Litecoin, Ethereum Classic, Dash: Price Analysis
The past few days have shown that many of the market’s major altcoins are getting into their stride and noting uptrends, while posting significant gains. The world’s largest cryptocurrency, Bitcoin, continues to inch closer to the coveted $10k mark, with these altcoins seeming to be mimic the king coin over the past few days. Over the past 48-hours, altcoins like Litecoin, Ethereum Classic, and Dash have reaped benefits with their price steadily rising.
In little over 48-hours Litecoin’s price has seen a healthy surge, noting a rise of over 7 percent. At press time, Litecoin had cemented itself as the 7th largest crypto, as per CoinMarketCap, with a market capitalization of over $2.9 billion. Litecoin, at the time of writing, was being traded at $46.2 and was extremely close to the resistance at $46.9. If the coin were to endure a reversal, Litecoin can bank on its support at $43.6.
According to the MACD indicator, the price may continue to be on the uptrend as the MACD indicator had registered a bullish crossover. The EMA ribbon echoed a similar sentiment after having settled under the press time price, while offering support for the same.
On the development front, Litecoin was recently in the news after it gave the community yet another update into the implementation of its network privacy feature – MimbleWimble.
Ethereum Classic [ETC]
The Ethereum fork coin, Ethereum Classic, has also had a promising few days, noting a rise of over 10 percent with regard to its trading price. In the past 48-hours, ETC’s trading price shot up and was trading at $7.3, at the time of writing. Akin to Litecoin, ETC also found its price closer to its next resistance at $7.5. However, if things were to take a turn for the worse, ETC may soon be headed towards the support at $6.6. At press time, Ethereum Classic registered a market cap of $853 million and had a 24-hour trading volume of $1.4 billion.
The Bollinger Bands suggested greater volatility for Ethereum Classic in the next few days as the bands had expanded significantly. The RSI showed strong bearishness as it had gone well into the overbought zone.
Ethereum Classic is yet to undergo its next big update and hardfork – the phoenix network update, which will follow the Atlantis and Agharta hard forks over the last few months.
For the cryptocurrency that has dropped to the 22nd spot in terms of market cap, in comparison to its early-2020 status, the past few days saw a relatively minor price rise. Dash, at press time, was being traded at $75.6 after noting a 5 percent hike. There were strong supports at $74 and $72 for Dash, if the price were to fall. However, the latest uptrend is likely to take it soon to $78 mark, which also happens to be a key point of resistance.
The MACD indicator for Dash had undergone a bullish crossover, while the RSI indicator was close to the oversold zone, but may soon see it retrace its path.