Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 07/06/20

Binance Coin

 Binance Coin fell by 1.07% in the week ending 6th June. Partially reversing a 7.65% rally from the previous week, Binance Coin ended the week at $17.55.

It was a particularly choppy 1st half of the week for Binance Coin and the broader market.

A bearish start to the week saw Binance Coin slide by 3.7% on Sunday before finding support.

In spite of a Sunday low $16.81, Binance Coin steered clear of the first major support level at $16.17.

A breakout on Monday saw Binance Coin rally to an intraweek high $19.15 before hitting reverse.

Binance Coin broke through the first major resistance level at $18.68 before sliding to a Tuesday intraweek low $16.00.

Finding support at the first major support level at $16.17, Binance Coin recovered to $17 levels to limit the loss on the week.

4-days in the red that included 3.7% falls on Sunday and Tuesday delivered the downside in the week. A 5.03% rally on Monday, limited that downside, however.

For the week ahead

Binance Coin would need to move through to $17.60 levels to bring the first major resistance level at $19.13 into play.

Support from the broader market would be needed for Binance Coin to break back through to $19 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $19.15 would likely cap any upside.

In the event of a breakout, Binance Coin could test the 38.2% FIB of $19.4 and resistance at $20 before any pullback.

Failure to move back through to $17.60 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 $15.98 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$15 support levels. The second major support level sits at $14.42.

At the time of writing, Binance Coin was up by 0.02% to $17.56. A range-bound start to the week saw Binance Coin fall to an early morning low $17.45 before rising to a high $17.65

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

BNB/USD 07/06/20 Weekly Chart

Litecoin

 Litecoin fell by 2.05% in the week ending 6th June. Partially reversing an 8.89% rally from the previous week, Litecoin ended the week at $46.76.

It was a bearish start to the week. Litecoin slid by 4.50% on Sunday to a low $45.10 before finding support.

Steering clear of the major support levels, Litecoin rallied to a Tuesday intraweek high $49.90 before hitting reverse.

Coming up against the first major resistance level at $49.96, Litecoin slid to a Tuesday intraweek low $44.52 before finding support.

Litecoin recovered to $48 levels before easing back late in the week.

3-days in the red that included Sunday’s 4.5% fall and a 4.64% slide on Tuesday delivered the loss for the week. A 5.86% rally on Monday limited the downside, however.

For the week ahead

Litecoin would need to move through to $47.10 levels to support a run at the first major resistance level at $49.60.

Support from the broader market would be needed, however, for Litecoin to break back through to $49 levels.

Barring another extended crypto rally, the first major resistance level at $49.6 and last week’s high would likely cap any upside.

Failure to move through to $47.10 levels could see Litecoin come under further pressure.

A fall back through to sub-$46 levels would bring the first major support level at $44.22 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $41.68.

At the time of writing, Litecoin was up by 0.17% to $46.84. A mixed start to the week saw Litecoin fall to an early morning low $46.55 before rising to a high $46.89 on Sunday.

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

LTC/USD 07/06/20 Weekly Chart

Tron’s TRX

 Tron’s TRX rose by 3.75% in the week ending 6th June. Following on from a 9.13% rally from the previous week, Tron’s TRX ended the week at $0.016993.

In a bearish start to the week, Binance Coin fell by 2.75% on Sunday before finding support. The pullback saw Tron’s TRX fall to a Sunday intraweek low $0.015456 before rallying to a Tuesday intraweek high 0.017501.

Steering clear of the first major support level at $0.01483, Tron’s TRX broke through the first major resistance level at $0.01713.

Coming up short of the second major resistance level at $0.01792, Tron’s TRX slid back to sub-$0.016 levels before finding support.

The upside in the week came in spite of 4-days in the red that included a 4.41% slide on Tuesday. A 7.4% rally on Monday and a 3.54% gain on Wednesday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01670 levels to support a run at the first major resistance level at $0.01784.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.017501.

Barring another broad-based crypto rally, the first major resistance level at $0.01784 will likely cap any upside.

In the event of a breakout, Tron’s TRX would likely visit $0.018 levels before any pullback. The second major resistance level at $0.01870 would likely cap any upside, however.

Failure to avoid sub-$0.01670 levels could see Tron’s TRX give up last week’s gain.

A fall back through to sub-$0.01670 levels would bring the first major support level at $0.01580 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.016 levels in the week.

At the time of writing, Tron’s TRX was up by 2.10% to $0.017350. A bullish start to the week saw Tron’s TRX rally from an early morning low $0.017009 to a high $0.017350.

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

TRX/USD 07/06/20 Weekly Chart

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