Altcoin Price Trends: Cryptocurrencies In A Sideways Trend Again

Jul 20, 2016 at 14:58 // Price

The growth of the main cryptocurrency, which began recently, did not last long and most of the altcoins moved into a sideways trend again, as traders reduced their activity. How long such passive dynamics last, time will tell.

Despite the positive prospect of altcoins in the future, investors are wary of this cryptocurrency.  This is not surprising. During the period of economic instability, when some lose confidence in the traditional investment instruments, investments in altcoins become even more risky. We asked Daniel Dabek, founder of Safe Exchange and curator of Alt Coin Trading Community, about the prospective price of one of today's most popular altcoins - Ethereum. He said:

“On the note of ETH, there is potentially going to be a split of the block chain, and both will continue to exist. Essentially two ETH tokens could exist where some people support one or the other.  I think a factor in the price will be: until people decide on one of these chains, only then can a price continue to rise with this new acquired confidence.”

Ethereum (ETH)

As we expected, the ETH/USD pair has moved to the upper levels of a corridor between $11.50 - $11.70 and managed to go higher. The pair is currently in trades near the level of $11.8. But this is not real price growth. There are still not enough active players in the markets and a lot of negative factors that constrain the price.

Today’s support level for ETH is $11.50. $11.90 is the resistance level.

ETH/USD chart for a week, July 14 -20

ETH/USD chart for a week, July 14 -20

Litecoin (LTC)

LTC/USD exchange rates today are in the range of $4.15 - $4.20. The sideways trend has not changed in recent days.
Today traders prefer to wait and look at the positions of all the cryptocurrencies, including Litecoin. For today there are no prerequisites for price growth. $4.15 is a support level. Resistance level is $ 4.25.

LTC/USD chart for a week, July 14 -20

LTC/USD chart for a week, July 14 -20

Dogecoin (DOGE)

USD/DOGE exchange rates continue to decline and every day the price goes even lower.

Today the DOGE price is about $0.00024, and judging by the weekly dynamics the decline will continue.

Level of support is $0.00023, the resistance level is $0.00026.

DOGE /USD chart for a week, July 14 -20

DOGE/USD chart for a week, July 14 -20

Based on the dynamics of prices of alternative cryptocurrencies, the question arises – have altcoins already reached the limits of their value? The factors that drove prices up  have been already used by altcoins already. And if the growth will come, it will be minor. What do you think? 

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.