Cryptocurrency analyst Akash Girimath has stated that despite the current low, Dogecoin, Litecoin and Ethereum Classic are gearing up for a bullish move. In recent analyses, elected representatives identified as the main resistance that, as altcoins, need to break through to value up to 90%.
The most optimistic wings are for Dogecoin, which, at the moment, registered a 16% retreat in the last week. LTC and ETC also operate at a low rate, with devaluations of 8.7% and 17.5%, respectively, in the same period.
Price forecast for Dogecoin
As for the most famous cryptocurrency meme, a DOGE, Girimath noted that its price has been in a “steady and tiresome” downtrend since May 8th.
That day, Dogecoin cleared an all-time record of $0.745. It has since bounced back by over 75% and, at the time this article was written, it cost $0.18.
However, buying pressure around altcoins can cause their prices to rise. Initially, analysts estimated the region would jump between $0.227 and $0.276.
“However, if bulls are able to produce a decisive 6-hour candlestick closing price above $0.276, it shows that momentum is in favor of bull transformation,” explained the analyst.
He said that move could cause the current price to rise nearly 90% to the June 14th high of $0.338. As the graph shared by Gitimath shows, that final bounce could take place in July.
Ethereum Classic price forecast
Regarding Ethereum Classic, the setting is not so good, but it's still good.
Gitimath says ETC prices fell between 12 and 15 July, which is an important barrier to demand.
“ETC has managed to maintain its position, which indicates the formation of a potential fund. If true, the rise here could lead to a 35% increase.”
As the analyst explained, the price of altcoin fell 16% in less than 48 hours and found support at $42.47. Then the buyer came to his rescue and the cryptocurrency recovered. The current trading price of altcoins is $43.65.
To confirm this situation, Ethereum Classic needs to break the $50.76 resistance level. If that happens, the price of digital currency could rise to a new test of $56.86 and eventually reach $59, marking the predicted 35% high.
Finally, the uptrend may further mark the 50% Fibonacci retracement level at 61.58 USD. In this case, Ethereum Classic will increase by more than 40% from the current price.
Litecoin price forecast
Girimath also analyzed the performance of Litecoin (LTC), which also dropped to $125.
According to the analyst, Litecoin currently indicates a price reversal after a two-week consolidation phase. Therefore, the LTC is likely to test the upper limit of the range in an attempt to break it. As he explained, the price of Litecoin managed to stay above the immediate barrier of $124.62.
If there is buying pressure around cryptocurrencies, the price could rise 20% to $149.23. A closing price higher than this price can indicate the buyer's strength.
"If LTC bulls manage to push the cryptocurrency to between $156.08 and $160.85, this development could attract marginalized investors and expand the 20% lead by another 10%."
Therefore, in the most positive scenario, Litecoin will grow around 30%.