Altcoin Prices Stopped Falling, But Not For Long

Jul 26, 2016 at 12:11 // Price

At the beginning of the week, the fall of alternative coin prices seemed to have stopped and they even slightly increased in price.

However, one can hardly assume that the decline of altcoin prices is finished. Price corrections are still active and this week we should expect them to continue.

Ethereum (ETH)

ETH/USD exchange rate paused its growth and has moved in a sideways trend for two days now. Active purchases of Ethereum, which we have seen for several days, have also stopped. Short-term demand is satisfied and now, most likely, Ether will be in passive trading with the price between $12.50 - $14.20. In the worst case, ETH may face price correction. If the sellers are able to overcome the level of $12.50, the bottom price level will move to $12.0.

Today the support level is $12.50. $14.20 is a resistance level.

ETH/USD exchange rates for last week (July 19 – 26):

ETH/USD exchange rates for last week (July 19 – 26)

Litecoin (LTC)

LTC price is in a sideways trend, going on seven days now, and this is the best of what Litecoin can now hope for. Buyers' activity is very low, but it should be noted that sellers are in no hurry to sell Litecoin. If sellers are able to overcome the resistance level of $4.0, it will open the way to $3.5. We can’t expect the LTC price to move up today due to the overall downward trend.

$4.0 is a support level today. Resistance level is $4.15.

LTC/USD exchange rates for last week (July 19 – 26):

LTC/USD exchange rates for last week (July 19 – 26)

Dogecoin (DOGE)

Today DOGE is one of the few altcoins that is trying to find a way to the top. And from looking at the seven-day chart, we see that it succeeds. In the last 4 days the DOGE price was able to win back the lost position and return to the price of $0.0002438, overcoming the resistance level. How long DOGE buyers will show their strength, time will tell.

Today the level of support is $0.00024, the resistance level is $0.0002450.

DOGE/USD exchange rates for last week (July 19 – 26):

DOGE/USD exchange rates for last week (July 19 – 26)

Alternative coins react painfully to any negative factors in the stock market. The most important factor for them is the confidence of investors. And their trust, as we see, is not weakened.

It turns out that altcoin benefits and prosperities depend on the investors’ confidence. 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.

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