Will the Current Altcoin Trends Change? Litecoin, Dash and Ethereum Price Analysis
During the last week, altcoin markets were mostly dominated by growth dynamics. How long will the trends keep up and where exactly should we expect them to end?
LTC/USD and DASH/USD prices have fulfilled the projected upward scenarios. After fortifying at key levels which were mentioned earlier, the upward trends have formed. Only Ethereum’s price has reached the resistance and bounced off it, never forming a trend.
Litecoin’s price has reached an important level of $3.18 and, after fortifying on it, formed an upward trend.
The price has never reached the level of $3.12, thus making the probability of a downward trend negligible.
A similar upward dynamic can be seen on DASHUSD. Dash’s price has bounced off the level of $6.4, forming an upward trend. The $5.5 wasn’t broken through either.
Ethereum’s price has just managed to reach its top resistance of $11.8, but couldn’t hold at it.
Potential development scenarios
To determine where exactly the trend is most likely to end, one should look for a breaking point.
That is usually a line, where either bulls or bears take the advantage. For an upward trend that line would be the most profitable price for bulls. If the traders keep buying in alignment with the trend at that level, then the trend will continue; otherwise, there will be a turn.
The most profitable price for the buyers is the level of $3.20. If the bears take the advantage at that level, a turn to decline will be very likely. The market will have potential to reach $3.12.
The profitable level for sellers is $3.27. The buyers will have to hold at that resistance for an upward trend to form. The next minimal target will then be at $3.37.
The key level for a potential upward trend is at $12.09. That trend is most likely to happen if Ethereum’s price holds at that level and starts forming a turnaround.
In case of the price fortifying at the level of $10.5 and forming a turn, there is a high probability for a downward trend.
For the upward trend to continue, the price has to hold at the level of $7.4. After forming a turnaround, the growth trend is likely to continue.
For the upward trend to end and a turn to decline to form, DASHUSD has to hold at the level of $7.
Thus, the key altcoin levels at the moment are:
LTCUSD - 3.20 and 3.27 (BITFINEX).
ETHUSD - 12.09 and 10.5 (BITFINEX).
DASHUSD - 6.4 and 5.5 (POLONIEX).