Altcoins Price Analysis (Week of May 22th): Ethereum, Litecoin and DASH

Altcoin prices have stopped at their respective key levels, after moving along upward trends. Such stops could provoke prolonged downward corrections.

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Altcoins Price Analysis (Week of May 22th): Ethereum, Litecoin and DASH

Altcoin prices have stopped at their respective key levels, after moving along upward trends. Such stops could provoke prolonged downward corrections.

ETH/USD

Ethereum has continued its upward trend. A turn at a key level of $9.7 did not happen. Thus, Ethereum’s price has formed a powerful upward momentum, reaching the maximum of March.

ETH/USD chart

At this point, a flat is forming. For a deeper correction to continue, Ethereum’s price has to exit that flat. The market will decide on the direction of the next wave at the level of $12.9. Either the whole downward movement is a correction toward the trend, which has started at $10, and it will be followed by a rebound and a continuation of the upward trend; or there will be a correction toward the upward trend, which has started at $7, and the minimal target for such a rebound will be around $11 in that case.

ETH/USD chart

LTC/USD

Litecoin’s price continues to move within a flat. After reaching the top limit of that flat at $4.1, Litecoin could not fortify at it, and rebounded towards the bottom limit at $3.8. If the bears don’t win the advantage, the price will return to the area of $4.1.

LTC/USD chart

An exit from this flat will indicate that the price is undergoing a  larger correction. If Litecoin fortifies below $4 and forms a turn to decline, there will be a chance of a larger correction to begin towards the upward trend, which has started at $3. In that case, the minimal target for such a rebound will be around $3.5.

LTC/USD chart

DASH/BTC

Dash’s price is growing. But this upward wave could be the last one, after which a prolonged correction is likely to start. The vawe of the upward movement could become a part of a flat The beginning of a flat could provoke Dash’s price to undergo a deeper correction.

DASH/BTC chart

The nature of the coming wave will be likely determined at the level of 0.0177. The current correction has reached its target at the level of 0.0177. That means that the downward movement starting at that mark will be of a larger scale. In that case, the minimal rebound target for the whole upward trend, which has started at 0.014, will be around 0.0161.

DASH/BTC chart

A deeper downward correction is likely to begin at:

  • $12.9 for Ethereum
  • $3.8 for Litecoin
  • 0.0177 BTC for Dash
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