Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 25/10/20

Binance Coin

Binance Coin rose by 1.42% in the week ending 24th October. Following on from a 6.48% from the week prior, Binance Coin ended the week at $30.67.

It was a choppy start to the week. Binance Coin rose to a Monday high $31.55 before falling to a Wednesday intraweek low $26.48.

Falling short of the resistance levels, Binance Coin fell through the first major support level at $27.94.

More significantly, Binance Coin also fell through the 23.6% FIB of $27.5 before striking a Wednesday intraweek high $32.43.

Coming up against the first major resistance level at $32.41, Binance Coin eased back to end the week at sub-$31 levels.

5 days in the green that included a 3.20% rally on Wednesday delivered the upside. A 3.65% slide on Tuesday, however, limited gains from the week.

For the week ahead

Binance Coin would need to avoid a fall through the $29.86 pivot to bring the first major resistance level at $33.24 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $32.43.

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, could visit $35 levels and test the second major resistance level at $35.81.

Failure to avoid a fall through the $29.86 pivot would bring the first major support level at $27.29 and the 23.6% FIB of $27.5 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$25 levels. The second major support level sits at $23.91.

At the time of writing, Binance Coin was up by 0.11% to $30.71. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $30.49 before striking a high $30.78.

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

BNB/USD 25/10/20 Weekly Chart

Litecoin

Litecoin rallied by 26.36% in the week ending 24th October. Reversing a 3.95% slide from the previous week, Litecoin ended the week at $59.30.

It was a bullish start to the week. Litecoin rose to a Monday high $48.48 before hitting reverse.

Falling short of the first major resistance level at $50.44, Litecoin slid to a Tuesday intraweek low $46.45.

Steering clear of the first major support level at $44.53, Litecoin rallied to a Saturday intraweek high $59.67.

Litecoin broke through the first major resistance level at $50.44 and the second major resistance level at $53.95.

More significantly, Litecoin also broke through the 23.6% FIB of $54 come within range of the third major resistance level at $59.86.

6 days in the green which included a 13.14% breakout on Wednesday delivered the upside for the week. A 2.21% fall on Tuesday was the only blemish in the week.

For the week ahead

Litecoin would need to avoid a fall through the $55.14 pivot to support a run at the first major resistance level at $63.83.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $59.67.

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

In the event of a breakout, the second major resistance level at $68.36 would likely come into play.

Failure to avoid a fall through the $55.14 pivot would bring the 23.6% FIB of $54 and the first major support level at $50.61 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$50 levels. The second major support level sits at $41.92.

At the time of writing, Litecoin was down by 0.99% to $58.71. A Bearish start to the week saw Litecoin fall from an early Sunday high $59.24 to a low $57.82.

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

LTC/USD 25/10/20 Daily Chart

Tron’s TRX

Tron’s TRX rose by 5.29% in the week ending 24th October. Reversing a 2.44% decline from the previous week, Tron’s TRX ended the week at $0.02716.

A mixed start to the week saw Tron’s TRX fall to a Wednesday intraweek low $0.024155 before making a move.

Tron’s TRX fell through the first major support level at $0.02458 before striking a Wednesday intraweek high $0.029911.

The breakout saw Tron’s TRX move through the 23.6% FIB of $0.0291 and the first major resistance level at $0.02982.

A pullback from the week high, however, saw Tron’s TRX fall back to $0.0260 levels before closing out the week at $0.027 levels. The first major resistance level at $0.02765 pinned Tron’s TRX back late in the week.

5 days in the green that included a 3.44% rise on Wednesday delivered the upside for the week. A 1.75% fall on Friday limited the upside, however.

For the week ahead

Tron’s TRX would need to move back through the $0.02708 pivot to support a run at the 23.6% FIB of $0.0291 and the first major resistance level at $0.0300.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.02980 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.029911 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.03283 would likely come into play.

Failure to move back through the $0.02708 pivot would bring the first major support level at $0.02424 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02132.

At the time of writing, Tron’s TRX was down by 0.32% to 0.027076. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.02681 before rising to a high $0.02721.

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

TRX/USD 25/10/20 Daily Chart

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