Namecoin, Peercoin Flat After Rallies End

FXOpen

Both Namecoin and Peercoin traded flat this week. After their respective rallies ended, volatility has plummeted, with the 7-day ATR dropping six-fold in PPC/USD and nine-fold in NMC/USD.

Peercoin Trades Flat After Rally Ends

Peercoin is trading flat after its rally ended. For the past seven days since our last PPC update, prices moved in a range between $0.48 and $0.556. While this congestion area is relatively large in percentage terms (12%), it’s much smaller compared to the daily ranges seen in early July. For example, the 14-day average true range, a common measure of volatility, has declined over 30 percent, from $0.133 to $0.099 today. A shorter ATR of 7-days shows a much sharper six-fold contraction from a high of 19 cents to only 2.9 cents today.

PPCUSDDaily-jul23

What’s next for Peercoin? Important support can be found in the area between the $0.468 swing low and the $0.46 swing high. While a break below 46 cents would technically qualify as a new downtrend, caution is advised. Prices rarely switch directly from one mode (bullish) to the other (bearish). More time may be needed to produce a sustainable move lower. On the way down more support can be found at $0.376, followed by the round $0.30 mark. To the upside, the bar is set much higher at the $1.027 swing high. We would need to a see a breakout above this figure to jump-start a new uptrend.

Peercoin may get some help from BTC/USD to the downside. Bitcoin has been pushing on the $270 handle for some time now. A decisive break below it, preferably by taking out $263 as well, may lead to a knock-on sell0ff in the crypto-market.

Namecoin Volatility Drops Nine-Fold

Alternative cryptocurrency Namecoin traded flat as well. The total range during the past 7 days has been only 5.8 cents, or 9 percent. The 7-day ATR dropped nine-fold from a high of $0.26 to a low of $0.028 today. We are currently quoted at $0.586 per one Namecoin.

NMCUSDDaily-jul23

A decisive break below the $0.556 swing low would constitute as a new downtrend. But same as with Peercoin, caution is advised on the downside. Moves lower may not go very far and there is a larger risk for reversals. Below this level, the round $0.50 mark may  act as support. This is followed by an important support area stretching from the swing low at $0.453 to the April 16th swing high at $0.461. A break below here could open the door to the 37 cents handle.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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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