Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 29/08/21

Binance Coin

Binance Coin rose by 8.28% in the week ending 28th August. Following a 9.78% gain in the previous week, Binance Coin ended the week at $486.46.

Early in the week, Binance Coin fell to a Sunday intraweek low $435.44 before making a move.

While steering clear of the first major support level at $400, Binance Coin fell through the 38.2% FIB of $438.

A bullish Monday saw Binance Coin rally to a Monday intraweek high $520.28.

Binance Coin broke through the first major resistance level at $484 and the second major resistance level at $518.

More significantly, Binance Coin also broke back through the 38.2% FIB before falling back to sub-$450 levels.

Binance Coin fell back through the major resistance levels before briefly revisiting $520 levels

A second pullback, however, saw Binance Coin fall back through the second major resistance level to end the week at sub-$500 levels. The first major resistance level at $484 delivered support late in the week.

3 days in the green that included an 11.27% rally on Monday and a 6.71% gain on Wednesday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid the $481 pivot to bring the first major resistance level at $526 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $520 levels.

Barring an extended rally, the first major resistance level and resistance at the 23.6% FIB of $540 would likely limit any upside.

In the event of a broad-based crypto rally, Binance Coin could test resistance at $600 before any pullback. The second major resistance level sits at $566.

A fall through the $481 pivot would bring the first major support level at $441 and the 38.2% FIB of $438 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of sub-$400 levels. The second major support level sits at $396.

At the time of writing, Binance Coin was up by 0.57% to $489.22. A mixed start to the week saw Binance Coin fall to an early Sunday low $484.22 before rising to a high $490.63.

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

BNBUSD 290821 Daily Chart

Litecoin

Litecoin fell by 2.21% in the week ending 28th August. Following a 1.69% decline from the previous week, Litecoin ended the week at $175.75.

A bullish start to the week saw Litecoin rise to a Monday intraweek high $191.80 before hitting reverse.

Coming up against the first major resistance level at $192, Litecoin slid to a Thursday intraweek low $165.12.

The reversal saw Litecoin fall through the 23.6% FIB of $178 and the first major support level at $165.

Finding support late in the week, however, Litecoin broke back through first major support level to end the week at $175 levels. The 23.6% FIB pinned Litecoin back late in the week.

3 days in the red that included a 7.24% slide on Tuesday and a 5.70% decline on Thursday delivered the downside for the week.

For the week ahead

Litecoin would need to avoid a fall back through the $178 pivot and the 23.6% FIB of $178 to bring the first major resistance level at $190 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $185 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $195 would likely limit any upside.

In the event of another broad-based crypto rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $204.

A fall back through the $178 pivot would bring the first major support level at $163 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$155 levels. The second major support level sits at $151.

At the time of writing, Litecoin was up by 2.04% to $179.33. A bullish start to the week saw Litecoin rise from an early Sunday low $175.33 to a high $179.50.

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

LTCUSD 290821 Daily Chart

Tron’s TRX

Tron’s TRX rose by 0.10% in the week ending 28th August. Following a 4.71% decline from the previous week, Tron’s TRX ended the week at $0.08855.

A mixed start to the week saw Tron’s TRX rise to a Monday intraweek high $0.09196 before hitting reverse.

Falling short of the first major resistance level at $0.09737, Tron’s TRX fell to a Thursday intraweek low $0.08102.

Steering clear of the first major support level at $0.08024, Tron’s TRX recovered to end the week at $0.088 levels.

3 days in the red that included a 5.79% slide on Tuesday and a 4.91% decline on Thursday pegged Tron’s TRX back, however.

For the week ahead

Tron’s TRX would need to avoid the $0.08718 pivot to support a run at the first major resistance level at $0.09333.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.09196.

Barring a broad-based crypto rally, first major resistance level and resistance at $0.095 would likely cap any upside.

In the event of an extended rally, Tron’s TRX could test resistance at the 38.2% FIB of $0.09890. The second major resistance level sits at $0.09812.

A fall through the $0.08718 pivot would bring the first major support level at $0.08239 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.07624. The 23.6% FIB of $0.07870 should limit the downside.

At the time of writing, Tron’s TRX was up by 0.83% to $0.08929. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.08780 before rising to a high $0.08989.

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

TRXUSD 290821 Daily Chart

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