Both Namecoin and Peercoin are trading flat during the past seven days. For NMC/USD, the total range since last Thursday has been 5.1 cents
Namecoin Still Range-bound
Alternative cryptocurrency Namecoin continues to trade in a range. We are currently quoted at $0.375 dollars per coin, only 0.3 cents above the price noted last Thursday. The low marked during the past seven days is at $0.36 while the high stands at $0.41. In percentage terms, this 5 cent range equals to just over 13 percent. This may seem like a lot but keep in mind that the usual weekly range for Namecoin is closer to 10 cents, or double the current value.
But all ranges have to end sometimes. While we can’t know when that will occur, it pays to be prepared, so let’s take a look at some potential breakout levels. The lack of movement during the past week means that the technical levels haven’t changed much.
To start a new downtrend, a break below the round 30 cents figure would be needed. However, as we wrote last week, right below here we find two more support levels at the previous swing lows of $0.274 and $0.286. Thus a decisive break below $0.27 may be needed to see a sustainable downtrend. On the higher end, the number to ”beat” is the previous swing high at $0.463. A clean break above it may jump-start a new rally. The round $0.50 figure may also act as resistance to rising prices. Higher up the 55 cents mark, a former support now turned to resistance, is another important level for Namecoin. A move above here may extend the gains.
Peercoin Flat During the Past 6 Days
Peercoin stayed essentially flat since last Friday. The large surge higher on Thursday ended with prices closing at $0.379, about 9 percent higher. But since then PPC/USD has stayed in a 3.5 cents range, between a low of $0.369 and a high of $0.404. We are currently trading closer to the lower side at $0.379 dollars per coin.
The two breakouts levels for Peercoin are 43 cents and 29 cents. The $0.43 handle is important because here we have a mix of resistance, represented by September 8th swing high at $0.422, and a previous support at $0.43. A decisive break above this figure may start a new PPC rally. Higher up we find strong resistance at $0.465, followed by the round 50 cents figure. Meanwhile on the lower end the key is the swing low reached during the previous downtrend at $0.291. Peercoin will need to clear this support area to restart the move lower.
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.
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.