Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 21/06/20

Binance Coin

Binance Coin fell by 4.52% in the week ending 20th June. Following on from a 4.27% decline from the previous week, Binance Coin ended the week at $16.06.

It was another mixed start to the week for Binance Coin and the broader market.

Binance Coin rose to a Sunday intraweek high $16.88 before hitting reverse.

Falling well short of the first major resistance level at $17.91, Binance Coin slid to a Monday intraweek low $15.39.

Binance Coin fell through the first major support level at $15.73 before finding support.

A move back through to $16 levels on Monday reversed losses on the day before returning to the red mid-week.

Off the back of 3 consecutive days in the red, Tuesday through Thursday, Binance Coin fell back to sub-$16s.

The reversal saw Binance Coin fall back through the first major support level before support kicked.

A relatively bullish day on Saturday saw Binance Coin recover to $16 levels to limit the loss on the week.

5-days in the red for the week delivered the downside, however. A 1.6% slide on Sunday was the biggest daily loss in the week.

For the week ahead

Binance Coin would need to avoid a fall through to $16.10 levels to bring the first major resistance level at $16.83 into play.

Support from the broader market would be needed for Binance Coin to break out from $16.50 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $16.88 would likely cap any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $17.60 and $18 levels before any pullback.

Failure to avoid a fall through to sub-$16.10 levels could see Binance Coin struggle throughout the week.

A fall back through sub-$16.10 levels would bring the first major support level at $15.34 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$15 support levels. The second major support level sits at $14.62.

At the time of writing, Binance Coin was up by 0.78% to $16.18. A bullish start to the week saw Binance Coin rise from an early morning low $16.01 to a high $16.35.

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

LTC/USD 21/06/20 Weekly Chart

Litecoin

Litecoin fell by 3.42% in the week ending 20th June. Following on from a 3.61% slide from the previous week, Litecoin ended the week at $43.54.

It was a bearish start to the week. Litecoin slid from a Sunday intraweek high $45.08 to a Monday intraweek low $41.75 before finding support.

Falling well short of the major resistance levels, Litecoin slid through the first major support level at $42.41.

Finding support mid-week, Litecoin recovered to $45 levels on Wednesday before falling back into the red.

2 consecutive days in the red, following 2 consecutive days in the green saw Litecoin fall back to a low $42.23.

Litecoin fell back through the first major support level before a 1.66% gain on Saturday to limit the loss from the week.

4-days in the red that included a 2.40% slide on Sunday delivered the downside for the week.

For the week ahead

Litecoin would need to move through to $43.50 levels to support a run at the first major resistance level at $45.16.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $45.08.

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

Failure to move through to $43.50 levels could see Litecoin come under further pressure.

A fall through to sub-$43 levels would bring the first major support level at $41.83 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$40 levels. The second major support level at $40.13 should limit any downside.

At the time of writing, Litecoin was down by 0.11% to $43.49. A mixed start to the week saw Litecoin rise to an early morning high $43.82 before falling to a low $43.49 on Sunday.

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

LTC/USD 21/06/20 Weekly Chart

Tron’s TRX

Tron’s TRX slid by 3.78% in the week ending 20th June. Following on from a 1.82% decline from the previous week, Tron’s TRX ended the week at $0.016033.

It was a bearish start to the week. Tron’s TRX rose to a Sunday intraweek high $0.16678 before hitting reverse.

Coming up well short of the first major resistance level at $0.01849, Tron’s TRX slid to a Monday intraweek low $0.015058.

Tron’s TRX came within range of the first major support level at $0.01502 before finding support.

Off the back of 3 consecutive days in the green, Tron’s TRX recovered to $0.01640 levels before sliding back.

2 consecutive days in the red saw Tron’s TRX slide back to sub-$0.01570 before finding support.

4-days in the green, which included a 0.84% gain on Saturday, were not enough to reverse losses from the start of the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.01590 pivot to support a run at the first major resistance level at $0.01679.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.016678.

Barring a 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 could eye $0.018 levels before any pullback. The second major resistance level at $0.01754 and resistance at $0.018 would likely cap any upside, however.

Failure to avoid a through the $0.01590 pivot could see Tron’s TRX spend a 3rd consecutive week in the red.

A fall back through to sub-$0.01590 levels would bring the first major support level at $0.01517 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01430.

At the time of writing, Tron’s TRX was down by 0.42% to $0.015965. A mixed start to the week saw Tron’s TRX fall to a low $0.015940 before rising to an early morning high $0.016022.

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

BNB/USD 21/06/20 Weekly Chart

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