Altcoin Price Technical Analysis: Altcoin Market Dancing
Even though Bitcoin price isn’t growing higher, on the other hand altcoins price are reaching newer levels by leaps and bounds. Growth like this haven’t been seen in quite a while.
The behavior of Litecoin is very interesting. Imperceptibly this cryptocurrency gained the lead on trading volumes on Poloniex, and is just about to reach the TOP-5. At the level of 0.08 the movement started developing up, and the LTC:BTC exchange rate reached 0.0858. It allowed traders to profit 20% in two days. Now Litecoin has an opportunity to reach $3.30.
LTC:BTC exchange rates are again at 0.08. Moreover, Bitcoin price also notably fell last night. Thus Litecoin moved to today’s $3.10. It proved to have both rapid growth without explanation, and deep falling. Soon it will become clear: we see the formation of a “head and shoulders” on the price chart, which breakdown will send Litecoin deeply down, or origin of an uptrend.
DASH fades into the background as all attention of traders is riveted on the mad growth of ETH and Dogecoin. Nevertheless, DASH is headed higher than 0.01 though there is a tendency to fall. Interest of traders isn’t predictable and we know that leaders of the fashion change continuously. But falling of DASH is only favorable to us – traders can place buy orders at 0.0075, and then sell at 0.015.
ETH began its movement up from the level of 0.0036 and in less than a week the price doubled. The top was at the level of 0.0073 and then a correction to 0.0047, and again growth of the price. Today it is 0.0060.
But the volume of trades fall and it is hardly possible that the same growth continues. The Homestead release is expected soon, thus ETH may test to reach 0.007.
“Buy hearings and sell the facts”, this is a rule of any market. Therefore, most likely, in February the price will be in the range of 0.0045-0.0025. Perhaps the ETH won’t move to 0.0016 but I see no sense to rearrange buy orders from 0.0025.
Wow! Dogecoin grew more than three times in four days — from 40 to 137 Satoshi. The reasons for this are unknown. But as always in such cases we can speak about influence of the Chinese traders. Having parted competitors with elbows, Dogecoin came to second place on trading volumes on Poloniex, having become the sensation of January 2016.
Now the correctional movement develops, and Dogecoin fell from 137 Satoshi to 80. Purchases are possible only at the equilibrium price, which will be holding on steadily for at least some days.
Peercoin suddenly developed vigorous activity. Trading volumes considerably grew at Poloniex, and the rate of PPC:BTC grew by 20%, having reached 0.0012. The rate of Peercoin:USD also has reached the local top of $0.487. Only a falling of the Bitcoin will stop this running start.
Correction of PPC:BTC to the level of 0.0011 was imposed by falling of Bitcoin price. That is how Peercoin moved to today’s $0.43 – $0.44. It is desirable for participants of the market to be attentive. Something is happening with Peercoin and purchases lower than $0.40 promise considerable profit.
Trading volumes of Neucoin grow, the price stabilized lower than $3 for 1000 Neucoin. Moreover, it is possible to notice that since January 25, the exchange rates of NEU:BTC began to grow. Level 573 Satoshi for one Neucoin became a local bottom. Then the maximum trading volume was reached. By that time NEU:BTC grew to 700 Satoshi. And only a falling of Bitcoin doesn’t allow Neucoin to develop and go higher than $3 for 1000 Neucoin.
Now traders should pay attention to the NEU:BTC pair, as the return to the local bottom will become a good point for purchase.
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