Namecoin, Peercoin Fail to Join BTC Rally

FXOpen

While bitcoin has gained $37 dollars or 9 percent since last Thursday, both Namecoin and Peercoin are trading little changed. Namecoin is actually down by 0.7 cents compared to one week ago, while PPC/USD is higher by the same amount.

Peercoin Up by 1.6 Percent

Alternative cryptocurrency Peercoin failed to join in the bitcoin rally. Prices advanced by only 0.7 cents, from $0.418 to $0.425 dollars per coin, for a total gain of 1.6 percent. Prices traded in quite a wide range last week, hitting $0.446 on Saturday but later falling to a low of $0.409 on Monday. But ultimately we stabilized around $0.425, this is where PPC has been trading for the past two days.

PPCUSDH4-dec17

The Peercoin rally is still technically in place. The bears will need to make a decisive push below the 40 cents round figure to end the uptrend. However caution is advised. The complete lack of progress while big brother bitcoin gained 9 percent doesn’t bode well for the PPC bulls. A bitcoin reversal or even a sizable move lower would likely lead to large selling pressure in Peercoin. A breakdown below the $0.378 low would start a new downtrend for PPC/USD.

On the upside, we will need to see a break above the $0.477 high to renew the lost momentum higher. Resistance above here can be found at the 50 cents round figure, followed by the November 4th swing high at $0.579 dollars.

Namecoin Fails to Join Rallies

Namecoin is still refusing to join the Bitcoin and Peercoin rallies. Prices remain locked in a range, we will need to see a large move in either direction to break the current deadlock. The numbers ”to beat” are $0.50 on the upside and $0.412 on the downside. We marked the current range with a yellow rectangle on the chart below.

NMCUSDH4-dec17

Below current prices, weak support can be found around the $0.426 double bottom. But it will take a decisive break of the $0.412 lows to start a new NMC downtrend. Lower still we have weak support at the round 40 cents level, followed by a stronger level near the $0.359 swing low.

On the higher end, we find two weaker resistance levels at $0.453 and $0.469. But the bulls will need to make a clean break above the $0.50 figure to start a new rally. Further up, the next line of resistance can be found at the November 26th high at $0.54, followed by $0.666 and the July swing high at $0.717 dollars per coin.

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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.

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