DASH and Litecoin price technical analysis

Reports on China imposing restrictions on cryptocurrency trading as well as cryptocurrency mining operations has taken a toll on the prices of all cryptocurrencies including DASH and Litecoin.

As of this writing and the last few hours DASH continues to be a bit of a grinder, dropping down towards the $750 levels. The trading volumes are definitely up and that’s natural owing to the decreasing DASH price. If we look at the 4-hour chart, there has a massive hammer, which is a positive indication. However, nothing can be said for certain regarding how deep will the prices fall and if DASH wants to recuperate from the price fall, it needs to first clear the $850 levels again. Quite frankly, it’s probably a better idea to let the markets stabilize for 24 hours before putting money to work.

The Litecoin market is no different with LTC taking a massive beating and reaching down below the $200 level right to $185 as of this writing. There is significant amount of support at the $175 level and chances are that once the price drop stops, there will be more buyers and a bounce back to $250 levels isn’t a long shot. If however, things go down under and the prices continue to fall, there is a strong support at $150 and there is very low probability of LTC going below that mark.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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