Alt coins Price Forecast – volatility continuesAlt coins initially tried to rally during the day on Tuesday but continue to struggle as there is a lot of volatility in the crypto currency markets. I think that the market will continue to be tough, but after the recent selloff, we certainly have developed a stronger bearish tone.
Bitcoin Gold initially tried to rally against the US dollar but struggled at the $38 level and fell towards the $36.50 level. There is a cluster of support underneath, so if it holds above the $35 level, it is possible that we bounce towards the $40 level. However, I believe that the $40 level will offer a significant amount of resistance going forward, as it was so much in the way of support in the past.
DASH rallied a bit during the day, reaching towards the $275 level as we have formed a bit of a basing pattern on the hourly chart. At this point, I think that we can break above the $280 level, we could go to the $300 level. However, if we break down from here it’s likely that we could go looking towards the $250 level underneath. Currently, I think that a short-term rally is possible, but it still gives an opportunity to short this market at higher levels as alt coins continue to struggle right along with Bitcoin and Ethereum.
Monero continues to underperform the other old currencies that we follow here at FX Empire, losing almost 3% as I record this. The market is currently testing the $133 level, an area that has offered a bit of support. I think that we will probably drop down to the $130 level, and then perhaps the $125 level underneath, which should be a lot more resilient based upon psychological importance. Rallies are to be sold currently.