After the flash-crash a few weeks ago, Peercoin and Namecoin are back to their boring selves. Namecoin is stuck in a tight range between 27 and 32 cents per coin. Meanwhile, Peercoin bears managed to make some progress in the past two weeks but no key levels have been broken yet.
Namecoin Stuck in Range
The alternative cryptocurrency Namecoin is stuck in a relatively small range between $0.277 and $0.32 per coin. Neither the bulls nor the bears have the upper hand here.
On the upside, we briefly made some gains above the 30-31 cents resistance area. But prices couldn’t make a decisive breakout. We’re now looking at the new high at $0.32 as a potential trend starter. A clean break above could start a new NMC rally. Higher up we have a resistance at the $0.346 swing high followed by $0.371 and the 40 cents round number.
On the downside, a decisive breakdown below 27 cents could usher in a new downtrend. More support levels below here can be found at the $0.25, $0.20 and $0.15 round figures. Trends on the monthly and weekly charts are pointing down.
Peercoin Down by 15 Percent
Peercoin prices are down by 15 percent compared to those two weeks ago. We are currently quoted at $0.306 per coin. While this is a large move in percentage terms, no crucial support levels have been broken yet and PPC/USD remains in a neutral mode in short-term charts.
Below current prices, a weak support can be found at the 30 cents round figure. But the bears could target this month’s low at $0.272. A break of this low may start a new downtrend. The first support below here is at the $0.237 spike low hit during the flash-crash a few weeks ago. Below here, we have a multi-year low at $0.211 per coin. A clearing of this important support could intensify the losses.
The key to the upside remains to be the 39-40 cents resistance area. A breakout above it could spark a new uptrend. Resistance levels higher up can be found at the $0.438 swing high, the 50 cents round figure followed by $0.524 and $0.57. On the long-term charts the picture is looking mixed for Peercoin. While the medium-term (weekly) trend is pointing down, the long-term (monthly) one is neutral.
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 making your money go further 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.
