Namecoin Surges 29% as Cryptocurrencies Rally

Cryptocurrencies rallied across the board today as bitcoin surged higher by $26 dollars, from $324.56 to $350.78 at the moment. This prompted the altcoin market to join in the move. Peercoin gained over 13 percent in the last two days and NMC/USD is up by a fantastic 29 percent.

Peercoin Rallies by 13 Percent

As noted above, Peercoin rallied over 13 percent in the last two days, from $0.366 to $0.416 right now. Few hours ago prices were even higher, trading at 44 cents per coin at one time. On the chart below we can see that PPC/USD has broken outside of its range.

But this doesn’t mean that more gains are to follow. The bulls have yet to decisively break above this area. A clean move above the $0.44 high would start a new PPC rally.

Still caution is advised on the long side and this applies to Namecoin as well. It will be hard for Peercoin or Namecoin to stage a sustainable rally without an underlining reason of their own, like a PPC-NMC specific news item. So far this move seems to be prompted by bitcoin surging higher. In light of this, keep in mind that risks are elevated. A better outcome for altcoin bulls would be if big brother broke above the $400 round figure.

On the short side, support can be found at the high of the range at $0.409. Resistance turns to support and former high may now act as support to falling prices. Below here the $0.356 swing low is another important figure. A move below here would start a new downtrend in prices.

Namecoin Surges by 29 Percent

Alternative cryptocurrency Namecoin has been one of the best performers in the crypto-arena during the past 48 hours. The altcoin gained 9.6 percent in this time period and is now up by 29 percent. Today prices peaked at $0.54, a move of almost 38 percent compared to yesterday’s open at $0.378.

As we can see on the chart above, NMC has broke out of its range and cleared it by a large margin. However due massive gains experienced so far, caution is advised. A new rally will require a decisive break above today’s high at $0.54. Further up the November highs at $0.666 will be another important milestone for NMC/USD. A breakout this level here may lead to more gains.

On the downside a move below the $0.359 swing low will start a new downtrend. Lower still we find more support at the double bottom formation at 33 cents, followed by the $0.306 August lows and the round $0.30 figure. A clearing of this support area may take us to this year’s low for NMC at $0.274.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service (additional fees may apply). 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.