Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 130621

Binance Coin

Binance Coin slid by 11.95% in the week ending 12th June. Partially reversing a 27.75% rally from the previous week, Binance Coin ended the week at $343.77.

A bullish start to the week saw Binance Coin rise to a Monday intraweek high $408.63 before hitting reverse.

Falling short of the 38.2% FIB of $438 and the first major resistance level at $453, Binance Coin slid to a Tuesday intraweek low $316.75.

Steering clear of the first major support level at $309, Binance Coin revisited $397 levels before sliding back into the red.

5 days in the red that included a 9.06% slide on Monday and a 6.28% decline delivered the downside.

For the week ahead

Binance Coin would need to move through the $356 pivot to bring the first major resistance level at $396 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $350 levels.

Barring an extended rally, the first major resistance level and last week’s high $408.63 should limit any upside.

In the event of a broad-based crypto rebound, Binance Coin could test resistance at the 38.2% FIB of $438 and the second major resistance level at $448.

Failure to move through the $356 pivot would bring the first major support level at $304 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of the second major support level at $265. The 62% FIB of $273 should limit the downside.

At the time of writing, Binance Coin was down by 0.26% to $342.88. A mixed start to the week saw Binance Coin rise to an early Sunday high $346.14 before falling to a low $340.43.

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

BNBUSD 130621 Daily Chart

Litecoin

Litecoin fell by 6.45% in the week ending 12th June. Reversing a 5.38% gain from the previous week, Litecoin ended the week at $161.85.

A mixed start to the week saw Litecoin rise to a Monday intraweek high $182.25 before hitting reverse.

Falling short of the first major resistance level at $195, Litecoin slid to a Tuesday intraweek low $145.20.

The sell-off saw Litecoin fall through the 62% FIB of $174 and the first major support level at $153.

Steering clear of sub-$140 levels, Litecoin broke back through the first major support level to revisit $173 levels before easing back.

The 62% FIB of $174 pinned Litecoin back in the 2nd half of the week.

4 days in the red that included an 8.16% slide on Monday delivered the downside for the week.

For the week ahead

Litecoin would need to move through the $163 pivot to bring the 62% FIB of $174 and the first major resistance level at $181 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $182.25 would likely limit any upside.

In the event of a broad-based crypto rally, Litecoin could test the second major resistance level at $200.

Failure to move through the $163 pivot would bring the first major support level at $144 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $126.

At the time of writing, Litecoin was down by 0.37% to $161.25. A mixed start to the week saw Litecoin rise to an early Sunday high $162.44 before falling to a low $160.72.

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

LTCUSD 130621 Daily Chart

Tron’s TRX

Tron’s TRX slid by 9.41% in the week ending 12th June. Reversing a 10.40% gain from the previous week, Tron’s TRX ended the week at $0.06825.

A mixed start to the week saw Tron’s TRX rise to a Monday intraweek high $0.07899 before hitting reverse.

Falling short of the first major resistance level at $0.08456, Tron’s TRX fell to a Saturday intraweek low $0.06341.

The sell-off saw Tron’s TRX fall through the 62% FIB of S0.0748 and the first major support level at $0.06631.

Finding support through Saturday, Tron’s TRX broke back through the first major support level to end the week at $0.068 levels.

4 days in the red that included a 7.93% slide on Monday delivered the upside.

For the week ahead

Tron’s TRX would need to move through the $0.07154 pivot and the 62% FIB of $0.07480 to support a run at the first major resistance level at $0.07856.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the 62% FIB.

Barring a broad-based crypto rally, first major resistance level and resistance at $0.080 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at $0.090. The second major resistance level sits at $0.08888.

Failure to move through the $0.07154 pivot would bring the first major support level at $0.06122 into play.

Barring another extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.05420.

At the time of writing, Tron’s TRX was down by 0.14% to $0.06815. A mixed start to the week saw Tron’s TRX rise to an early Sunday high $0.06839 before falling to a low $0.06754.

Tron’s TRX left the support and resistance levels untested early on.

TRXUSD 130621 Daily Chart

Leave a Reply

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