Litecoin, Peercoin Continue to Trade Near Two Year Lows

FXOpen

Crypto markets have continued to trade under pressure during the past two days. While bitcoin is slightly up compared to Tuesday at $282 per coin, both Litecoin and Peercoin continue to trade near two year lows.

Litecoin Unchanged, Still Weak

Alternative cryptocurrency Litecoin is still weak, with prices quoted at $2.02. This means that, measured from its breakout point, LTC is now trading below the 23.6 percent mark, the lowest of the Fibonacci retracements. In percentage terms, this amounts to just 6 percent above $1.8999, which is the two year low for Litecoin. The anaemic rebound in LTC/USD spells trouble for the bulls.

LTCUSDDaily-ppc1

The downtrend will remain in place unless the fledgling cryptocurrency climbs and stays above $2.30 – $2.35 per coin. On the downside, a break below $1.8999 may intensify the losses. Some important levels on the downside include $1.50 and the parity level at $1 dollar.

Peercoin Flirts with $0.50

Peercoin continues to flirt with its two year low near 50 cents per coin. The down move extended briefly to $0.452. Similarly to Litecoin, from here we had another weak rebound to $0.519. We are currently trading at $0.476, just 5 percent above the lows.

PPCUSDDaily-ppc1

What’s next for Peercoin? For a resumption of the downside momentum, be on the lookout for a break of $0.45. To end the downtrend, PPC will need to clear the resistance near $0.60 per coin.

Namecoin Relatively Stronger

Namecoin is trading stronger, at least when compared on a relative basis to PPC or LTC. Prices are quoted at $0.623, a substantial 14 percent rebound from its lows at $0.55. Despite the strong performance, NMC/USD will likely continue be pushed around by bigger moves in other cryptos.

NMCUSDDaily-ppc1

Watch out for bitcoin levels at $300 on the upside and $260 on the downside. A BTC clearing of $300, not just a brief spike above it like we had yesterday, may lead to an end of the current short-term downtrend. A bitcoin break below its $260 low may act as a catalyst for more losses across all cryptocurrencies, including Namecoin.

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*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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