Altcoins Weekly Analysis – BNB, EOS and XLM – 17/02/19

Binance (“BNB”)

BNB rose by 2.47% in the week ending 16th February. Following on from a 29.3% rally from the previous week, BNB ended the week at $9.251.

A particularly bullish start to the week saw BNB rally to a Monday intraweek high $10.083 before hitting reverse. The early rally saw BNB break through the week’s first major resistance level at $9.9369 and the 38.2% FIB Retracement Level of $9.5269.

The reversal saw BNB slide to a Thursday intraweek low $8.5216 before finding support from the broader market.

Steering clear of the week’s first major support level at $7.3909, BNB broke back through to $9.00 levels and the 38.2% FIB on Friday before easing back.

For the week ahead,

BNB would need to move through $9.2850 levels to support another run at $10.00 levels. A breakthrough to $10.00 levels would bring the week’s first major resistance level at $10.0488 into play before any pullback.

For the BNB bulls, the 38.2% FIB remains a key line in the sand.

Following some relatively bullish moves through February, BNB up by 45.6% for the current month, we would expect BNB to fall short of the second major resistance level at $10.8466 and $11 levels in the week.

Failure to move through to $9.2850 levels could see BNB hit reverse. A pullback to sub-$9.00 levels would bring last week’s low $8.5216 and this week’s first major support level at $8.4874 into play before any recovery.

We would expect BNB to avoid heavier losses and a pullback to sub-$8.00 levels in the week, in the event of a reversal.

At the time of writing, BNB was up by 0.13% to $9.2391.

BNB/USD 17/02/19 Weekly Chart

EOS

EOS rose by 0.57% in the week ending 16th February. Following on from a 13.31% rally from the previous week, EOS ended the week at $2.8301.

A relatively bullish start to the week saw EOS rally to a Tuesday intraday week high $3.066, breaking through the week’s first major resistance level at $3.0236 before hitting reverse.

Sliding from $3.00 levels, EOS fell back to $2.7 levels before finding support late in the week to move back into the green and end the week at $2.80 levels.

A start of a week intraday week low $2.6954 saw EOS steer well clear of the week’s first major support level at $2.459, with a hold above $2.67 levels through the week key to avoiding losses that were seen elsewhere in the cryptomarket.

For the week ahead,

A move through to $2.8650 levels would support another run at $3.00 levels to bring the week’s first major resistance level at $3.0323 into play before any pullback.

While we would expect EOS to continue to fall well short of $4.00 levels, a broad-based crypto rally could bring the second major resistance level at $3.2344 into play before any pullback. The rally would need to be a significant one, however, with Bitcoin needing to take a run at $4,000 levels to deliver an EOS breakout.

Failure to move through to $2.8650 levels could see EOS take a slide through last week’s low $2.6954 to bring the first major support level at $2.6617 into play.

Barring a broad-based crypto sell-off, we would expect EOS to find sufficient support to avoid sub-$2.60 levels and the second major support level at $2.4932.

At the time of writing, EOS was up by 0.86% to $2.8545.

EOS/USD 17/02/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen fell by 3.09% in the week ending 16th February. Following on from a 3.29% slide from the previous week, Stellar’s Lumen ended the week at $0.07940.

Stellar’s Lumen had a bearish start to the week. Falling from $0.0826 levels, Stellar’s Lumen slid to a Thursday intraday week low $0.07596 before finding support. In spite of the reversal, Stellar’s Lumen steered clear of the week’s first major support level at $0.0747.

A broad-based cryptomarket rally on Friday provided much-needed support, with Stellar’s Lumen rallying to an intraweek high $0.0830 before sliding back to sub-$0.0800 levels.

The day’s rally saw Stellar’s Lumen come up well short of the week’s first major resistance level at $0.0863 before the pullback.

For the week ahead,

A move through $0.0795 levels would support a move back through to $0.080 levels and a run at the week’s first major resistance level at $0.0830.

Support from the broader market would be needed for Stellar’s Lumen to hold onto $0.080 levels through the week, with resistance at $0.080 continuing to pin Stellar’s Lumen back from a breakout.

Barring a broad-based crypto rally, we would expect Stellar’s Lumen to come up short of the week’s second major resistance level at $0.0865.

Failure to move through $0.0795 levels and hold could see Stellar’s Lumen call on support at the week’s first major support level at $0.0759 before any recovery.

Barring a broad-based crypto sell-off, we would expect Stellar’s Lumen to avoid heavier losses and the second major support level at $0.0724. Last week’s low $0.07596 will likely to limit the downside.

At the time of writing, Stellar’s Lumen was up by 0.80% to $0.07877.

XLM/USD 17/02/19 Weekly Chart

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