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Denis Harrison
May 02, 2016

Altcoins Price Analysis (Week of May 1st): Ethereum, Litecoin and DASH

The altcoin markets were dominated by upward trends this week. Will that growth continue into the new week?

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Altcoins Price Analysis (Week of May 1st): Ethereum, Litecoin and DASH
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The altcoin markets were dominated by upward trends this week. Will that growth continue into the new week?

ETH/USD

Ethereum’s price has formed a weekly flat. That was expected because the price has reached a long-term resistance line where a change of cycles usually happens.

ETH/USD price chart 1

For either an upward or a downward medium-term trend to begin Ethereum’s price has to form a structure which will clearly indicate which side holds the advantage. If it fortifies at $9.5 and forms a turn to growth it will display that the bulls are a majority. In that case, a medium-term upward trend is most likely to begin.

ETH/USD price chart 2

LTC/USD

A powerful upward trend on Litecoin was provoked at a long-term level. Powerful impulses happen most often at key resistance lines because the future trend directions are usually decided at such points.

LTC/USD price chart 1

So far this downward movement seems to be a correction within a larger upward trend and for it to continue Litecoin’s price has to fortify and form a turn at the level of $3.8.

LTC/USD price chart 2

DASH/USD

A natural rebound off the bottom limit of the medium-term flat has resulted in an upward trend on Dash. The reasons which should, and actually have, caused the rebound were described earlier.

DASH/USD price chart 1

For the upward movement to continue on Dash, the structure of the trend has to stay intact. The level of $6.5 can become critical for that upward trend and Dash’s price can form a new flat near it.

DASH/USD price chart 2

Summary:

For the upward Ethereum trend to continue, the price has to break through the level of $9.5.

The Litecoin’s trend can turn to growth at the level of $3.8.

Dash’s upward momentum can be broken by a turn at $6.5.

  • #Litecoin
  • #Ethereum
  • #Dash
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