Daily Altcoin Price Analysis: Dash, Dogecoin, Litecoin
Dash, Dogecoin and Litecoin price analysis on November 27 by Frederic Racine on Cointelegraph.
All of a sudden Litecoin price hit $3.30 and reached the important level of $3.80 in a decent jump that would make traders happy.
Just the day before, Litecoin gave no signs of getting to the price level of $3 and $3.20, but it did go up slightly to $3.50 and $3.60 and even reached $3.80!
This is the same in all cryptocurrency exchanges and, of course, this dynamic could not last long. It’s similar to the pole vaulter — the jump won’t last long. So Litecoin price fell into the correction and returned to the familiar price level of $3.50-$3.70.
Will there be any stops on the way to reaching $3.50? It depends on the behavior of Bitcoin, as Litecoin follows its big brother - BTC, like a blind man with a dog.
A sudden rise of the tensions between Russia and Turkey made stock markets nervous and most Asian capitals pushed Bitcoin up. As usual, China was leading this tendency but not for long as it began closing the trades when the Bitcoin price reached 2,400 yuan.
Litecoin price is connected to the price of Bitcoin at a ratio of about 1 to 100, so it repeated the same maneuver but with the price at 100 times less.
On the daily chart, both Bitcoin and Litecoin, when displayed as a "candlestick", we see the last day as a classic reversal pattern of "spindle" with long shadow both above and below:
This morning showed a correction for the Litecoin price and the duration and depth of this correction is hardly predictable. The stock market is extremely harmful and nervous, especially when it comes to developing countries, and therefore Turkish, and Russian presidents will extinguish the "fire" in their exchanges.
It should be taken into account that a new round of escalation in the relations between the two countries would mean new local peaks for Bitcoin and Litecoin.
The continuing price drop led DASH to 0.063, and it seems that 0.05 comes next.
While we can only guess: if the price remains 0.06, or fluctuates between 0.05-0.06, will it reach a new psychologically important level of 0.05?
Poloniex four-hour chart shows that we have moved down from 0.07 to 0.06 almost as smoothly as skiing from the mountain high. The ticker is in the red zone, with a 6-7% loss rate on Thursday.
While the mass media background is more than favorable for DASH, for example the release of a new wallet for iOS, it is surprising that DASH faces such problems. But the fact is that miners are most likely buying Bitcoin in exchange for DASH in order to get more fiat money later, as Bitcoin prices rises.
However, these fluctuations are natural for exchanges. We know that DASH is technologically on a higher level than Litecoin and Dogecoin which are based on a Scrypt algorithm, and in many ways more convenient than Bitcoin. So, DASH has good prospects.
Dogecoin stayed on the level of 40-46 satoshis but then the price started to slide down. By looking at Dogecoin’s daily chart on Poloniex we see that this cryptocurrency needs to try to return to the previous level.
However, Dogecoin needs more PR and advertising to move on. Advertising takes money, but it can’t obtain money when the price is low. So unfortunately there is only one way to go for the moment – way down again.