Altcoin Price Trends: A Protracted Pause

Jul 28, 2016 at 11:41 // Price

Altcoins are now in pent-up demand. The long absence of purchases and a small drop in prices, says that as soon as possible the price growth of the most popular altcoins should start again.

Ethereum (ETH)

Ethereum buyers are trying to seize the initiative, but the negative background that surrounds cryptocurrencies at the moment doesn’t help them.

Now the level of $13 restrains the growth of Ether. Overcoming this line will open the way to $13.50 and $14.

On the chart below we can see that in July the ETH price showed growth and a downward wave on the 7-day chart says more about a small pullback before the new growth.

ETH/USD  exchange rates for last 7 days:

ETH/USD exchange rates for last 7 days - June 28

ETH/USD exchange rates for July, 2016:

ETH/USD exchange rates for July, 2016

Cryptocurrency experts confirmed this situation. CoinIdol.com asked them about the reasons that prevent Ethereum from getting out of the sideways trend and beginning to grow?

Vishal Gupta, the Founder of Bitcoin Alliance India, CEO at SearchTrade said:

"Ethereum network by bailing out slock. A private enterprise has shaken trust of investors vis-a-vis the transparency and open source nature of the system. This has taken a toll on the upward momentum the currency was enjoying prior to the fiasco. Moving forward, the raging debate around the hard fork will keep volatility high. This will create a good opportunity for daily traders. In the long run for price to move up it is important ether foundation come clean on their team finances and instill processes that present greater transparency.”

Daniel Dabek, founder of Safe Exchange, curator of Alt Coin Trading Community commented:

“Bitcoin has big time infrastructure for global wealth transfer for various activities including shopping and remittances and its network infrastructure is stable and therefore reliable. Unlike Ethereum, that includes many expected changes, and hard forks that greatly affect the infrastructure and its mode of operation. In my opinion, Ethereum has over-extended its gains. The community will need to figure out what they want to use Ether and Ethereum for in order to generate real revenue, rather than perpetuate a speculative bubble.”

Today $12.00 is a support level. The resistance level is $13,00.

Litecoin (LTC)

The Litecoin price has continued to decline for  two weeks now. On July we could see a slight increase of the price in the beginning of the month, which was replaced by a steady decline.

Litecoin in July lost about 59 cents. Temporarily, the lack of interest in LTC/USD is offset by deferred demand for Litecoin, which always takes place in a long-term decline.

Today the sellers support level is broken, and the price fell below $4.0. For sellers of Litecoin this is a signal to continue sales. Support line today is $3.90. Resistance Level is $4.10.

LTC /USD exchange rates for July, 2016: 

LTC /USD exchange rates for July, 2016

LTC/USD  exchange rates for last 7 days:

LTC/USD exchange rates for last 7 days - July 28

Dogecoin (DOGE)

DOGE is trying to find a way to the top. On the chart we see that DOGE resists the pressure of sellers. Reduced prices of Dogecoin are explained by the fact that the mining of coins goes faster than the demand from buyers needs. This factor is a matter of time. Today DOGE takes its deserved place in the list of popular cryptocurrencies.

The move to the level of $0.00023, we believe, will come soon because the demand for this coin is already formed.
Now the level of support is $0.00023, the resistance level is $ 0.00024.

DOGE /USD  exchange rates for last 7 days:

DOGE /USD exchange rates for last 7 days - July 28


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

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