Namecoin Range-bound, More Gains for Peercoin

FXOpen

The past 7 days saw a resumption of the upward trend. Bitcoin is pushing on the $270 dollars resistance, Litecoin is surging and Peercoin hit a new high for the year today. But Namecoin remains range-bound, stuck between 64 and 77 cents per coin.

Peercoin Hits New Yearly High

Peercoin hit $0.658 today, a new high for 2015. The move higher has no doubt been helped by the general rally across most cryptocurrencies. Peercoin is now getting close to an important resistance area comprised of two levels, $0.70 and $0.73.

PPCUSDDaily-july9

This area successfully held up prices for two whole months last year, in October and November. When the area was broken in early December 2014 PPC/USD fell over 27 percent as a result. Old support turns to resistance and this previous important level may stall or stop the PPC rally. If prices manage to breakout above it, further resistance can be found at the $0.834 swing high, followed by another swing high at $0.932. The round figures in between ($0.80, $0.90) may also act as resistance.

To end the current rally, the bears will need to push PPC/USD below 40 cents per coin. Bit higher up, there is strong support area around $0.425-$0.435 that may hold up prices.

Namecoin Range-bound Last Week

Namecoin was trading range-bound last week. The bounds of this congestion area stand at $0.775 on the high end and $0.642 on the low end. But even a break below the range’s low wont end the rally. To achieve this, the bears will need to make a decisive push for the 50 cents mark.

NMCUSDDaily-july9

On the top side the June 30th high at $0.775 is close to $0.783. This 78 cents level is a previous swing low for NMC/USD that was reached in October 2014. It was the key level to the downside and after it was decisively taken out on December 23rd, Namecoin lost 43 percent of its value. As we mentioned above, previous support turns to resistance and the 0.783 level will likely act as a lid on prices, at least temporarily.

Whenever trading altcoins you should have one eye on big brother bitcoin. The BTC moves will often get copied in the altcoin market. Bitcoin is currently pushing on important resistance at $270 dollars. A decisive break above it, not just a brief spike higher, may open the way to the $300 dollars handle. On the lower end, a move below $245 dollars will likely end the BTC rally.

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 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.

Latest from Cryptocurrencies

BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day Market Analysis: XRP/USD Price Rolls Back to Important Support

Latest articles

Trader’s Tools

Momentum Trading Strategies for Day Traders

Momentum trading is a highly-regarded trading strategy used to seize opportunities in trending markets. This article explores momentum trading and offers two comprehensive strategies for capitalising on rising and falling markets. What Is a Momentum Trading Strategy?Momentum trading is

Trader’s Tools

Selecting a Reliable Broker

When it comes to trading and investing, choosing the best online brokerage service is crucial. There are many options available, so it can be difficult to decide which one to go with. To choose wisely, you need to look at

Indices

Market Analysis: S&P 500 Falls amid News from the Fed

Yesterday was an important evening that had an impact on many financial markets. The Federal Reserve (as expected) kept the rate at the same level. According to Powell: → The full effect of tightening the monetary policy has yet to be

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.