Daily Altcoin Price Analysis: Dash, Dogecoin, Litecoin
Dash, Dogecoin and Litecoin price analysis on November 26 by Frederic Racine on Cointelegraph.
Since August 31st, 2015, when DASH left the largest exchange Bitfinex this cryptocurrency has had to cope with difficult times. Despite its technical originality and regular updates the DASH price continues its downtrend.
Most traders are not ready to wait for DASH to be recognized. But, on the level 0.05 - 0.06 it could be a good time to buy, as the number of masternodes isn’t falling, which means that we are talking about speculative attacks.
The Dogecoin price continues its fluctuations on the level of 42 Satoshi and still faces a downtrend. Prospects for the cryptocurrency are vague, with the flat extensions in the interval of 40-42 Satoshi or even lower. So far, the closest level is 32 Satoshi. However, the market is always ready to show a double bottom, and this is not only a problem for Dogecoin, it can happen with any asset. Shorting now is dangerous and and it’s better to wait for some certainty in the market, even if it means sacrificing potential profits.
Following a long sleep Litecoin showed a positive trend. Last night there was a way out of the falling trend and the Litecoin price updated to a three-week high, reaching $3.30. This is due to the rise of both the Bitcoin price to $330 and the pair Litecoin/Bitcoin. Most traders are very happy to leave the level between $3 and $3.20. The 12-hour chart shows the exit from a "flag" figure of technical analysis.
Nevertheless, it would be premature to speak about the good prospects for Litecoin, because is tied closely to the price of Bitcoin.
The main question now is, if the pair Litecoin/Bitcoin will return to the 0.01250-0.013 range, where it stayed for the whole September and half of October before gradually sliding down, to the current 0.01 and below. If the Litecoin/Bitcoin exchange rate of 0.01250 says "yes", then we will see $3.80, that could be a strong level of both support and resistance. If it is a false start, it is likely that we will return to the level of $3 and will stay in a flat for long time.