Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 26/07/20

Binance Coin

Binance Coin rallied by 15.73% in the week ending 25th July. Reversing a 2.61% fall from the previous week, Binance Coin ended the week at $19.86.

It was a mixed start to the week. Binance Coin fell to a Sunday intraweek low $16.80 before making a move.

Steering clear of the first major support level at $16.06, Binance Coin rallied to a Saturday intraweek high $20.28

Binance Coin broke through the first major resistance level at $18.66 and the second major resistance level at $20.16.

More importantly, Binance Coin broke out from the 38.2% FIB of $19.40 to visit $20 levels for the first time since March.

A late Saturday pullback saw Binance Coin fall back through the second major resistance level to wrap up the week at $19 levels.

6 days in the green that included a 5% rally last Sunday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid a fall through the $18.98 pivot to bring the first major resistance level at $21.16 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $20.28

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of a breakout, Binance Coin could take a run at $22 levels. The second major resistance level at $22.46 would limit any upside.

Failure to avoid a fall through the $18.98 pivot would bring the first major support level at $17.68 into play.

Barring a crypto sell-off, Binance Coin should avoid sub-$17 levels and the second major support level at $15.50.

At the time of writing, Binance Coin was down 0.68% to $19.72. A bearish start to the week saw Binance Coin fall from an early Sunday high $19.85 to a low $19.55.

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

BNB/USD 26/07/20 Daily Chart

Litecoin

Litecoin rallied by 17.52% in the week ending 25th July. Reversing a 5.10% slide from the previous week, Litecoin ended the week at $49.23.

It was a mixed start to the week. Litecoin fell to a Monday intraweek low $41.45 before making a move.

Steering clear of the first major support level at $40.36, Litecoin rallied to a Saturday intraweek high $49.64.

Litecoin broke through the first major resistance level at $45.05 and the second major resistance level at $47.65.

4 days in the green that included an 11.48% rally on Saturday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid a fall through the $46.77 pivot to support a run at the first major resistance level at $52.10.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $49.64.

Barring another extended crypto rally, the first major resistance level at $52.10 would likely cap any upside.

Failure to avoid a fall through the $46.77 pivot could see Litecoin come under further pressure.

A fall through to sub-$46 levels would bring the first major support level at $43.91 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$40 levels. The second major support level sits at $38.58.

At the time of writing, Litecoin was down by 0.59% to $48.94. A bearish start to the week saw Litecoin fall from an early Sunday morning high $49.25 to a low $48.51.

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

LTC/USD 26/07/20 Daily Chart

Tron’s TRX

Tron’s TRX rose by 7.75% in the week ending 25th July. Reversing a 5.05% slide from the previous week, Tron’s TRX ended the week at $0.018794.

It was also a mixed start to the week. Tron’s TRX fell to a Monday intraweek low $0.016951 before making a move.

Steering clear of the first support level at $0.01660, Tron’s TRX rallied to a Saturday intraweek high $0.018852.

Tron’s TRX broke through the first major resistance level at $0.01840 to test resistance at $0.019.

5 days in the green that included a 4.67% rally on Saturday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.01820 pivot to support a run at the first major resistance level at $0.01945.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.019 levels.

Barring another broad-based crypto rally the first major resistance level would likely cap any upside.

In the event of a breakout, Tron’s TRX could test the second major resistance level at $0.02010 before any pullback.

Failure to avoid a fall through the $0.01820 pivot would bring the first major support level at $.01755 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should avoid sub-$0.017 levels. The second major support level sits at $0.01630.

At the time of writing, Tron’s TRX was down by 0.43% to $0.018713. A bearish start to the week saw Tron’s TRX fall from an early Sunday morning high $0.018905 to a low $0.018653.

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

TRX/USD 26/07/20 Daily Chart

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