Namecoin and Peercoin Stage Breakouts


Both Namecoin and Peercoin have rallied strongly today. Namecoin is up by 9 percent while PPC/USD is trading higher by close to 12 percent. However doubts remain about the sustainability of these rallies. The two major crypto-currencies, Bitcoin and Litecoin, haven’t moved much and are slightly down compared to our last update. Bitcoin is currently quoted at $432 dollars, down $13 dollars since Tuesday. Its little brother Litecoin is down to $3.48, from $3.51 two days ago.

Peercoin Higher by 12 Percent

Alternative cryptocurrency Peercoin is trading higher by 5.3 cents, or almost 12 percent today. This adds to previous gains of 1.2 cent since last Thursday. We are currently quoted at $0.482 dollars.


With the $0.446 breakout level now behind us, more gains could be on the way for PPC. The next resistance on the upside can be found at round 50 cents figure followed by the swing high at the $0.579 dollars. Higher up we find more resistance at $0.616 dollars per coin. To end the current uptrend we will need to see a decisve break below the 40 cents level.

For a new downtrend however, the bar is set a bit lower at $0.39 dollars. Below here we have some support at $0.378, followed by the November low for PPC at $0.356 dollars. Further down more support can be found near $0.333 and $0.321 dollars per coin.

Namecoin Up 9 Percent

Namecoin is up substantially higher today as well. We are currently quoted at $0.479 dollars, up 4.2 cents on the day. around 9% in percentage terms.


With the break above $0.454 dollars NMC/USD is also in rally mode. The next resistance above here is the round 50 cents figure. This is followed by the $0.579 dollars level and the spike high at $0.666 dollars per coin.. To end the current uptrend, the bears will need to push prices below the $0.408 swing low.

For Namecoin the hurdle to a new downtrend is at $0.399 dollars. A clean breakdown below here could lead to more losses. Possible support below here can be found around 36 and 37 cents per coin, followed by the double bottom near $0.332. A break below here could open the way to the August low at $0.306 dollars.

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: New High for the Year Shows Bulls Are Indecisive Market Analysis: Results of Black Friday in Financial Markets BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level? BTC/USD Analysis: Bears Aggressively Defending 37,500 Level BTC/USD Analysis: JP Morgan Analysts Warn of a Possible Correction

Latest articles

Financial Market News


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. European Currencies at Strategic

Forex Analysis

EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound

The US personal consumer spending price index rose 3% in October from a year earlier, down from the three-month rate of 3.4%, although still above the Fed's 2% target, raising the possibility of an early rate cut. Jobless claims


Market Analysis: UK100 Shows Bullish Signs

On the morning of Friday, December 1, the UK stock market index rose to its November highs. This was facilitated by the fundamental background: → among the UK100 growth leaders are shares of companies mining ore and other resources. As metal

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.