Daily Altcoin Price Analysis: Awkward situation for Litecoin, DASH and Peercoin stabilize, Dogecoin and ETH fall down

Litecoin

LitecoinCT r: 64 is clamped between $3.20 and $3.50, and can’t cross any of the two levels. This situation is not very convenient for traders.

The two major forces affect the Litecoin’s price fluctuation: the growth of BitcoinCT r: 8 price from $350 to $360, and the falling of LTC/BTC pair exchange rate from 0.095 to 0.092 in a single day. These forces are interconnected as because of the growth of Bitcoin’s price Litecoin miners are trying to get rid of the cryptocurrency in exchange for the growing Bitcoin. Thus, miners get more profits in fiat equivalent. Bitcoin is now in a growing trend which makes the LTC/BTC exchange rate decrease constantly.

Recently Litecoin was holding strong at a psychologically important level of 0.01 (1 Bitcoin for 100 Litecoin), and now it faces a lower rate of 0.075, and potentially even 0.05. And all that because of Bitcoin. Only a noticeable weakening of Bitcoin can give the LTC/BTC pair an impulse for growth now.

DASH

DASHCT r: 75 has stabilized its position after yesterday's success, having shown us that 0.055 is the lowest level it’s going to hit and placing any buy orders lower than 0.06 promise to be favorable, even in the short term. Even this week I hope to close orders higher than 0.065 as volumes grow, and sharp falling of the price has stopped. It seems that miners don't want to get rid of DASH and gradually begin holding on to it. Today's transactions aren't similar to fixing of profit.

Now we can see an upward exit from a triangle and the line of a trend.

Dogecoin

On this chart you can see the recent DogecoinCT r: 49 price levels: 38-40 Satoshi, 36-38 Satoshi, and today's 33-35 Satoshi. And this isn’t a two weeks chart! It’s a good idea to wait a few weeks more, and maybe buy coins at a cheaper price than 20 Satoshi per coin. Thus, Dogecoin is a serious cryptocurrency which waits for broader acceptance in 2016.

ETH

ETH wasn't expected to show a price growth. The huge liquidity and volatility of ETH drive it to the bottom, falling sometimes by 10% in a day. When trading such a young cryptocurrency there is no sence in following daily or weekly charts. On this monthly chart we see both opportunities for purchase around 0.013-0.014, and opportunities to close the orders at a price that is 2.5 times higher. It would be desirable if ETH repeated these movements, but this time with us onboard.

Peercoin

PeercoinCT r: 106 continues to hold the boundary of $0.40 though trading volumes on BTC-E are falling and the PPC/BTC exchange rate is going down. It is unlikely that it will go below $0.40 for a long time so any orders between $0.20 and $0.40 are quite justified.

Did you enjoy this article? You may also be interested in reading these ones