Bitcoin Rally Continues but Altcoins Still Weak

FXOpen

The rally in bitcoin prices continues. Yesterday BTC/USD broke past $276 per coin and moved up to a high of $289.89. Today the move up extended with BTC making a new high at $293.70. But altcoins are still trading weak and seem unwilling to follow big brother higher. Both Peercoin and Namecoin are still well within their trading ranges. And while Litecoin briefly broke $2 dollars today, it has yet to clear the area and rally higher.

Litecoin Pushing on $2 Dollars

Alternative cryptocurrency Litecoin has largely missed the substantial bitcoin move up. Since prices broke out of the range at $266 on March 2nd, bitcoin has been in rally mode. Litecoin on the other hand has yet to break free from its congestion area. The daily chart below shows this range with a yellow rectangle.

LTCUSDDaily-mar10

Prices today got as high as $2.0499 before falling back. The subsequent sell-off took LTC/USD back to $1.96. We are currently quoted at $1.9930. If LTC can clear the area and break above $2.05, the next resistance stands at $2.40. Notable levels above here include $2.70, $3 dollars and $3.40 per coin. On the lower end, since LTC/USD is still trading within its range, the low of the congestion at $1.66 continues to be valid. A decisive move below here could trigger a new downtrend in LTC prices.

Peercoin Fails to Rally

Peercoin failed to stage any noticeable move up. Since March 2nd, the crypto is only up by 1 cent, or 2.4 percent. This compares with bitcoin’s gain of 8.3 percent. As we can see on the next chart, PPC/USD is tucked well inside the range between 30 and 50 cents per coin.

PPCUSDDaily-mar10

If Peercoin can clear the half-parity level at $0.50, the next resistance level to look out for is $0.60. This is followed by the previous support area between $0.70 and $0.73 that may turn into resistance on the way up. On the lower end, the  number to watch is $0.24, the yearly low for Peercoin. A break below here could intensify PPC losses.

Namecoin Continues Range-Bound Trading

Namecoin continues to trade in a range between $0.40 and $0.55. The altcoin gained slightly over 1 cent since bitcoin started its rally on March 2nd, around 2.6 in percentage terms.

NMCUSDDaily-mar10

A breakout beyond $0.55 may push prices toward the January 26th swing high at $0.65. Further up, we have more resistance levels at $0.70 and $0.75. On the downside, the key support between this year’s  Namecoin low at $0.379 and the range’s low at $0.40 still stands. A clearing of this area should renew the downtrend.

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.

*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.

Latest from Cryptocurrencies

Bitcoin Price Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P 500 Index, US Dollar, FTSE 100 Index, Gold Price

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • S&P 500
Indices

European Stock Indices Decline Amid Political Uncertainty

Today, the Eurostoxx 50 index (Europe 50 on FXOpen) has dropped below the early May minimum, reflecting escalating market concerns over the upcoming French elections, as reported by Reuters. Finance Minister Bruno Le Maire's acknowledgment that the current political crisis

Forex Analysis

NZD/USD Exchange Rate Falls from Nearly 5-Month High

The NZD/USD exchange rate has dropped from its highest level in nearly five months. On Wednesday, following the release of US inflation data, the NZD/USD rate exceeded 0.6220 for the first time since 15 January 2024.

However,

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.