Prices for the most popular cryptocurrencies are now in growth again. Continuous price corrections against the US Dollar, which lasted for nearly a month, seem to comes to an end. In the coming days we expect altcoins to reach new support and resistance levels.
Altcoins as investments are too young to rely on the experience of their usability. We asked cryptocurrency experts, about whether altcoins are regarded an investment today. And we got the following answers:
“ I feel that the value of these coins are too volatile, and uncertain, for long term placement into one’s investment portfolio. While their volatility makes them fantastic for day trading, I would not park six figures in there for 3+ years. My "investment portfolio" is made up of gold, real estate, and the S&P 500. My "trading portfolio" is made up of bitcoins, fiat, and micro cap stocks.”
“If I may, my take is that ETH will continue to decline in price this week following the hard fork. Its role as a store of value is questionable. I think that ETH will stay low for some time until a trend of stability with its contract language is realized. Of course we can still expect typical volatility in both directions. The trend is down, and there is plenty of room to go. Additionally the risk of holding ETH prior to a major change such as this far outweighs the constancy of Bitcoin.”
The ETH/USD pair has moved to the upper levels of its sideways trend, to the level of $11.50 - $11.70. However, it’s not the right time to speak about a sustainable uptrend. The movement of ETH prices will depend on the activity of the players in the cryptoccurency market, which is about 70%.
Today the support level for ETH is $ 11.20. $11.70 is the resistance level.
ETH/USD chart July 12 – 18
LTC/USD price is now about $4.20. A slight increase could mean the end of the downward trend. Overall, growth of cryptocurrencies will give Litecoin a support for some time and, possibly, a long-term LTC price growth.
Support level today is $4.10. Resistance level is $4.25.
LTC/USD price chart, July 12 - 18
USD/DOGE did not react to the general rise in price of most other cryptocurrencies. The DOGE rates against the USD continues its gradual decline, going down to 0.00025. Apparently the reason for this decrease is the low activity of DOGE traders on the stock markets – only 38%. The absence of a steady demand pushes the USD/DOGE pair to new low levels.
The level of support is $0.0002580, the resistance level is $0.00027.
DOGE/USD price chart, July 12 - 18
The dynamics of cryptocurrency prices and a strengthening of USD on the foreign exchange market allows us to conclude that the growth of the Dollar actually gives a support for major cryptocurrencies. Do you agree?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.