Bitcoin Crash Takes Down Altcoins

FXOpen

The decline in Bitcoin prices continued and turned into a rout yesterday. Prices fell close to 30 percent on most exchanges before rebounding somewhat. This had a knock-on effect on other cryptocurrencies.

Namecoin Spikes, Then Crashes

In what is becoming a familiar pattern lately, NMC prices first spiked to a high of $0.538 before crashing back down to $0.342 right now. Both the rise and the decline coincide with Bitcoin’s price movements.

NMCUSDDaily-june23

What`s next for Namecoin? The short-term trend is now down as well as the medium-term one. The long-term trend is still neutral. Support can be found at last month’s low of 33 cents. A clearing of this support area could lead to more gains toward the round $0.30 figure.

On the upper side, we have resistance at the round 40 cents level followed by the $0.446 swing high. Above here more levels can be found at $0.476 and the $0.50. It’s not a coincidence that NMC/USD topped out a $0.538 on Saturday, this is very close to the $0.54 level noted in our previous article. A decisive break above here could start a new short-term uptrend and extend the gains toward the March swing high at $0.633 per coin.

Peercoin Down 33 Percent From Highs

Alternative cryptocurrency Peercoin is now down over 33 percent from the highs at 51 cents just six days ago. Prices here followed a similar pattern of a spike, followed by a crash. We are currently quoted at $0.345 per coin.

PPCUSDDaily-23june

The short-term trend is now down as well as the medium-term one. The long-term trend is undecided. On the downside, the first line in the sand is last month’s low at $0.323. A break below here could open the door to the round 30 cents level. Close to here we find another level at $0.291, last August’s lows for PPC/USD.

On the upside, we have some resistance at $0.388, followed by the 40 cents figure. More resistance levels can be found at the two swing highs at $0.442 and $0.479. The round figure at 50 cents is another notable level, as well as last week’s spike high at $0.51. A breakout above here could start a new short-term up rally toward $0.544 and $0.57 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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Forex Analysis
Financial Market News
Forex Market Insights

AUD/USD Consolidates Gains While NZD/USD Dips

AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

· The Aussie Dollar started a

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.