Not much has changed since our last update two days ago. Bitcoin is still stuck trading directionless around $230 per coin. Volatility continues to decline across the board as altcoins emulate big brother’s movements. Market participants may be adopting a ”wait and see” approach ahead of the third bitcoin auction scheduled for March 5th (7 days from today). While it seems implausible that crypto markets will remain subdued for another week, taking into account that we’re already experiencing very low volatility, stranger things have happened. Keep an eye on the levels we will share below and don’t try to preempt the eventual breakout.
Namecoin With Another Bounce Near $0.55
Alternative cryptocurrency Namecoin had another bounce near the important $0.55 mark. On Tuesday prices traded as high as $0.539 before falling back. The crypto has been trading in a range between $0.40 and $.55 for the past month, as can be seen on the chart below.
These two levels are also the important breakout levels for NMC. A move above $0.55 prices may propel prices toward the January 26th swing high at $0.65. Above here, notable resistance levels are $0.70 and $0.75. On the downside, we have some support at the range’s low $0.40. This is followed by this year’s low at $0.379. A Namecoin break below here could exacerbate the losses.
Peercoin in Range Between $0.30 and $.50
Peercoin is still stuck in its range between 30 and 50 cents. Similarly to Namecoin, the cryptocurrency has stayed within these bounds for 1 month now.
On the upside, the $0.50 figure will be important. A clearing of this level may lead us toward the December 29th swing high at $0.60. Higher still, the previous support area between $0.70 and $0.73 may turn into resistance on the way up. On the lower end, while the $0.30 mark may present some support, the important number to watch is just below at $0.24. This was the year’s low in Peercoin and a move below here could lead to a resumption of the downtrend.
As we always caution our readers, whenever you’re trading altcoins you should have one eye on bitcoin. The important levels for BTC are $266 on the top. A breakout higher could lead to a rally toward the round $300 figure. On the lower end, a move below the $208 swing low may resume the downtrend in prices.