Daily Altcoin Price Analysis: Chain of Interconnected Events
December 16, Dash, Dogecoin, Litecoin, ETH, Peercoin and Neucoin price analysis by Frederic Racine.
Today Litecoin achieves a new price corridor of $3.50-3.80. Yesterday, Litecoin reached both the ceiling and the floor of this price corridor, and it is now somewhere in the middle. Bitcoin price is experiencing corrections and LTC to BTC exchange rates are 0.008-0.082. Thus 0.008 promises to become quite good as a resistance level.
DASH reached the lower limit of 0.0056, and this level again confirmed the reputation of steady resistance. DASH’s price made a slow start from this level but it is too early to speak about future upward trends.
Dogecoin price updated a local minimum, having reached 28 Satoshi. Having made a start from a new bottom, the price jumped up back to 30 Satoshi. However, such a tendency can turn the level of 30 Satoshi from support level into resistance.
Now no one will be able to accuse ETH of indifference to technical analysis. Yesterday we saw a good trend, and today we see a beautiful flag on the chart. According to the theory, it is more probable to have an exit up now. Thus, the level of 0.002 is more important than ever as by reaching it the upward trend will be over, and a descending flag of price corrections should appear.
Peercoin left the level of $0.44 and moved to $0.42, while the exchange rate of Peercoin vs. Bitcoin decreased to 0.00094-0.00096. The Peercoin price usually doesn’t show strong activity, thus we shouldn’t expect it to return to 0.001 soon. Which means that if the price of Bitcoin falls, we can expect Peercoin to move lower than $0.40. It is worth watching the exchange rates of PPC to BTC, as it’s continuous decrease will tell about disbelief of Peercoin miners, and concerns about its falling further.
Neucoin continues it’s decline. Now its price is about $9.50 for 1000 Neucoin, and daily trading volumes are ridiculous. If this trend continues, it is worth it to place orders below $8.00.