Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 15/11/20

Binance Coin

Binance Coin rose by 0.61% in the week ending 14th November. Partially reversing a 2.59% fall from the week prior, Binance Coin ended the week at $27.96.

It was a choppy start to the week. Binance Coin rose to a Wednesday high $29.65 before hitting reverse.

Falling short of the first major resistance level at $31.32, Binance Coin fell to a Thursday intraweek low $26.13.

While steering clear of the first major support level at $24.56, Binance Coin fell back through the 23.6% FIB of $27.5.

Finding support on Friday, however, Binance Coin broke back through to $28 levels before a bearish end to the week.

On Saturday, Binance Coin fell back through the 38.2% FIB before wrapping up the week at $27.7 levels.

3 days in the green that included a 2.39% gain on Sunday and a 1.88% rise on Friday delivered the upside.

For the week ahead

Binance Coin would need to avoid a fall back through the $27.91 pivot to bring the first major resistance level at $29.70 into play.

Support from the broader market would be needed for Binance Coin to break back through to $29 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $30 would likely limit any upside in the week.

In the event of another crypto rally, could test the second major resistance level at $31.43.

Failure to avoid a fall back through the $27.91 pivot would bring the 23.6% FIB of $27.50 and the first major support level at $26.18 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of the second major support level at $24.39.

At the time of writing, Binance Coin was up by 0.01% to $27.97. A mixed start to the week saw Binance Coin rise to an early Sunday morning high $28.54 before falling to a low $27.63.

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

BNB/USD 15/11/20 Daily Chart

Litecoin

Litecoin rallied by 8.28% in the week ending 14th November. Following on from a 5.67% gain from the previous week, Litecoin ended the week at $63.85.

It was a bearish start to the week. Litecoin fell to a Tuesday intraweek low $57.12 before making a move.

Steering clear of the first major support level at $51.84, Litecoin rallied to a Friday intraweek high $66.66.

Litecoin broke through the first major resistance level at $65.46 before easing back to wrap up the week at $63 levels.

4 days in the green which included an 8.68% surge on Friday delivered the upside. A 3.27% slide on Saturday pared some of the gains, however.

For the week ahead

Litecoin would need to avoid a fall through the $62.54 pivot to support a run at the first major resistance level at $68.00.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $66.66.

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

In the event of a breakout, the 38.2% FIB of $71 and the second major resistance level at $72.08 would likely come into play. Litecoin would need to break out from $69 levels, however, which is a key resistance level on the trend analysis.

Failure to avoid a fall through the $62.54 pivot would bring the first major support level at $58.43 into play.

Barring an extended crypto sell-off, however, Litecoin should steer of the 23.6% FIB of $54.00. The second major support level sits at $53.00.

At the time of writing, Litecoin was down by 1.30% to $63.02. A mixed start to the week saw Litecoin rise to an early Sunday morning high $64.50 before falling to a low $62.78.

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

LTC/USD 15/11/20 Daily Chart

Tron’s TRX

Tron’s TRX rose by 1.33% in the week ending 14th November. Partially reversing a 3.39% loss from the previous week, Tron’s TRX ended the week at $0.025095.

A bullish start to the week saw Tron’s TRX rise to a Sunday intraweek high $0.02663 before hitting reverse.

Falling short of the first major resistance level at $0.02734, Tron’s TRX slid to a Thursday intraweek low $0.02353.

Steering clear of the first major support level at $0.02248, Tron’s TRX revisited $0.026 levels before easing back.

3 days in the green that included a 2.20% gain on Friday delivered the upside for the week. A 2.22% slide on Monday, however, reversed a 1.90% gain from Sunday.

For the week ahead

Tron’s TRX would need to avoid a fall back through the $0.02509 pivot to support a run at the first major resistance level at $0.02664.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.026 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $0.02663 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.02819 would likely come into play.

Failure to avoid a fall back through the $0.02509 pivot would bring the first major support level at $0.02354 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.02199.

At the time of writing, Tron’s TRX was down by 0.01% to $0.025091. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.02547 before falling to a low $0.02487.

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

TRX/USD 15/11/20 Daily Chart

Leave a Reply

Your email address will not be published. Required fields are marked *