Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 05/09/21

Binance Coin

Binance Coin rose by 2.32% in the week ending 4th September. Following an 8.28% gain in the previous week, Binance Coin ended the week at $497.81.

Early in the week, Binance Coin fell to a Tuesday intraweek low $451.55 before making a move.

Steering clear of the first major support level at $441 and the 38.2% FIB of $438, Binance Coin rallied to a Thursday intraweek high $518.63.

Falling short of the first major resistance level at $526, Binance Coin fell back to sub-$470 before finding support.

A bullish end to the week saw Binance Coin test resistance at $500 before easing back.

4 days in the green that included a 5.5% rally on Wednesday delivered the upside for the week.

For the week ahead

Binance Coin would need to avoid the $489 pivot to bring the first major resistance level at $527 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $518.63.

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 $556.

A fall through the $489 pivot would bring the first major support level at $460 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of the second major support level at $422. The 38.2% FIB of $438 should limit the downside.

At the time of writing, Binance Coin was up by 0.49% to $500.23. A mixed start to the week saw Binance Coin fall to an early Sunday low $493.35 before rising to a high $501.26.

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

BNBUSD 050921 Daily Chart

Litecoin

Litecoin rallied by 20.67% in the week ending 4th September. Reversing a 2.21% decline from the previous week, Litecoin ended the week at $212.12.

A bearish start to the week saw Litecoin fall to a Tuesday intraweek low $165.67 before making a move.

Coming within range of the first major support level at $163, Litecoin surged to a Saturday intraweek high $225.25.

Litecoin broke through the first major resistance level at $190 and the second major resistance level at $204.

More significantly, Litecoin also broke through the 23.6% FIB of $178 and through the 38.2% FIB of $223 before ending the week at sub-$220.

4 days in the green that included a 16.30% surge on Friday delivered the upside for the week.

For the week ahead

Litecoin would need to avoid the $201 pivot to bring the 38.2% FIB of $223 and the first major resistance level at $236 into play.

Support from the broader market would be needed, however, for Litecoin to break through to $230 levels.

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

In the event of another broad-based crypto rally, Litecoin could test resistance at $270 before any pullback. The second major resistance level sits at $261.

A fall through the $201 pivot would bring the 23.6% FIB of $178 and the first major support level at $177 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $141.

At the time of writing, Litecoin was up by 2.26% to $216.91. A mixed start to the week saw Litecoin fall to an early Sunday morning low $210.57 before rising to a high $218.07.

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

LTCUSD 050921 Daily Chart

Tron’s TRX

Tron’s TRX rallied by 15.06% in the week ending 4th September. Following a modest 0.10% gain from the previous week, Tron’s TRX ended the week at $0.1019.

A mixed start to the week saw Tron’s TRX fall to a Monday intraweek low $0.08436 before making a move.

Steering clear of the first major support level at $0.08239, Tron’s TRX rallied to a Friday intraweek high $0.1092.

Tron’s TRX broke through the week’s major resistance levels and through the 38.2% FIB of $0.9890 to end the week at $1.0 levels.

5 days in the green that included a 6.94% rally on Wednesday and a 5.04% gain on Thursday delivered the upside.

For the week ahead

Tron’s TRX would need to avoid the 38.2% FIB of $0.09890 and the $0.09849 pivot to support a run at the first major resistance level at $0.1126.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.1092.

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 the 62% FIB of $0.1316. The second major resistance level sits at $0.1233.

A fall through the 38.2% FIB and the $0.09849 pivot would bring the first major support level at $0.08777 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the 23.6% FIB of $0.07870. The second major support level sits at $0.07365.

At the time of writing, Tron’s TRX was up by 0.43% to $0.1023. A mixed start to the week saw Tron’s TRX fall to an early Sunday low $0.1011 before rising to a high $0.1040.

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

TRXUSD 050921 Daily Chart

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