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