Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 02/05/21

Binance Coin

Binance Coin rallied by 24.77% in the week ending 1st May. Reversing a 3.38% fall from the previous week, Binance Coin ended the week at $620.90.

A mixed start to the week saw Binance Coin fall to a Sunday intraweek low $459.68 before making a move.

While steering clear of the first major support level at $401, Binance Coin fell through the 23.6% FIB of $490.

Finding Sunday support, Binance Coin rallied to a Friday intraweek high and a new swing hi $663.65.

Binance Coin broke back through the 23.6% FIB and also through the first major resistance level at $610.

A pullback on Saturday saw Binance Coin briefly fall back through the first major resistance level before ending the week at $620 levels.

5 days in the red that included a 6.30% rally on Tuesday and a 6.59% gain on Thursday delivered the upside.

For the week ahead

Binance Coin would need to avoid a fall through the $581 pivot to bring the first major resistance level at $703 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s swing hi $663.65.

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

In the event of another breakout, Binance Coin could test resistance at $850 before any pullback. The second major resistance level sits at $722.

Failure to avoid a fall through the $581 pivot would bring the 23.6% FIB of $509 and the first major support level at $499.

Barring another extended sell-off, Binance Coin should steer well clear of the second major support level at $377. The 38.2% FIB of $413 should limit the downside.

At the time of writing, Binance Coin was down by 0.68% to $616.68. A mixed start to the week saw Binance Coin rise to an early Sunday high $630.88 before falling to a low $612.89.

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

BNBUSD 020521 Daily Chart

Litecoin

Litecoin rallied by 22.96% in the week ending 1st May. Partially reversing a 25.16% slide from the previous week, Litecoin ended the week at $277.0.

A mixed start to the week saw Litecoin fall to a Sunday intraweek low $211.07 before making a move.

While steering clear of the first major support level at $187, Litecoin fell through the 38.2% FIB of $216.

Finding Monday support, however, Litecoin rallied to a Saturday intraweek high $278.71.

Litecoin broke through the 38.2% FIB and the 23.6% FIB of $262.

Falling short of the first major resistance level at $285, however, Litecoin eased back to end the week at $277 levels.

4 days in the green that included an 10.47% breakout on Monday delivered the upside in the week.

For the week ahead

Litecoin would need to avoid a fall through the 23.6% FIB of $262 and the $256 pivot to bring the first major resistance level at $300 into play.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $278.71.

Barring an extended crypto rally, the first major resistance level and resistance at $310 would likely limit any upside.

In the event of an extended breakout, Litecoin could test resistance at 17th April’s swing hi $334.34. The second major resistance level sits at $323.

Failure to avoid a fall through the 23.6% FIB and the $256 pivot would bring the first major support level at $233 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$200 and the second major support level at $188. The 38.2% FIB of $216 should limit the downside.

At the time of writing, Litecoin was down by 1.09% to $273.97. A mixed start to the week saw Litecoin rise to an early Sunday high $277.64 before falling to a low $273.00.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 020521 Daily Chart

Tron’s TRX

Tron’s TRX rallied by 27.11% in the week ending 1st May. Partially reversing a 33.95% tumble from the previous week, Tron’s TRX ended the week at $0.1313.

A mixed start to the week saw Tron’s TRX fall to a Sunday intraweek low $0.09591 before making a move.

Steering clear of the 62% FIB of $0.0749 and the first major support level at $0.07455, Tron’s TRX rallied to a Saturday intraweek high $0.1352.

While breaking through the 38.2% FIB of $0.1167, Tron’s TRX came up short of the 23.6% FIB of $0.1426 and the first major resistance level at $.14427.

In spite of a pullback from Saturday’s high, Tron’s TRX wrapped up the week at $0.13 levels.

3 days in the red that included a 15.37% rally on Monday and an 8.78% gain on Friday delivered the upside.

For the week ahead

Tron’s TRX would need to avoid a fall through the $0.1208 pivot to support a run at the 23.6% FIB and the first major resistance level at $0.1457.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.1352.

Barring a broad-based crypto rally, the first major resistance level and the 23.6% FIB of $0.1426 would likely cap any upside.

In the event of another extended rally, Tron’s TRX could tests resistance at $0.17 before any pullback. The second major resistance level sits at $0.1601.

Failure to avoid a fall through the $0.1208 pivot would bring the 38.2% FIB of $0.1167 and the first major support level at $0.1064.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.08151.

At the time of writing, Tron’s TRX was down by 1.13% to $0.1299. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.1316 before falling to a low $0.1290.

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

TRXUSD 020521 Daily Chart

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