Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 12/09/21

Binance Coin

Binance Coin slumped by 18.68% in the week ending 11th September. Reversing a 2.32% gain in the previous week, Binance Coin ended the week at $404.95.

Early in the week, Binance Coin rallied to a Sunday intraweek high $543.90 before hitting reverse.

Binance Coin broke through the first major resistance level at $527 and the 23.6% FIB of $540.

The reversal saw Binance Coin slide to a Tuesday intraweek low $358.50.

Binance Coin fell through the first major support level at $460 and the second major support level at $422.

More significantly, Binance Coin fell back through the 38.2% FIB of $438 to end the week at sub-$410 levels.

4 days in the red that included a 15.66% tumble on Tuesday delivered the downside for the week.

For the week ahead

Binance Coin would need to move through the $436 pivot and the 23.6% FIB of $540 to bring the first major resistance level at $513 into play.

Support from the broader market would be needed, however, for Binance Coin to break back through to $500 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 $621.

Failure to move through the $436 pivot and the 23.6% FIB would bring the first major support level at $328 into play.

Barring an extended sell-off, however, Binance Coin should steer clear of sub-$300 and the 62% FIB of $273. The second major support level sits at $250.

At the time of writing, Binance Coin was down by 1.23% to $399.98. A mixed start to the week saw Binance Coin rise to an early Sunday high $406.18 before falling to a low $398.84.

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

BNBUSD 120921 Daily Chart

Litecoin

Litecoin slid by 15.84% in the week ending 11th September. Partially reversing a 20.67% gain from the previous week, Litecoin ended the week at $178.56.

A bullish start to the week saw Litecoin rise to a Sunday intraweek high $232.64 before hitting reverse

While falling short of the first major resistance level at $236, Litecoin tested resistance at the 38.2% FIB of $223.

The reversal saw Litecoin slide to a Tuesday intraweek low $161.00.

Litecoin fell back through the 38.2% FIB and through the 23.6% FIB of $178 and the first major support level at $177.

Finding support at the end of the week, however, Litecoin broke back through the first major support level and the 23.6% FIB to end the week at $178 levels.

3 days in the red that included an 18.73% tumble on Tuesday delivered the downside for the week.

For the week ahead

Litecoin would need to move through the 23.6% FIB and the $191 pivot to bring the first major resistance level at $221 and the 38.2% FIB of $223 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $200 levels.

Barring an extended crypto rally, the first major resistance level and the 38.2% FIB would likely limit any upside.

In the event of another broad-based crypto rally, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $262.

Failure to move through the 23.6% FIB and the $191 pivot would bring the first major support level at $149 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $119.

At the time of writing, Litecoin was down by 1.53% to $175.83. A mixed start to the week saw Litecoin rise to an early Sunday high $179.33 before falling to a low $175.25.

While leaving the major support and resistance levels untested, Litecoin fell through the 23.6% FIB of $178.

LTCUSD 120921 Daily Chart

Tron’s TRX

Tron’s TRX fell by 6.48% in the week ending 11th September. Partially reversing a 15.06% rally from the previous week, Tron’s TRX ended the week at $0.09530.

A mixed start to the week saw Tron’s TRX rise to a Monday intraweek high $0.1093 before hitting reverse.

While falling short of the first major resistance level at $0.1126, Tron’s TRX broke through the 38.2% FIB of $0.09890.

The reversal saw Tron’s TRX slide to a Tuesday intraweek low $0.07452.

Tron’s TRX fell through the 38.2% FIB and the first major support level at $0.08777.

Of greater significance was a fall through the 23.6% FIB of $0.07870 before finding support.

Through the 2nd half of the week, Tron’s TRX broke back through the 23.6% FIB and the major support levels to end the week at $0.095 levels.

3 days in the red that included a 17.37% slump on Tuesday delivered the downside.

For the week ahead

Tron’s TRX would need to avoid the $0.09304 pivot to support a run at the first major resistance level at $0.1116.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the 38.2% FIB of $0.09890.

Barring a broad-based crypto rally, first major resistance level and last week’s high $0.1093 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 $0.1278.

A fall through the $0.09304 pivot would bring the 23.6% FIB of $0.07870 and the first major support level at $0.07678 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.070 levels. The second major support level sits at $0.05826.

At the time of writing, Tron’s TRX was down by 1.21% to $0.09414. A mixed start to the week saw Tron’s TRX rise to an early Sunday morning high $0.09693 before falling to a low $0.09408.

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

TRXUSD 120921 Daily Chart

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