Bitcoin jumped about over $20 dollars today, from $429.59 to a high of $451.05. Everyone’s favorite cryptocurrency is currently quoted at $449 dollars flat. But smaller altcoins are lagging behind. Namecoin is up 3 percent while Peercoin is only higher by just under 2.5 percent today.
Namecoin up 3 Percent
Namecoin had a couple of close calls with the 40 cents level earlier in the week. The pair dipped to a low of $0.404 on Saturday. But the coin has since bounced back somewhat, mainly propped up by bitcoin’s move higher. The alternative cryptocurrency is trading higher by 1.3 cents to $0.422 or +3 percent today.
A decisive breakout above the $0.454 level could start a new NMC rally. Above here the first resistance can be found at the $0.477 swing high. This is followed by the round 50 cents figure and the $0.579 level.
On the other side, a clean break below the $0.399 figure could start a new downtrend. The next important support level below can be found at $0.378 dollars. This is followed by $0.356, a November low for PPC as well as the low of the previous range we brokeout from. Below here we have more support near $0.333 and $0.321 dollars per coin.
Peercoin Lags Behind
Peercoin is lagging behind the top three. The crypto only saw gains of 1.1 cent today, or 2.5 percent. This is way below the 4.6 percent gain seen in bitcoin. The PPC move is also below the moves seen in the smaller altcoins. Litecoin rallied by 3.56% percent today while Namecoin gained just over 3 percent, as we already mentioned above.
Peercoin is currently quoted at $0.415 dollars per coin. Despite the gains, the pair is still far away from any breakout levels. On the top end, a decisive breakout above $0.446 could spark a new PPC rally. The first important level above here is the $0.477 dollars swing high. This is followed by the round 50 cents figure and another swing high at the $0.579 dollars level.
On the lower end, a clean break below $0.39 may start a new downtrend in prices. Below here we have some support at $0.378, followed by the November low for PPC at $0.356 dollars. Lower still more support can be found near $0.333 and $0.321 dollars per coin.
Important Bitcoin Levels
The two breakout levels for BTC/USD are $470 and $400 dollars. A decisive move beyond either of these price extremes could start a new uptrend/downtrend. Smaller altcoins like Peercoin and Namecoin will often mirror bitcoin’s direction but not necessarily the magnitude of the move.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about making your money go further with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.
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.