Altcoins Still Undecided as Bitcoin Surges

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Altcoins are still undecided as bitcoin continues the march higher, gaining $17 dollars or just over 4 percent since Tuesday. Prices hit $424.99 dollars per coin minutes ago, nearing the swing high at $425.50. We are currently quoted at $424 dollars flat. But let’s start with Peercoin first and we’ll come back to BTC later on.

Peercoin Nearing Breakout Point

In the past week, PPC /USD has gained 3.7 cents or 9 percent. With the recent gains PPC is nearing its upper breakout point, marked on the chart below.

PPCUSDH4-fev18

A decisive breakout above the $0.467 swing high may start a new uptrend. Higher up we find more resistance close by at the two weaker levels, $0.483 and $0.495 dollars per coin. These are followed by the round 50 cents level. A breakout above here could lead to more gains toward $0.579  dollars. The important levels on the upside continue with the swing high at $0.616, followed by the $1 dollar parity level.

On the other end, a breakdown below the round 40 cents level could start a new PPC downtrend. Below here support on the way down can be found at the $0.385 level and at $0.353 dollars. Further down we have more levels at $0.333 and $0.321 dollars, followed by a strong support area from $0.29 to $0.30 dollars per coin.

Namecoin Still Stuck in Range

Alternative cryptocurrency Namecoin is still stuck in its range. During the past seven days, NMC/USD advanced by only 1.3 cents or 3.5 percent. These gains severely lag the performance of bitcoin, which is up $39 dollars or 10.1% during that same timeframe. We are currently quoted at $0.414 dollars per coin.

NMCUSDH4-fev18

A decisive breakout above the $0.426 swing high could start a new rally for Namecoin. We came close to breaking this level on two separate occasions, on February 14th and yesterday, on February 17th. A clean move higher could lead to more gains toward the $0.452 swing high. Higher up more resistance levels can be found at $0.48 dollars,  $0.50 and $0.54 dollars, the spike high reached last November.

On the lower end, a breakdown below the 39 cents level could start a new trend lower. The first support level after this is at the $0.357 swing low, followed by the double bottom near $0.332 dollars.  Below here we have more potential support levels at the August 2015 low at $0.306 dollars and the round $0.30 level.

Bitcoin Rally Continues

The rally in bitcoin prices continues for another day.  Earlier in the session we hit a high of $424.99, close to the $425.50 swing high, a resistance level. Above here we have more resistance at $450 and $460 dollars. This is followed by last year’s high for BTC/USD near $500 dollars. On the downside, a break of the $400 round figure should be a cause for worry to the bulls. But to end the current uptrend, the bears will have to push prices below $374 dollars per coin.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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