Weekly Altcoin Price Analysis: Reaching a Local Bottom, Can They Make A New Start?
Weekly altcoin price analysis by Frederic Racine.
Since the beginning of the week, Litecoin’s price stood in a corridor of $3.50 - $3.80, having created a triangle on the chart. Next week the exit from this triangle is inevitable, and the direction of an exit depends only on the direction of Bitcoin’s price. However, this week Litecoin had another important event: as the Litecoin vs. Bitcoin exchange rate reached a local bottom of 0.008, having stopped its continuous falling at this level.
DASH began last week pretty well, having jumped sharply from 0.06 to 0.07 on Monday. But then gradually went down to a local bottom of 0.0056, just where it is now. Placing buy orders at a price lower than 0.0056 might be a good decision and if DASH is able to hold on at this level all week there is a chance of a trend reversal.
This time we will look at the Dogecoin chart of two weeks. Not so long ago it reached 35 Satoshi, but this week we could only dream of reaching such a level. Sales at prices higher than 30 Satoshi became good sales. In only one week the level of 30 Satoshi turned into a resistance level, and buy orders around 28-29 Satoshi stopped being favorable. Next week it is worth expecting an updating of a local price bottom, and to hope for buy orders in the range of 25-26 Satoshi.
If at the end of the last week ETH showed steady growth, all this week the price of ETH was falling. Having looked at the chart of one month, we can see that ETH’s price is in a falling trend again. And if this trend doesn’t stop right now, we will see updates of a bottom (which could be at around 0.0016-0.0018). Especially interesting will be the placing of orders lower than this level, they can be calculated to be a sort of panic sale.
Peercoin’s price has finally settled higher than $0.40, and knowing the lag effect of this cryptocurrency, it is possible to assume that the price will hold at around $0.42 - $0.44. Only a correction of Bitcoin’s price to lower than $400 will open levels interesting to those looking to place buy orders at $0.40. Moreover, Peercoin had another important event last week: the exchange rates of Peercoin vs. Bitcoin moved below the psychologically important level of 0.001. Now it is at about 0.00094-0.00095 with a tendency to decrease.
The week began very well for Neucoin, with $11 for 1000 Neucoin, but then a continuous recession began. 1000 Neucoin now cost $8.2, but traders hope that next week they will be able to make a good deal.
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