Namecoin, Peercoin Slow Down Decline

FXOpen

Both Namecoin and Peercoin have slowed down their decline. The rally in Bitcoin prices seems to be keeping a floor on these altcoins for now.

Namecoin Down by 2.5 Percent

The alternative cryptocurrency Namecoin is down by 0.9 cents or 2.5% compared to last Thursday. We are currently quoted at $0.346 per coin. The short-term trend remains bearish, as the medium-term trend is. The long-term trend is still neutral.

NMCUSDDaily-june2

This week we have seen repeated attacks on the 34 cents figure. Both yesterday and the day before, NMC/USD bottomed out exactly at this price level. The week before a low of $0.338 was hit. Close to here we find a $0.332 swing low. A decisive break below could intensify the losses. More support on the way down can be found at $0.306, followed by the round 30 cents level.

On the upper end, a move above the $0.385 swing high would end the current downtrend. A breakout above the $0.446 swing high could restart the bullish uptrend. Above here resistance levels can be found at $0.476 and the $0.50 round figure. These are followed by the 54 cents level and the March high at $0.633.

Peercoin Barely Changed

Peercoin has barely changed this week. We’re currently trading at $0.349 compared to $0.347 last Thursday. Similarly to Namecoin, both the short-term and medium-term trends for PPC/USD are bearish while the long-term trend is neutral.

PPCUSDDaily-june2

Peercoin is trading near the support area around $0.339-$0.353. Last week a low of $0.323 was hit. A decisive breakdown of this support could open the way to the round 30 cents level. Below here, the August lows at $0.291 could also act as a support.

On the upside, a move above the $0.375 swing high would end the current downtrend. A decisive breakout above the $0.442 swing high could start a new PPC rally. Higher up we find a resistance at the $0.479 swing high, followed by the round 50 cents level. We have more resistance levels on the upside at $0.544 followed by $0.57 and the July 2015 spike high at $0.616 per coin.

Bitcoin will continue to exhibit strong influence on both Peercoin and Namecoin. A continuation of the rally in BTC prices could slow down the losses or even lead to some gains. But given how weak both of these altcoins have been trading, a reversal of the BTC rally could have a disproportionally negative effect on PPC/NMC.

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.

*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.

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