Daily Altcoin Price Analysis: Awkward situation for Litecoin, DASH and Peercoin stabilize, Dogecoin and ETH fall down
Daily Altcoin price analysis on December 3, 2015.
Litecoin is clamped firmly between the prices $3.20 and $3.50, and can’t cross any of the two levels. This in turn is leaving traders frustrated as it’s far from ideal..
The two major forces affecting the Litecoin’s price fluctuation: the growth of Bitcoin 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 stimulus to buck the current trend and add some price gains to the charts.
DASH 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 promises 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.
On this chart you can see the recent Dogecoin 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 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 sense 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 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 we will see the price drop below $0.40 for a long time, so any orders between the levels of $0.20 and $0.40 are quite justified.