Altcoins have broken their downtrends after trading higher. Peercoin is trading at $0.37 right now, up by over 5 percent since last Thursday.  Smaller altcoin Namecoin is quoted at $0.373, up from $0.346 last week.

Namecoin Higher by 7.5 Percent

Alternative cryptocurrency Namecoin stopped its downtrend this week after the gains of 7.5 percent. Prices broke the $0.385 swing high on Monday, peaking at $0.395 per coin before falling back. We’re currently quoted somewhat below this level at $0.373.

The break of the $0.385 coupled with the loss of momentum means that the short-term trend for NMC/USD is over now. The long-term trend (monthly charts) is also in neutral mode, while the medium-term trend remains bearish.

To spark a new uptrend, the bulls will have to push the prices above the 40 cents round figure. The first major level above here is the $0.446 swing high. Above here resistance levels can be found at $0.476 and the $0.50 round figure. These are followed by the 54 cents level and the March swing high at $0.633 per coin.

To re-start the downtrend, we will need to see a decisive break below the $0.332 swing low. Slightly above here we have last month’s low at $0.338, another potential support.  A clearing of this support area around 33 cents could open the door toward the round $0.30 figure.

Peercoin Ends Downtrend

Peercoin ended its downtrend as well. The prices broke the $0.375 level on Monday, hitting a high of $0.388 before pulling back. Peercoin is trading at 37 cents right now. Both the short-term and the long-term trends are now undecided. The medium-term timeframe is still in a downtrend.

To re-start the short-term trend lower, the bears will have to push PPC below last month’s low at $0.323 per coin. A decisive breakdown of this support could exacerbate the losses toward the 30 cents level. Below $0.30 we have more support at last August’s lows of $0.291.

On the upper end, a decisive breakout above the 40 cents figure could start a new short-term uptrend. Above here we have a resistance at the $0.442 swing high followed by another high at $0.479. More potential resistance levels on the upside can be found at $0.50, $0.544 and $0.57. We end the levels with the July 2015 spike high at $0.616 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.