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Altcoins Weekly Analysis – BNB, EOS and ETH – 30/06/19

By:
Bob Mason
Published: Jun 30, 2019, 05:57 UTC

With the majors seeing red this morning, a move through to key levels would be needed for a rally to kick in...

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 6.28% in the week ending 29th June. Partially reversing a 14.8% rally from the previous week, Binance Coin ended the week at $35.38.

A bearish start to the week saw Binance Coin fall from a Sunday high $40.89 to a Wednesday low $32.77 before finding support.

3-days in the red out of 4 saw Binance Coin fall through the 23.6% FIB of $34, whilst steering clear of the major support levels.

On a particularly choppy Wednesday, Binance Coin struck an intraweek high $42.91, while also falling to sub-$30 levels. Falling short of the first major resistance level at $43.48, Binance Coin slipped through the first major support level at $31.79.

In almost a repeat, Binance Coin returned to $42 levels on Thursday before falling to an intraweek low $27.03.

Binance Coin fell back through the 23.6% FIB and first major support level before finding support. Two consecutive days in the green at the end of the week led to a move back through the 23.6% FIB to $35 levels.

For the week ahead

A move back through to $35 levels would support a run at the first major resistance level at $43.18.

Binance Coin would need support from the broader market, however, to break through to $40 levels.

Barring a broad-based crypto rally, last week’s high $42.91 would likely pin Binance Coin back on the week.

Failure to move back through to $35 levels could see Binance Coin give up more ground in the week.

A fall through to $31 levels would bring the first major support level at $27.30 into play before any recovery.

Barring a broad-based crypto sell-off through the week, Binance Coin should steer clear of sub-$20 support levels.

At the time of writing, Binance Coin was down by 1.69% to $34.78.

BNB/USD 30/06/19 Weekly Chart

EOS

EOS tumbled by 15.65% in the week ending 29th June. Reversing an 8.59% rally form the previous week, EOS ended the week at $6.3347.

Bearish through most of the week, EOS fell from a Sunday intraweek high $7.6435 to a Thursday intraweek low $5.5500.

Falling short of the major resistance levels, Binance Coin slid through the first major support level at $6.8957 and second major support level at $6.2813.

Of greater significance was a fall through the 23.6% FIB to visit sub-$6.00 levels for the first time since 6th June.

Partially reversing five consecutive days in the red, EOS saw green for the final 2-days of the week to return to $6.3 levels.

For the week ahead

EOS would need to move through to $6.50 levels to support a partial recovery of last week’s losses. A move through the 23.6% FIB of $6.62 to $6.80 levels would support a run at the first major resistance at $7.4688.

EOS would need the support of the broader market, however, to break out from the 23.6% FIB of $6.62.

Failure to move through to $6.50 levels could see EOS fall deeper into the red. A slide through to sub-$6.00 levels would bring the first major support level at $5.3753 into play.

Barring another crypto meltdown, however, EOS should steer clear of sub-$4.00 support levels on the week.

At the time of writing, EOS was down by 0.96% to $6.2739.

EOS/USD 30/06/19 Weekly Chart

Ethereum

Ethereum rose by 2.76% in the week ending 29th June. Following on from a 14.57% rally on from the previous week, Ethereum ended the week at $317.00.

A bearish start to the week left Ethereum in the red on Sunday, 23rd June before making a move. Steering well clear of the major support levels, Ethereum rallied to a Wednesday intraweek high $364.49.

The rally saw Ethereum break through the first major resistance level at $329.02 and second major resistance level at $349.55.

Falling short of the 38.2% FIB of $367, Ethereum joined the rest of the majors in the red on Thursday. Ethereum pulled back through the resistance levels to an intraweek low $273.5.

Steering clear of the first major support level at $272.17, Ethereum found support from the broader market to recover to $300 levels.

For the week ahead

A move through to $318 levels would support further upside in the week ahead.

Ethereum would need to move through to $340 levels, however, to take a run at the first major resistance level at $363.16.

Barring a broad-based crypto rally, last week’s high $364.49 and the first major resistance level would likely cap any upside on the week.

In the event of a broad-based crypto rally, Ethereum could break through the 38.2% FIB of $367 to bring $400 levels into range.

Failure to move through to $318 levels could see Ethereum hit reverse. A fall through to sub-$300 levels would bring the first major support level at $272.17 into play before any recovery.

Barring a Bitcoin meltdown, Ethereum should steer clear of the 23.6% FIB of $257.

At the time of writing, Ethereum was down by 0.04% to $316.86.

ETH/USD 30/06/19 Weekly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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