $0.01579 to wrap up the week at $0.016 levels.

4 days in the green that included a 9.26% rally on Saturday reversed a 5.29% slide from the previous Sunday.

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 $0.01713.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016411.

Barring another broad-based crypto rally, the first major resistance level at $0.01713 will likely cap any upside.

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

A fall back through to sub-$0.01560 levels would bring the first major support level at $0.01483 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.015 levels in the week.

At the time of writing, Tron’s TRX was down by 0.33% to $0.016284. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.016379 to a low $0.016249 on Sunday.

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

TRX/USD 31/05/20 Weekly Chart

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