Daily Altcoin Price Analysis: Litecoin, Dash, Dogecoin, Ethereum, Peercoin
Daily Altcoin Price Analysis by Frederic Racine on December 1, 2015.
The Litecoin price continues to fall from about $3.60 to $3.50 and below. The pressure from the Bitcoin price corrections from the level of $380 has a major influence on the LTC/BTC pair, the ratio was established at the level of 0.095 and shows a trend for further reduction. We need to consider the behavior of Bitcoin (whether it is going to test $420), but the focus is on the pair LTC/BTC. By looking at the two-weeks chart and today we understand that there are no reason to buy Litecoin right now.
DASH hasn’t changed its position greatly since yesterday. Now it’s in a downtrend and at the level of 0.056. Perhaps, there it makes no sense to draw lines of a trend, and so everything is clear. We expect the DASH price to go to 0.05, and the sooner it reaches this level the better for everyone. Recommendations are the same: place orders on Poloniex at a price slightly lower than 0.05 or slightly higher than 0.05. I will probably place my orders lower. Panic sometimes does bad things to people, and it is possible that some people will get rid of DASH at a ridiculous 0.033-0.04. It would be excellent as DASH has potential to update not only its price bottoms, but also its tops.
Dogecoin fell slightly down on Cryptsy by 5.65% in a day, and now it’s on the level of 36-37 Satoshis. Trading volumes rise every day – nearly 90 BTC per day already – which shows a keen interest by sellers. Just a month ago Dogecoin went down from about 40 Satoshis reaching a bottom of 32. I don't think that we will manage to repeat the same trick again – to buy coins at 32-35 Satoshis and then sell at 40-42. However, I would buy Dogecoin at 25-26 Satoshis.
While all other cryptocurrencies face downtrend, ETH price grew up a little. Nevertheless, the daily chart doesn't inspire buyers. ETH price fell even despite the most favorable news. And people would probably forget about Ethereum on Christmas Eve. However, it would be still quite good for buyers to see a double bottom around 0.014-0.016.
Peercoin trading volumes fell again, and the price also got stuck at the same level. This time we see a price of $0.45. Peercoin, please, return to $0.40 so I could buy you with plans to sell some coins later at the level of $0.44. I will save some of the coins waiting for the price to return to $1 and above (as Peercoin have a noticeable potential for this).