New Uptrend for Peercoin and Namecoin

FXOpen

Both Peercoin and Namecoin broke out during this week. The two crypto-currencies tested their multi-year highs yesterday but have since fallen back a bit.

Peercoin Starts New Rally

With the break above $2.30 PPC/USD is now back in a new uptrend. Yesterday a high of $2.621 was hit on FXOpen, almost matching this year’s high at $2.62 dollars per coin.

ppcusdh4-june22-copy

We have since retraced down to the $2.30 area which is where we find PPC at the moment. By the old trading ‘adage’ that says resistance becomes support, we may encounter some buying pressure around here. Further down more support can be found at the $2 round figure followed by the $1.70 swing low. A breakdown below here would end the current rally. A new downtrend needs a move below the $1.60 level as well.

Higher up the major resistance is the double top around $2.62 dollars. A clean breakout above here could extend the gains. On the longer-term charts, both weekly and monthly, PPC/USD is in bullish mode.

Namecoin Gains Ground

Namecoin gained ground compared to last week. On June 18th prices broke above the important resistance level at $2.29 but struggled to follow-through at first, stalling at the $2.33 mark. It took three days to burst through and clear this resistance area but by June 20th a high of $2.692 was hit. This is very close to the multi-year high at $2.73 dollars per coin.

nmcusdh4-june22-copy

With the clean break above $2.33 we’re now in a new uptrend. The first major resistance is an area stretching from $2.69 to $2.73 dollars. A breakout above here could lead to more NMC gains. On the weekly and monthly charts NMC/USD is bullish as well.

Lower support can be found around the $2.30 – $2.33 area, which is where we are trading at right now. But the rally remains intact until the $1.70 level is ‘taken out’ as well. More support can be found at the $1.50 round figure, followed by the $1.08 lows and another round figure at the $1 parity level. This is closely followed by the former resistance (now turned support) at 98 cents. A clearing of this support area should lead to extended losses for Namecoin.

Bitcoin Remains Range-bound

Bitcoin hasn’t made much progress since our last article as prices remain range-bound here. A new uptrend needs a breakout above $2,890 level while a new downtrend is possible with a clean move below $2,250. Until one of these levels is broken, we remain in ‘wait and see’ mode here.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — 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

Bitcoin Finds Support: Will It Last? Bitcoin Price Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance

Latest articles

Forex Analysis

USD/CAD Rate Reaches Significant Support Level

On June 12, we wrote about bearish signs observed on the USD/CAD chart, pointing to the prospect of USD weakening.

Since then, the USD/CAD rate has decreased by approximately 0.75% and has reached an important support level,

Indices

Nasdaq 100 Index Failed to Hold Above 20,000 Points

On 18th June, we reported that the Nasdaq 100 (US Tech 100 mini on FXOpen) market had recorded a historic high by surpassing the psychological level of 20,000.

At that time, we pointed to the upper line of the

Forex Analysis

Dollar Declines: How Deep Could the Correction Be?

By the end of last week, the American currency traded rather mixed:

  • The USD/JPY currency pair strengthened by more than 200 pips and almost tested the significant resistance level at 160.00.
  • The USD/CAD pair failed to break
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.