Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 22/08/21

Binance Coin

Binance Coin rose by 0.78% in the week ending 21st August. Following a 14.72% jump from the previous week, Binance Coin ended the week at $449.24.

Early in the week, Binance Coin rose to a Monday high $444.33 before hitting reverse.

While falling short of the first major resistance level at $447, Binance Coin broke through the 38.2% FIB of $438.

The reversal, however, saw Binance Coin slide to a Wednesday intraweek low $384.79.

While steering clear of the first major support level at $349, Binance Coin briefly fell back through the 38.2% FIB.

A bullish end to the week, however, saw Binance Coin rally to a Saturday intraweek high $468.65.

Binance Coin broke back through the 38.2% FIB and through the first major resistance level at $447 to end the week at $449 levels.

4 days in the green that included an 8.78% rally on Thursday and a 5.51% gain on Friday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid the 38.2% FIB of $438 and the $434 pivot to bring the first major resistance level at $484 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $468.65.

Barring an extended rally, the first major resistance level and resistance at $500 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 $518.

A fall through the 38.2% FIB of $438 and the $434 pivot would bring first major support level at $400 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of the second major support level at $350.

At the time of writing, Binance Coin was up by 0.57% to $451.79. A mixed start to the week saw Binance Coin fall to an early Sunday low $447.19 before rising to a high $454.17.

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

BNBUSD 220821 Daily Chart

Litecoin

Litecoin fell by 1.69% in the week ending 21st August. Following an 18.01% rally from the previous week, Litecoin ended the week at $179.83.

A bullish start to the week saw Litecoin rise to a Monday intraweek high $189.12 before hitting reverse.

Falling short of the first major resistance level at $197, Litecoin slid to a Thursday intraweek low $162.66.

While steering clear of the first major support level at $157, Litecoin briefly fell through the 23.6% FIB of $178.

Finding support late in the week, however, Litecoin broke back through the 23.6% FIB to end the week at $179 levels.

4 days in the red that included a 5.28% slide on Tuesday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid a fall through the 23.6% FIB of $178 and the $177 pivot to bring the first major resistance level at $192 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 $204.

A fall through the 23.6% FIB and the $177 pivot would bring the first major support level at $165 into play.

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

At the time of writing, Litecoin was up by 1.68% to $182.85. A bullish start to the week saw Litecoin rise from an early Sunday low $179.65 to a high $184.30.

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

LTCUSD 220821 Daily Chart

Tron’s TRX

Tron’s TRX fell by 4.71% in the week ending 21st August. Partially reversing a 23.81% breakout from the previous week, Tron’s TRX ended the week at $0.08846.

A bullish start to the week saw Tron’s TRX rally to a Monday intraweek high $0.09806 before hitting reverse.

While falling short of the first major resistance level at $0.1028, Tron’s TRX came within range of the 38.2% FIB of $0.09890.

The reversal, however, saw Tron’s TRX slide to a Wednesday intraweek low $0.08093.

Steering clear of the 23.6% FIB of $0.078780 and the first major resistance level at $0.07547, however, Tron’s TRX revisited $0.093 levels before falling back into the red.

4 days in the red that included a 3.83% fall on Monday and a 4.69% slide on Tuesday delivered the downside for the week.

For the week ahead

Tron’s TRX would need to move back through the $0.08915 pivot to support a run at the first major resistance level at $0.09737 and the 38.2% FIB of $0.09890.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.09806.

Barring a broad-based crypto rally, first major resistance level and resistance at $0.10 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 $0.10628.

Failure to move back through the $0.08915 pivot would bring the first major support level at $0.08024 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.07202. The 23.6% FIB of $0.07870 should limit the downside.

At the time of writing, Tron’s TRX was up by 0.25% to $0.08868. A mixed start to the week saw Tron’s TRX fall to an early Sunday morning low $0.08768 before rising to a high $0.08927.

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

TRXUSD 220821 Daily Chart

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