Weekly Altcoin Price Analysis: Cryptocurrencies Are Ready For New Year's Surprises
Weekly altcoin price analysis by Frederic Racine.
This week Litecoin managed to fall from the level of $3.76, rise back from the level of $3.36 to $3,68, and then again start falling anew. Today the Litecoin price is $3.50 and it moves down. All movements during were week were made with a huge effort, as the strengths of both participants of market opposition – bulls and bears, are now approximately equal. A level of 0.008 in the LTC to BTC pair after all became a strong resistance. Now moving lower than 0.008 is rare. However, it seems that Litecoin will face a decrease throughout the whole of the holidays, though surprises are possible.
During half of the week the DASH price was standing by a local bottom of 0.0056-0.0057. On Thursday, the progress began and it continues still. A top level of 0.0069 was reached and now Dash price is in a correction. Traders may only hope to see next decrease to 0.0056-0.0057, whether this hope is proved?
Let's remember that happened two weeks ago — the same sharp growth in a weekend which was followed with a sharp fall from a level of 0.0068 to 0.0056-0.0057. And what happened about a month ago? Growth at the beginning of a week, again achievement of a top at around 0.068, and a sharp recession to 0.0056-0.0057. If it is regularity, we should expect another fall for two weeks. However, a day of a New Year is the time when any regularities can be broken.
Dogecoin is clamped in the corridor of 29-31 Satoshi. Only the level of 28 Satoshi was good to place buy orders at this week. Long deduction of the level of 30 Satoshi and good trading volume says that owners of Dogecoin aren't going to leave this cryptocurrency easily. Next week will probably remain at the same level, though, perhaps by the New Year, one of the large holders of Dogecoin will get rid of them for the sake of the fiat money. Or alternatively, maybe someone will buy many Dogecoin for the New Year? Traders are recommended to be ready to both.
ETH is filled with holiday optimism, and by the middle of the week began a careful movement upward. A level of 0.0018-0.0019 confirmed its reputation of strong resistance, and it is also a level to place possible buy orders.
However, it is too early to speak about a turn of a trend. No updates of a local bottom is planned either.
Peercoin is fluctuating as it follows its older brother Bitcoin and repeats each of his moves – moving to the tops and then correcting. This week the price had gone lower than $0.40 for a short moment and that was a good level for purchases, while $0.43 became a good level for sales. It is worth being guided by such indicators in the next week.
Neucoin this week had many movements that allowed traders to close transactions in the range of $8.5 - $9.5 for 1000 Neucoins. Nevertheless, the chart of two weeks shows that it is worth it to make purchases at the level of $8 (but traders should remember that the price doesn't quite reach $8 by just a little, and it is necessary to buy slightly above this level). And then sell safely at the level of $11 for 1000 Neucoins.