Both Namecoin and Peercoin have settled back into their ranges. Peercoin is currently quoted at $0.387, below the 40 cents former breakout point, while NMC is at $0.397, also below its former breakout level at 41 cents. While both crypto-currencies are trading higher by about 4 percent since our last update, the overall picture remains undecided.

Peercoin Still Range-bound

Peercoin is has settled down below the former breakout level at $0.40. On the daily chart below we can see that the week-long rally faded as quickly as it appeared. The whole formation looks like a V-shaped reversal.

What’s next for PPC/USD? The bar to restarting the rally is set much higher at the November 4th swing high of $0.579. Considering that we’re currently trading almost 20 cents lower, this doesn’t seem likely in the near future.

On the lower end, about 5 cents below here we find a confluence of several previous lows and potential support levels at $0.333, $0.324 and $0.321. A clearing of this area and a move below 32 cents would start a new downtrend. Below here support can be found at the round $0.30 figure, followed by $0.291. Further down, we have another support level at the June lows of $0.275, followed by this year’s low for PPC at $0.212. A breakdown below here would intensify the losses.

Namecoin Back Below 40 Cents

Alternative cryptocurrency Namecoin is now back below the round $0.40 figure. Since last Thursday NMC/USD is trading higher by 1.8 cent or about 4 percent. Nonetheless, this is more a fluctuation within a range then indication of a momentum move higher. Since the middle of last week prices have pretty much stabilized, bouncing between $0.36 and $0.42 dollars per coin. We are currently quoted close to the middle of this range at $0.397 dollars.

Similarly to Peercoin, restarting the rally would be a tall order. The bulls will need to push NMC/USD back above the November highs at $0.666. On the chart above you can see some of the resistance levels above the current market price.

On the other side, a break below the low of the double bottom formation at $0.33 may start a new downtrend. Lower still we find more support at the $0.306 August lows, closely followed by the round $0.30 figure. The year’s low for Namecoin stands at $0.274. This level will likely act as strong support, a breakdown below here should lead to extended losses.

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.