Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 18/10/20

Binance Coin

Binance Coin rallied by 6.48% in the week ending 17th October. Following on from a 0.74% gain from the week prior, Binance Coin ended the week at $30.25.

It was a bullish start to the week. Binance Coin rallied to from a Sunday intraweek low $27.8 to a Thursday intraweek high $32.27.

The rally saw Binance Coin break through the first major resistance level at $29.88 and the second major resistance level at $31.34.

A Friday sell-off, however, saw Binance Coin fall back to sub-$30 levels before finding support.

The pullback saw Binance Coin fall back through the second major resistance level to wrap up the week at $30 levels.

6 days in the green that included a 7.41% rally on Monday delivered the upside. A 4.29% slide on Friday limited the gains for the week, however.

For the week ahead

Binance Coin would need to avoid a fall through the $30.11 pivot to bring the first major resistance level at $32.41 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $32.27.

Barring another extended crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of another crypto rally, Binance Coin could visit $33 levels and test the second major resistance level at $34.58.

Failure to avoid a fall through the $30.11 pivot would bring the first major support level at $27.94 and the 23.6% FIB of $27.5 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the second major support level at $25.64.

At the time of writing, Binance Coin was up by 1.32% to $30.65. A bullish start to the week saw Binance Coin rise from an early Sunday morning low $30.15 to a high $30.98.

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

BNB/USD 18/10/20 Daily Chart

Litecoin

Litecoin slid by 3.95% in the week ending 17th October. Partially reversing a 7.35% rally from the previous week, Litecoin ended the week at $46.93.

It was also a bullish start to the week. Litecoin rose to a Monday intraweek high $51.55 before hitting reverse.

Litecoin broke through the first major resistance level at $51.24 before sliding to a Friday intraweek low $45.64.

Litecoin fell through the first major support level at $45.79 before a partial recovery to wrap up the week at $46 levels.

5 consecutive days in the red, which included a 3.93% slide on Friday delivered the downside for the week. A 3.23% rally on Sunday limited the downside, however.

For the week ahead

Litecoin would need to move through the $48.04 pivot to support a run at the first major resistance level at $50.44.

Support from the broader market would be needed, however, for Litecoin to break back through to $50 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $51 would likely limit any upside.

In the event of a breakout, the second major resistance level at $53.95 and the 23.6% FIB of $54 would likely come into play.

Failure to move through the $48.04 pivot would bring the first major support level at $44.53 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $42.13.

At the time of writing, Litecoin was up by 0.43% to $47.13. A relatively bullish start to the week saw Litecoin rise from an early Sunday morning low $46.81 to a high $47.91.

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

LTC/USD 18/10/20 Daily Chart

Tron’s TRX

Tron’s TRX fell by 2.44% in the week ending 17th October. Following on from a 2.40% decline from the previous week, Tron’s TRX ended the week at $0.02580.

A mixed start to the week saw Tron’s TRX rise to a Monday intraweek high $0.02827 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.02792 before falling to a Friday intraweek low $0.02520.

Steering clear of the first major support level at $0.02486, Tron’s TRX revisited $0.0259 levels before easing back.

4 days in the red that included a 2.93% slide on Friday delivered the downside for the week. A 2.30% rally on Monday, limited the downside, however.

For the week ahead

Tron’s TRX would need to move through the $0.02642 pivot to support a run at the first major resistance level at $0.02765.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.027 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.02827 would likely cap any upside.

In the event of an extended rally, the 23.6% FIB of $0.0291 and the second major resistance level at $0.02949 would likely come into play.

Failure to move through the $0.02642 pivot would bring the first major support level at $0.02458 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02335.

At the time of writing, Tron’s TRX was down by 0.33% to $0.02572. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.02555 before rising to a high $0.02589.

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

TRX/USD 18/10/20 Daily Chart

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