Namecoin and Peercoin Still Range-Bound

FXOpen

Both Peercoin and Namecoin are trading range-bound. Namecoin is trading higher by 0.9 cent or 2.4 percent, while PPC is up by 1.8 cents or 4.8 percent since last Thursday. While both altcoins have made some progress this week, they’ve yet to break out above their important resistance levels.

Namecoin Trading Range-Bound

Considering the large volatility of Bitcoin and some altcoins, it’s been a calm week for NMC. Here the weekly range was ‘only’ 11 percent. This compares with a range of over 20 percent for BTC/USD.  The gains have been relatively small too, only 2.4 percent since last Thursday.

NMCUSDDaily-june16

The bulls and bears are still locked in a battle here. A new short-term trend higher requires a breakout above the 40 cents round figure. The medium-term trend for NMC is slightly bearish while the long-term trend is still neutral.

The first resistance level above 40 cents is at the $0.446 swing high. Above here more levels can be found at $0.476 and the $0.50 round figure. These are followed by $0.54 and the March swing high at $0.633 per coin.

On the other end, a decisive break below last month’s low around 33 cents could resume the downtrend. Here we have two support levels at $0.338 and $0.332 per coin. A clearing of this support area could lead to more gains toward the round $0.30 figure.

Peercoin Up 4.8 Percent

Alternative cryptocurrency Peercoin is up by 4.8 percent this week. On the chart below we can see that the bulls have made repeated attempts to break above the $0.388 swing high. On Monday, prices traded as high as $0.387 before pulling back. And today the level was briefly broken with PPC/USD topping out at the $0.39 figure. We are currently quoted slightly below the resistance at $0.385 per coin.

PPCUSDDaily-june21

While the $0.388 level is no doubt strong resistance, a more prudent approach may be to wait for a break of the 40 cents figure as well. A decisive breakout above this round figure could start a new PPC uptrend. Above here we have a resistance at the $0.442 swing high followed by another former swing high at $0.479. We find more resistance levels at $0.50, $0.544 and $0.57. Last July’s spike high at $0.616 per coin is another level to note.

On the lower end, the downtrend could start if we break last month’s low at $0.323. The first major support below here is at the round 30 cents level, closely followed by last August’s lows of $0.291 per coin.

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

Market Analysis: Bitcoin Surpasses $40,000 Per Coin 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

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: AUD/JPY, RATE HIKES, S&P 500, WTI 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. AUD/JPY: Rate Falls

Trader’s Tools

Fixed Exchange Rates: Benefits and Limitations

Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.

Trader’s Tools

Alternative Investment Options

Traders and investors are increasingly turning to alternative investment options to diversify their portfolios and seek new avenues for potential returns. In this FXOpen article, we discuss alternative investments, examining the types and explaining the reasons why they are gaining

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.