Daily Altcoin Analysis: Litecoin, Dash, Dogecoin, Ethereum, Peercoin
Litecoin, Dash, Dogecoin, Ethereum, Peercoin price analysis by Frederic Racine.
Yesterday, I advised our readers to sell Litecoin at $3.50, and did Litecoin show a double top by touching $3.80?
Those who have followed my advice will be able to close the deal with a profit at $3.40. Most likely, this will happen this week, because now the price is rolling down from $3.60. Congratulations to those who sold their coins today for $3.80. This level is significant as an important achievement of Bitcoin price of $380, and as the descent from 0.01 ratio between LTC/BTC pair. How deep will the descent be? It was 0.99 LTC/BTC yesterday and 0.95 LTC/BTC today.
But why is it happening? It's simple: Bitcoin is growing, so it becomes more profitable, and Litecoin miners more lickely to switch to Bitcoin as their primary focus. The same situation can be observed with DASH, where it manifests even stronger.
Even without looking at the DASH chart, you can immediately understand that it’s falling just as Bitcoin was reaching new heights yesterday. I can close my eyes and tell you that it’s plummeting.
Eyes open, and indeed - it fell almost 7% on Poloniex, and now the 24-hour minimum price is 0.056. The possibility of margin trading on Poloniex and slowness of some traders and miners, who saw this graph only now they rapidly leads the price further down to 0.05. And this is the level where the most interesting trading begins.
Dogecoin has a more unique character than other cryptocurrencies, and unlike Litecoin and DASH its price is less dependent on the fluctuations of Bitcoin.
Dogecoin did leave the tunnel between 38 and 40 Satoshi, within which it was impossible to trade profitably. But the winds of change blew and the daily trading volume on Cryptsy has grown – first to 30, then to 40, and today more than 55 BTC. The orderbook history gets filled with significant trading amounts: over 10 BTC. Something big is coming. But what is it exactly?
I told you yesterday: not to buy ETH now, wait for a better price.
This is the same chart for the period of two weeks and one day (yesterday). A green candle displayed no continuation of growth, and there is a global trend to go down. The bottom price for ETG was 0.014-0.018, and those who bought coins at that level could close the deal with a great profit margin. As we can see on this chart, the price went to 0.028-0.032 with huge volumes and liquidity on Poloniex, which means that those who have bought and sold ETH by that time have doubled their stake.
The main exchange for Peercoin is BTC-E. Recently, the PPC/BTC pair on that exchange began to show signs of recovery. We're used to seeing Peercoin being stuck at the level of about $0.40, when it was not considered as a profitable rate for purchase. But it turned out that $0.40 and lower is a reasonable price to place the order. We are now at the level of about $0.45, with the top line at $0.4779.
Considering the growth of Bitcoin price, which usually affects other coins’ prices negatively, it is nevertheless a good sign for Peercoin. However it is too early, of course, to think that we will return back to the $8 per Peercoin.