Alternative cryptocurrency Namecoin is testing an important support near the 28 cents level. Meanwhile, Peercoin continues a slow but steady decline.

Peercoin Down by 2 Percent

Peercoin is down by around 2 percent this week, from $0.357 to $0.35 per coin. We’re now hovering above a 13-day support near 34 cents.

A break below here could open the door to the lows reached during the Bitfinex hack-crash at $0.297. This level is closely followed by the one-year low for PPC/USD at $0.291. The next support, if this area gets broken, stands at the multi-year low at $0.211 per coin.

To end the current downtrend, the bulls will have to push prices back above the $0.379 swing high. But a breakout above the 40 cents round figure is needed to switch this trend from down to up. Resistance levels above here can be found at the $0.438 swing high, the 50 cents round figure followed by $0.524 per coin. A breakout above this level could open the door to the next important resistance at $0.57.  No change in the longer-run trends for PPC/USD since last week. The medium-term (weekly) trend for Peercoin is still down while the long-term trend is neutral.

Namecoin Testing Important Support

Unlike PPC which had small losses this week, NMC prices crumbled by 3.6 cents or 11 percent. We’re currently quoted at 29 cents.

This is right above the important support marked during the hack-crash lows at $0.28. Not far behind here we find another important level in the 2015 low at $0.274. As we said last week, a decisive clearing of this support area would switch the long-term trend to the downside as well. Currently, both short- and medium-term trends are pointing down.

To end the short-term downtrend, prices will have to break the $0.346 swing high. A new uptrend requires a break of $0.371 as well. We have resistance levels above here at the 40 cents round figure, $0.44 followed by $0.48 and the round 50 cents figure. A breakout above this level may extend the gains to the next important resistance at $0.54 per coin.

Bitcoin Update

Bitcoin is still in a short-term downtrend. To end it, the bulls will have to make a decisive break of the $595 swing high. Resistance levels above can be found at $600, $650, $670, $687 and $700 per coin. On the other end, we have a support near $556, the round $500 level and the area from $460-$469 per coin. More on Bitcoin in our previous article.

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.