Cryptocurrencies Little Changed as Auction Deadline Looms


Cryptocurrencies are trading little changed since our last update two days ago. Bitcoin continues to trade within the small $15 dollar range between $385 and $370. Namecoin is still tucked within its wedge pattern. Market participants seem to be in a ‘’wait and see mode’’ ahead of the results for the second bitcoin auction.

Second Bitcoin Auction Today

The registration period ended on December 1st and the online auction period will start at 8:00am EST today and last until 2:00pm EST. This is 2 PM CET until 8 PM CET for our European friends. The global head of FX strategy for Citi, Steven Englander, expects the second bitcoin auction to receive bids lower than the current market price. This would be bearish for the cryptocurrency and will probably lead to a selloff in altcoins as well. For more on potential support/resistance levels for bitcoin and Namecoin, take a look at our previous article. Due to the minor changes in prices in the last two days, the levels are still relevant.

Peercoin still pushing on $0.70

Alternative cryptocurrency Peercoin is still weak, trading practically glued to the important $0.70 level. During the past week, PPC/USD had a short-lived rally to $0.758 which was used by the bears to sell at a better price. We are currently trading at $0.71 per coin, after reaching a low of $0.703 yesterday.


If Peercoin manages to break $0.70, the first weak support can be found at the September 9th swing low at $0.675. This is followed by the $0.60 round figure. The yearly low at $0.565 will be especially important, a breakdown below may lead to a longterm decline in PPC prices. The half-parity mark ($0.50) is another milestone to take note of.

On the top end, a breakout above the $0.80-$0.834 resistance area will likely mean an end to the losses. Further up, the next potential resistance level is set at $0.90 flat, followed by the $0.97-$1 area. A move above the $1 parity level will likely accelerate any gains toward $1.10. Higher still, we find more resistance levels at $1.135 and $1.20.

Litecoin at $3.50 after Uneventful Week

Bitcoin’s silver, Litecoin, also had an uneventful week. Prices have been stuck in a tight range between $3.46 and $3.62 since Thursday. Like other cryptos, it is likely that Litecoin traders are also waiting for today’s auction results before entering new positions.


The $3.40 support will be important milestone for LTC. A clean break below here (the current low stands at $3.389), may lead to losses toward the $3 mark. Since this year’s low for LTC is at $3.05, a move below $3 dollars may lead to a sustained downtrend. On the upside, we could see some stabilization in prices if LTC/USD gains a foothold above $4 dollars 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.

*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 Finds Support: Will It Last? 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

Latest articles

Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, GBP, SNB Interest rate, Brent Crude Oil
Financial Market News

Weekly Market Wrap With Gary Thomson: Nasdaq 100 Index, GBP, SNB Interest rate, Brent Crude Oil

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.

  • Nasdaq 100 Index Reaches
Analytical META Stock Predictions for 2024, 2025-2030, and Beyond
Trader’s Tools

Analytical META Stock Predictions for 2024, 2025-2030, and Beyond

Meta Platforms, Inc., formerly known as Facebook, is a leading technology company renowned for its social media and virtual reality innovations. This article provides a detailed analysis of Meta's stock performance, future analytical projections for 2024 to 2030, and the


Natural Gas Price: Bullish Trend Weakens

Forecasts of a hotter summer, published during April and May, led to a sustained bullish trend in the natural gas market, as this commodity is heavily used for air conditioning.

→ The XNG/USD chart indicates that from 1st April

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.