Cryptocurrencies Retrace Across the Board

FXOpen

Cryptocurrencies are retracing across the board. After topping out near the $270 resistance on Tuesday, bitcoin has declined for two straight days. The total loss from the top currently stands at $14 dollars or 5.3 percent. Meanwhile the rest of the market is clocking much larger losses. Peercoin followed BTC lower by 14 percent and Namecoin has fallen by 13 percent cents since Tuesday.

Peercoin Falls by 14.6 Percent

Peercoin is currently down by 8.4 cents since reaching a high of $0.575 on Tuesday. In percentage terms this is 14.6%, the most among the top 4 cryptocurrencies.  We are currently quoted at 49.1 cents for one Peercoin. Note that the 14% fall is measured from the high to the current price. If we measure it to the lows hit yesterday, the losses were over 18 percent.

PPCUSDDaily-july2

What’s next for Peercoin? Despite the large losses, the altcoin is still technically in an uptrend. However a decisive break below the 37 cents swing low will end the rally. More support on the way down can be found at the previous resistance, now turned support at $0.353, closely followed by the round $0.30 figure. You can see the rest of the levels on the chart above.

On the higher end, to renew the momentum higher, we will need to see a break of the $0.575 swing high. Close by the round $0.60 level should also act as resistance. Higher still, we find a strong resistance area comprised of two levels, $0.70 and $0.73. This area successfully held up prices for two whole months last year, in October and November. The area finally broke in early December 2014 and PPC/USD fell over 27 percent to a low of 51 cents. Old support turns to resistance and this previous important level may cap prices on the upside, at least for a while.

Namecoin Down by 13 Percent

Namecoin is also down. The cryptocurrency peaked at $0.775 on Tuesday and it’s been downhill ever since. Peak to trough, NMC/USD fell by 15.4 cents, or just shy of the 20 percent mark. We are currently quoted at $0.669, 10 cents below the highs.

Namecoin continues to be in rally mode, to end it the bears will need to push prices below the 45 cents swing low. Right in this area we have the $0.461 figure, a previous spike high for NMC. This level adds more credence to the support at $0.45. On the upside, some resistance can be found at 70 cents and 75 cents. This is followed by an important resistance area that stretches from Tuesday’s high at $0.775 to $0.783.

NMCUSDDaily-july2

The 78 cents level is a previous swing low for NMC/USD that was reached in October 2014. It was the key level to the downside. After it was decisively broken on December 23rd, Namecoin lost 43 percent of its value in the following month. Given how important it was to the downside, $0.783 will likely be relevant on the upside as well, this time as a resistance level.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Forex Analysis
Financial Market News
Forex Market Insights

AUD/USD Consolidates Gains While NZD/USD Dips

AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

· The Aussie Dollar started a

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

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.