Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/11/20

Binance Coin

Binance Coin fell by 4.42% in the week ending 28th November. Partially reversing a 9.11% rally from the week prior, Binance Coin ended the week at $29.20.

Recovering from a bearish start to the week, Binance Coin surged to a Tuesday high and new swing hi $36.83 before hitting reverse.

Binance Coin broke through the first major resistance level at $32.33 and the second major resistance level at $34.12.

The reversal saw Binance Coin fall through the 23.6% FIB of $27.5 and the first major support level at $27.50 to a Thursday intraweek low $26.11.

Finding support late in the week, however, Binance Coin broke back through the 23.6% FIB to end the week at $29 levels.

3 days in the red that included a 7.78% slide on Wednesday and a 9.74% tumble on Thursday delivered the downside. A 9.38% rally on Tuesday limited the losses, however.

For the week ahead

Binance Coin would need to move through the 23.6% FIB of $29.65 and the $30.71 pivot to bring the first major resistance level at $35.32 into play.

Support from the broader market would be needed for Binance Coin to break back through to $35 levels.

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

In the event of another crypto rally, could test resistance at $40 before any pullback. The second major resistance level sits at $41.43.

Failure to move through the $30.71 pivot would bring the first major support level at $24.60 into play.

Barring a crypto sell-off, Binance Coin should steer well clear of sub-$20 levels. The second major support level at sits $19.99.

At the time of writing, Binance Coin was up by 0.67% to $29.40. A mixed start to the week saw Binance Coin fall to an early Sunday morning low $28.74 before rising to a high $29.79.

While leaving the major support and resistance levels untested, Binance Coin tested resistance at the 23.6% FIB of $29.65.

BNBUSD 291120 Daily Chart

Litecoin

Litecoin slid by 16.55% in the week ending 28th November. Partially reversing the previous week’s 36.38% surge, Litecoin ended the week at $72.79.

It was a bearish start to the week. Litecoin fell to a Sunday low $78.00 before making a move.

Steering clear of the first major support level at $69.29, Litecoin rallied to a Tuesday intraweek high $94.05.

Falling short of the first major resistance level at $96.77, however, Litecoin tumbled to a Thursday intraweek low $64.30.

Litecoin fell through the 38.2% FIB of $71 and the first major support level at $69.29.

Finding support at the end of the week, however, Litecoin moved back through to $72 levels to limit the loss. A Saturday rally saw Litecoin break back through the first major support level and the 38.2% FIB.

3 days in the red which included an 8.50% slide on Wednesday and a 13.02% tumble on Thursday did the damage. A 7.5% rally on Monday and a 5.13% gain on Saturday cut some of the losses, however.

For the week ahead

Litecoin would need to move through the $77.05 pivot to support a run at the first major resistance level at $89.79.

Support from the broader market would be needed, however, for Litecoin to break back through to $80 levels.

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

In the event of a breakout, the 62% FIB of $100 would likely come into play. The second major resistance level sits at $106.80.

Failure to move through the $77.05 pivot would bring the 38.2% FIB of $71 and the first major support level at $60.04 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$50 levels and the second major support level at $47.30. The 23.6% FIB of $54 should limit any downside.

At the time of writing, Litecoin was down by 0.99% to 72.07. A mixed start to the week saw Litecoin rise to an early Sunday morning high $73.09 before falling to a low $71.64.

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

LTCUSD 291120 Daily Chart

Tron’s TRX

Tron’s TRX slipped by 0.01% in the week ending 28th November. Following the previous week’s 21.56% breakout, Tron’s TRX ended the week at $0.03052.

It was a mixed start to the week. Tron’s TRX fell to a Sunday low $0.02675 before making a move.

Steering clear of the first major support level at $0.02588, Tron’s TRX rallied to a Tuesday intraweek high $0.04161.

Tron’s TRX broke through the first major resistance level at $0.03314 and the second major resistance level at $0.04302.

More significantly, Tron’s TRX also broke through the 23.6% FIB of $0.0291 and the 38.2% FIB of $0.0428 before hitting reverse.

The reversal saw Tron’s TRX slide through the 23.6% FIB and the 38.2% FIB to a Thursday intraweek low $0.02595.

Steering clear of the first major support level at $0.02588, however, Tron’s TRX recovered to $0.0305 levels to end the week flat. The recovery saw Tron’s TRX break back through the 23.6% FIB of $0.0291.

3 days in the green that included a 10.59% rally on Monday and a 10.86% breakout on Tuesday limited the losses. A 5.78% fall on Sunday, a 6.49% slide on Wednesday, and an 11% tumble on Thursday pinned Tron’s TRX back, however.

For the week ahead

Tron’s TRX would need to move through the $0.03269 pivot to support a run at the first major resistance level at $0.03944

Support from the broader market would be needed, however, for Tron’s TRX to break back through $0.032 levels.

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

In the event of an extended rally, the 38.2% FIB of $0.0428 and the second major resistance level at $0.04835 would likely come into play.

Failure to move through the $0.03269 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02378 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01703.

At the time of writing, Tron’s TRX was down by 1.30% to $0.03012. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.03075 before falling to a low $0.02982.

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

TRXUSD 291120 Daily Chart

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