Crypto-Market in Limbo as All Rallies End


The crypto-market is back into undecided territory after bitcoin ended it’s rally. Prices broke the $300 barrier today, putting an end to the (almost) month-long rally. The uptrend started back on October 14th when BTC/USD broke out above $250 dollars. Bitcoin is currently trading at $314 dollars per coin.

Peercoin Ends Rally

Peercoin ended its short-lived uptrend after prices had a major reversal from the highs, prompted by BTC losses. We topped out at $0.579 on November 4th and we are currently quoted at 37 cents flat, a massive 36 percent lower.


In our last week’s article, we warned our readers that a bitcoin downtrend could have a disproportionate effect on PPC/NMC.  Both altcoins traded weak and only got a lift once the bitcoin rally was fully underway. With bitcoin reversing course, it’s not a surprise to see all earlier PPC gains disappear.

What’s next for Peercoin? A decisive break below the 32 cents mark would technically start a new downtrend. Here we have a confluence of several previous lows and potential support levels at $0.333, $0.324 and $0.321. A clean move below 32 cents would clean this entire support area and maybe lead to more losses going forward.

But due to the recent end of the uptrend, caution is advised. Markets rarely switch from bull to bear on a dime, without some period of consolidation in between. Below $0.32 more support can be found at the round $0.30 figure, followed by $0.291. Further down, we have some support at the previous swing low of $0.275, followed by this year’s low for PPC at $0.212. On the upside, the hurdle to a new uptrend is set much higher at $0.579 dollars per coin.

Namecoin Falls 42 Percent From Highs

Namecoin prices fell a fantastic 42 percent from the $0.666 highs this week. One coin is selling for $0.381 right now. The NMC rally is over as well.


To restart the uptrend, the bulls have to climb all the way back to $0.666. That doesn’t seem likely in the near future, given how far we are from the highs at the moment.

On the lower end, the technical start of the downtrend would be on a break below the $0.33 double bottom. But similarly to Peercoin, caution is advised. It’s unlikely that we will get a sustainable NMC downtrend before some consolidation lasting at least several days. Below 33 cents, the next support can be found at the $0.306 August lows, closely followed by the round 30 cents figure. The year’s low for Namecoin at $0.274 should also offer some support but a break below would intensify the losses.

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 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

BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day Market Analysis: XRP/USD Price Rolls Back to Important Support

Latest articles

Weekly Market Wrap With Gary Thomson: UK STOCK MARKET RISES, S&P 500 FALLS, OIL ANALYSIS, EUR/GBP

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. UK stock market rises

Forex Analysis

EUR/USD Analysis: Key Support Zone Resists Selling Pressure

Today, fresh monthly values of the PMI index, which is considered a leading indicator of the state of the economy, have become known: France: actual 43.6, expected 46.2. This is the worst economic contraction since the coronavirus.Germany:

Forex Analysis

USD/JPY Analysis: Rate Reaches Maximum of the Year

This morning, the Bank of Japan's decision on the interest rate, which has been kept at -0.1% since 2016, became known. The rate size remained unchanged. Although surprises could occur due to the fact that inflation is still above

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.