Weekly AltCoin Analysis
Weekly AltCoin Analysis by Frederic Racine on Cointelegraph.
December promises to be rich in a variety of news that can affect the Litecoin price. Similarly next week on the cryptocurrency market promises to be very eventful and interesting. We have already seen the dynamics of the Litecoin price last week – its sharp move from $3 to $3.80, and its corrections from $3.80 to $3.50. It’s a beautiful picture for a trader as they can earn both on price growth and its correction. Can Litecoin can stay at $3.50? Not sure, probably it will go down to $3.20 or below. Bitcoin is now on a downward trend, so the connection LTC/BTC 0.01 is abandoned, and Litecoin continue to move down.
However, there are chances for price growth. The crisis between Russia and Turkey is far from being over, therefore, possible incidents followed by gold market, as well as Bitcoin and cryptocurrency booms are possible.
Only at the end of the week we saw a slight increase of DASH’s price. It jumped from the level 0.05 to 0.06. Next week we can carefully buy DASH as this position is opened only for a short time. Traders sell DASH for 0.06 and must wait for good orders to buy DASH at 0.05 and below.
Dogecoin price progressed by the end of the week, showing an increase in both price and daily volume.
Today on Cryptsy it increased by 2.63% with trading volume of 46.5 BTC, and yesterday there were only about 37 BTC. All of last week we saw a drop from 43 to 36 Satoshis. While Dogecoin is unable to consolidate above 40 Satoshi, this level should be targeted for traders next week.
What we see in the two-week chart? Correction in the form of a small growth after a landslide downward movement or a new upward trend? The answer to this question is as difficult as to understand what is Ethereum. But ETH cryptocurrency is the first in the ranks on the Poloniex exchange, and we can’t ignore that. We rely on the purchase of 0.014-0.018.
It’s time to add Peercoin in our analysis. Moreover, Peercoin daily trading volume is approximately $90,000 - not every cryptocurrency can boast such a volume. There has been a significant, over 10% increase of the price but it won’t last long, and once again moved from $0.44 to $0.40 and below. We try to find out whether the recent growth is associated with the release of an update, or we are talking about pure speculation.