Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 15/08/21

Binance Coin

Binance Coin rallied by 14.72% in the week ending 14th August. Following a 7.20% gain from the previous week, Binance Coin ended the week at $409.15.

Early in the week, Binance Coin slid to a Monday intraweek low $327.22 before making a move.

Steering clear of the first major support level at $321, Binance Coin rallied to a Friday intraweek high $425.25.

Binance Coin broke through the first major resistance level at $379 and the second major resistance level at $401.

While falling short of the 38.2% FIB of $438, Binance Coin avoided a fall back through the second major resistance level.

4 days in the green that included a 5.14% gain on Wednesday and a 6.53% rally on Friday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid the $387 pivot to bring the 38.2% FIB of $438 and the first major resistance level at $447 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from the 38.2% FIB of $438.

Barring an extended rally, the first major resistance level and resistance at $450 would likely limit any upside.

In the event of a broad-based crypto rally, Binance Coin could test resistance at the 23.6% FIB of $540 before any pullback. The second major resistance level sits at $485.

A fall through the $387 pivot would bring first major support level at $349 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of the second major support level at $289 and the 62% FIB of $273.

At the time of writing, Binance Coin was down by 0.57% to $406.81. A mixed start to the week saw Binance Coin rise to an early Sunday high $411.84 before falling to a low $404.14.

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

BNBUSD 150821 Daily Chart

Litecoin

Litecoin rallied by 18.01% in the week ending 14th August. Following an 8.02% rise from the previous week, Litecoin ended the week at $182.98

A mixed start to the week saw Litecoin fall to a Monday intraweek low $145.36 before making a move.

Steering clear of the first major support level at $142, Litecoin rallied to a Saturday intraweek high $185.11.

Litecoin broke through the first major resistance level at $163 and the second major resistance level at $170.

More significantly, Litecoin also broke through the 23.6% FIB of $178 to end the week at $182 levels.

3 days in the green that included an 11.04% rally on Monday and a 10.82% rally on Saturday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid a fall through the 23.6% FIB of $177 and the $171 pivot to bring the first major resistance level at $197 into play.

Support from the broader market would be needed, however, for Litecoin to move back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely limit any upside.

In the event of another broad-based crypto rally, Litecoin could test resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $211.

A fall through the 23.6% FIB and the $171 pivot would bring the first major support level at $157 into play.

Barring an extended crypto sell-off, however, Litecoin should steer well clear of sub-$150 levels. The second major support level sits at $131.

At the time of writing, Litecoin was up by 1.20% to $185.17. A mixed start to the week saw Litecoin fall to an early Sunday low $181.36 before rising to a high $186.65.

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

LTCUSD 150821 Daily Chart

Tron’s TRX

Tron’s TRX surged by 23.81% in the week ending 14th August. Following a 16.56% breakout from the previous week, Tron’s TRX ended the week at $0.09282.

Tracking the broader market, Tron’s TRX fell to a Monday intraweek low $0.06808 before making a move.

Steering clear of the first major support level at $0.06424, Tron’s TRX rallied to a Saturday intraweek high $0.09538.

Tron’s TRX broke through the first major resistance level at $0.08178 and the second major resistance level at $0.08859.

More significantly, Tron’s TRX also broke through the 23.6% FIB to end the week at $0.092 levels.

6 days in the green that included a 12.77% jump on Wednesday and a 6.55% rally on Friday delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid the $0.08543 pivot to support a run at the 38.2% FIB of $0.09890 and the first major resistance level at $0.1028.

Support from the broader market would be needed, however, for Tron’s TRX to move back through to $0.10 levels.

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

In the event of an extended rally, Tron’s TRX could test resistance at $0.12. The second major resistance level sits at $0.1127.

A fall through the $0.08543 pivot would bring the 23.6% FIB of $0.07870 and the first major support level at $0.07547 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.070 levels. The second major support level sits at $0.05813.

At the time of writing, Tron’s TRX was up by 1.26% to $0.09399. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.09203 before rising to a high $0.09550.

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

TRXUSD 150821 Daily Chart

Leave a Reply

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