Both Peercoin and Namecoin are slowly drifting lower. Peercoin is down by 4.9 percent compared to last Thursday. The losses were much larger for NMC however, this coin is trading lower by 17 percent.
Bumpy Road for Peercoin
The bumpy rally continues for Peercoin. In the past week prices topped out at the 57 cents level and have been under pressure since. We noted this figure as a potential strong resistance in our previous articles. Above here we find resistance at the $0.616 swing high, followed by $0.932 and the parity level at $1 dollar. Because we have a large gap from $0.616 to $0.932, resistance levels are likely to emerge in between, potential candidates are the round levels at $0.70, $0.80 and $0.90 dollars per coin.
On the lower end, the key level is 45 cents per coin. A decisive breakdown below here could switch the trend from up to down. Below this important level we have support at $0.429 dollars followed by the round 40 cents figure. Around $0.385 we have a potentially strong support area. A clearing of this area may extend the losses toward $0.353 dollars per coin.
Namecoin Down by 17 Percent
What goes up usually comes down and that proved true for NMC/USD this week. After last week’s surge to $0.633 Namecoin is currently down by 16 cents or 25 percent from the highs. Compared to last Thursday, we’re down by a smaller 17 percent.
While the trend is still up, the momentum has been shattered. To renew it, the bulls will have to push NMC back above the $0.633 highs. Above here we have resistance at the $0.666 November spike high, followed by the former swing low at $0.751.
On the other side, a decisive break below the 45 cents level would put a definite end to the rally. Below here support can be found at $0.398 dollars per coin. A decisive break of this former low could start a new downtrend. Support below here can be found at the $0.357 swing low, followed by the double bottom formation around $0.332 dollars per coin. A clean break of this formation may lead to more losses toward last August’s swing 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 making your money go further 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.