Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 28/06/20

Binance Coin

Binance Coin slid by 5.79% in the week ending 27th June. Following on from a 4.52% fall from the previous week, Binance Coin ended the week at $15.13.

It was a mixed start to the week. Binance Coin slipped by 0.58% on Sunday before finding support on Monday.

An early in the week rally saw Binance Coin rise to a Monday intraweek high $16.92 before hitting reverse.

Coming up against the first major resistance level at $16.83, Binance Coin slid to Saturday intraweek low $14.76.

The sell-off saw Binance Coin fall through the first major support level at $15.34 before finding support.

In spite of a move back through to $15 levels, however, Binance Coin failed to break back through the first major support level.

5 consecutive days in the red that included a 3.87% slide on Saturday reversed a 3.45% gain from last Monday.

For the week ahead

Binance Coin would need to move through to $15.60 levels to bring the first major resistance level at $16.45 into play.

Support from the broader market would be needed for Binance Coin to break back through to $16 levels.

Barring a broad-based crypto rally, the first major resistance level at $16.45 would likely cap any upside.

In the event of a breakout, Binance Coin could take a run at the second major resistance level at $17.76 before any pullback.

Failure to move through to $15.60 levels could see Binance Coin struggle throughout the week.

A fall back through sub-$15 levels would bring the 23.6% FIB of $14.4 and the first major support level at $14.29 into play.

Barring another crypto meltdown, Binance Coin should avoid the second major support level at $13.44.

At the time of writing, Binance Coin was down by 0.64% to $15.03 on Sunday. A bearish start to the week saw Binance Coin fall from an early morning high $15.13 to a low $14.99.

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

BNB/USD 28/06/20 Weekly Chart

Litecoin

Litecoin slid by 5.79% in the week ending 27th June. Following on from a 3.42% decline from the previous week, Litecoin ended the week at $41.04.

It was a bearish start to the week. Litecoin fell to an early Sunday low $42.82 before finding support on Monday.

Tracking the broader market, Litecoin rallied to a Monday intraweek high $44.66 before hitting reverse.

Falling short of the first major resistance level at $45.16, Litecoin slid to a Saturday intraweek low $39.18.

Litecoin fell through the first major support level at $41.83 and the second major support level at $40.13.

A late Saturday move back through the second major support level cut the deficit for the week.

5-days in the red that included a 3.62% slide on Wednesday and a 4.67% slide on Saturday delivered the loss.

For the week ahead

Litecoin would need to move through the $41.63 pivot to support a run at the first major resistance level at $44.07.

Support from the broader market would be needed, however, for Litecoin to break out from $43 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $44.66 would likely cap any upside.

Failure to move through the $41.63 pivot could see Litecoin come under further pressure.

A fall through to sub-$40 levels would bring the first major support level at $38.59 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $36.15.

At the time of writing, Litecoin was down by 0.54% to $40.82. A bearish start to the week saw Litecoin fall from an early morning high $41.03 to a low $40.66.

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

LTC/USD 28/06/20 Weekly Chart

Tron’s TRX

Tron’s TRX fell by 2.76% in the week ending 27th June. Following on from a 3.78% slide from the previous week, Tron’s TRX ended the week at $0.015513.

It was a mixed start to the week. Tron’s TRX fell to a Sunday low $0.015799 before rallying to a Wednesday intraweek high $0.016841.

Tron’s TRX broke through the first major resistance level at $0.01679 before hitting reverse.

The reversal saw Tron’s TRX slide through the first major support level at $0.01517 to a Saturday intraweek low $0.014899.

Finding late support on Saturday, Tron’s TRX recovered to $0.0155 levels to limit the downside for the week.

4 consecutive days in the red that included a 3.44% slide on Wednesday delivered the loss for the week.

For the week ahead

Tron’s TRX would need to move through the $0.01575 pivot to support a run at the first major resistance level at $0.01660.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.016 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.016841 would likely cap any upside.

In the event of a breakout, Tron’s TRX could eye $0.017 levels before any pullback. The second major resistance level at $0.01769 would likely cap any upside, however.

Failure to move through the $0.01575 pivot could see Tron’s TRX spend a 4th consecutive week in the red.

A fall back through to sub-$0.015 levels would bring the first major support level at $0.01466 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01381.

At the time of writing, Tron’s TRX was down by 1.18% to $0.015330. A bearish start to the week saw Tron’s TRX fall from an early Sunday high $0.015429 to a low $0.015330.

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

TRX/USD 28/06/20 Daily Chart

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