Crypto-Market in Hibernation Mode

FXOpen

The crypto market has been in a hibernation mode for the past few weeks. Bitcoin is trading with no clear direction around the $600 round figure. Smaller altcoins haven’t budged as well. Compared to their prices two weeks ago, both PPC and NMC are barely changed.

Namecoin Still in Tight Range

Alternative cryptocurrency Namecoin is still in a tight range noted in our latest NMC article. We are currently quoted exactly at 30 cents, only 0.5 cents higher compared to 14 days ago. This is a move of 1.66 percent, a negligible amount for that time frame.

NMCUSDH4-sep30 - Copy

The low volatility environment means that the major levels have remained the same. On the top side, the bulls will have to break $0.32 per coin in order to jump-start a new rally. Higher up we find a resistance at the $0.346 swing high followed by $0.371 and the 40 cents round figure.

On the downside, we’re looking for a break of the $0.27 level. A decisive move below here could usher in a new downtrend. We have more support below here at the $0.25, $0.20 and $0.15 round figures. The longer-run trends for NMC/USD are bearish, both on medium- and long-term charts.

Peercoin Joins Range-Bound Game

Peercoin has considerably calmed down after losing 15 percent two weeks ago. During the latest 14-day time-window, PPC/USD barely moved with a high at $0.349 and a low at $0.29. The total change close-to-close was even smaller at only 0.4 cents or 1.3 percent.

PPCUSDH4-sep29 - Copy

The technical picture has barely changed. We’re still in a ‘wait-and-see’ mode here. A clean break above the 35 cents round figure may start a new PPC rally. Above here we find a strong resistance area around 39-40 cents. A breakout above it could lead to more gains. Higher up we have more resistance at the $0.438 swing high and the 50 cents round figure, closely followed by two more levels at $0.524 and $0.57.

On the lower end, the number to watch is the September low at $0.272. A break below here could start a new downtrend. Further down we find a support at the $0.237 spike low followed by the multi-year low at $0.211 per coin. The picture looks undecided on the higher time-frame charts as well. The medium-term (weekly) trend is bearish but the long-term (monthly) trend is still in a neutral mode.

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.

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