Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 14/06/20

Binance Coin

Binance Coin fell by 4.27% in the week ending 13th June. Following on from a 1.07% decline from the previous week, Binance Coin ended the week at $16.81.

It was a choppy week for Binance Coin and the broader market.

Binance Coin rose to an early Sunday intraweek high $17.92 before hitting reverse.

Falling short of the first major resistance level at $19.13, Binance Coin slid to a Thursday intraweek low $15.74.

Binance Coin fell through the first major support level at $15.98 before finding support late in the week.

A move back through to $16.9 levels was short-lived, however, with resistance at $17 stalling any recovery.

3-days in the red, which included a 6.86% slide on Thursday, delivered the downside for the week.

For the week ahead

Binance Coin would need to move through to $16.85 levels to bring the first major resistance level at $17.91 into play.

Support from the broader market would be needed for Binance Coin to break back through to $17.50 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $17.92 would likely cap any upside.

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

Failure to move back through to $16.85 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 $15.73 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 $14.64.

At the time of writing, Binance Coin was down by 0.07% to $16.80. A range-bound start to the week saw Binance Coin fall from an early morning high $16.83 to a low $16.80.

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

BNB/USD 14/06/20 Weekly Chart

Litecoin

Litecoin fell by 3.61% in the week ending 13th June. Following on from a 2.05% decline from the previous week, Litecoin ended the week at $45.07.

It was a relatively range-bound start to the week. Litecoin fell to a Sunday low $45.10 before finding support.

Steering clear of the major support levels, Litecoin recovered to a Wednesday intraweek high $47.15 before hitting reverse.

Coming up short of the first major resistance level at $49.60, Litecoin slid to a Thursday intraweek low $42.12 before finding support.

Litecoin fell through the first major support level at $44.22 before recovering to $45 levels to limit the loss.

4-days in the red that included a 7.54% slide on Thursday delivered the downside for the week.

For the week ahead

Litecoin would need to avoid sub-$44.80 levels to support a run at the first major resistance level at $47.44.

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

Barring another extended crypto rally, the first major resistance level and last week’s high $47.15 would likely cap any upside.

Failure to avoid sub-$44.80 levels could see Litecoin come under further pressure.

A fall through the $44.80 pivot would bring the first major support level at $42.41 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.75.

At the time of writing, Litecoin was down by 0.07% to $45.04. A range-bound start to the week saw Litecoin fall from an early morning high $45.08 to a low $45.00 on Sunday.

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

LTC/USD 14/06/20 Weekly Chart

Tron’s TRX

Tron’s TRX fell by 1.82% in the week ending 13th June. Partially reversing a 3.75% gain from the previous week, Tron’s TRX ended the week at $0.01670.

A bullish start to the week saw Tron’s TRX rally to a Monday intraweek high 0.018604 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01784 to come within range of the second major resistance level at $0.01870.

The reversal saw Tron’s TRX slide to a Thursday intraweek low $0.015131.

Tron’s TRX fell through the first major support level at $0.01580 before moving back through to $0.01670 levels.

3-days in the week, which included a 10.49% slide on Thursday, delivered the downside in the week.

For the week ahead

Tron’s TRX would need to move through to $0.01680 levels to support a run at the first major resistance level at $0.01849.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.018 levels.

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

In the event of a breakout, Tron’s TRX would likely visit $0.019 levels before any pullback. Resistance at $0.020 would likely leave Tron’s TRX short of the second major resistance level at $0.02028.

Failure to move through to $0.01680 levels could see Tron’s TRX spend a 2nd week in the red.

A fall back through to sub-$0.016 levels would bring the first major support level at $0.01502 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01334.

At the time of writing, Tron’s TRX was down by 0.15% to $0.016678. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.016678 to a low $0.016663.

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

TRX/USD 14/06/20 Weekly Chart

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