Altcoin trading activity on the markets is gradually reducing. Some investors believe that investment in risky assets such as altcoins is not justified in an unstable economy. Others fear that the majority of new altcoins subsequently will be scams and they will lose money.
The exception for today is Ethereum, which remains stable and even grows slightly. The remaining cryptocurrencies are moving down, and reach new low levels every day.
The ETH price continues to rise, on 22 July 2016 it reached the level of $12.75. For the fourth day in a row, Ethereum shows a positive trend. The four days growth suggests that it may soon roll back to $12.20.
Today, $12.20 is a support level. $13.00 is a resistance level.
ETH/USD exchange rates for last 7 days:
The LTC price has opened up a new corridor of lower price levels. Now the price is $4.14. The general wave of cryptocurrency price decline doesn’t speak to the possible growth of Litecoin price anytime soon and we can’t speak about its growth in the next few days.
Today $4.10 is a support level for LTC. Resistance Level is $4.17.
LTC/USD exchange rates for last 7 days:
The worst case today is faced by the DOGE/USD pair. The seven-day reduction becomes a stable trend for DOGE. The lack of demand for this cryptocurrency reflects the general mood of investors in the market. We expect a continuation of the decrease in the area of $0.00022.
The level of support is $0.00022, the resistance level is $0.00024.
DOGE /USD exchange rates for last 7 days:
Given the reduction of cryptocurrency prices, with only Ethereum rising, it leads us to the question: Can Ethereum overcome the price of Bitcoin in the future?
However, cryptocurrency expert and the founder of Quadriga Fintech Solutions, Michael Patryn commented:
"The Etherium code can no longer be referred to as secure or immutable. The code was changed due to a one failed project, similar to if we had HF'd bitcoin after the Mtgox scandal. I would say that many of the prospects are mostly shot at this point. Bitcoin is used by many as a store of value, I don't believe that eth can match the potential market cap of XBT."
Considering that Ethereum has a completely new platform that has nothing to do with Bitcoin, but that has even more prospects than it was supposed to, and the benefits of its programming. 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.