Namecoin Testing 40 Cents, Peercoin Undecided

FXOpen

It’s been a calm few days in crypto-land after BTC ended its rally on Saturday. Bitcoin has since hovered around the $425 dollars figure. Other cryptocurrencies have stayed range-bound as well. Namecoin has been pushing on $0.40 all week while Peercoin is still firmly in its range.

Namecoin Testing 40 Cents

Alternative crypto Namecoin has been pushing on the $0.40 dollars level all week. In five of the past six days NMC/USD got within 0.002 from this figure. On the chart below we can see that the bears have been applying constant pressure on the 40 cents level since December 21st. The lowest low has been marked at $0.399, a small move that doesn’t classify as a break of $0.40. Thus this level is still valid support.

NMCUSDH4-dec31

A decisive break of this figure (not just a brief shallow spike below) could start a new NMC downtrend. Notable support levels below here include the $0.356 swing low followed by $0.332 and $0.306. Further down the 30 cents round figure may also act as support to falling prices.

On the higher end, a breakout above the 47 cents swing high could lead to a new rally for Namecoin. Important resistance levels above are here can be found at the round $0.50 figure, followed by the November 26th high at $0.54. Higher up we have more resistance near $0.666 and at the July swing high of $0.717 dollars per coin.

Peercoin Still Range-bound

After ending its rally last week, PPC/USD has remained in a range. The lowest low during the past seven days stands at $0.391 while the highest high is at $0.426. We are currently quoted at $0.405 dollars per coin.

PPCUSDH1-dec31

The two breakout points for Peercoin are $0.39 and $0.477. A decisive break below the 39 cents figure could start a new downtrend. The important supports level below here start with $0.378 followed by $0.356 dollars. This was the November low for PPC as well as the low of a previous range. Below here we have more support near $0.333 and $0.321 dollars per coin.

On the other end, a clean break above $0.477 swing high may restart the uptrend. Higher up we find resistance at the round 50 cents level, followed by the $0.579 spike high. Smaller cryptos like Peercoin often follow big brother bitcoin so let’s repeat the important BTC levels as well.

Important Bitcoin Levels

The two key figures for BTC/USD are $460 and $400 dollars. A decisive breakout above/below one of these levels could start a new uptrend/downtrend. Until that happens, bitcoin will remain range-bound with unpredictable price movements.

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*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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