Peercoin and Namecoin Back in Downtrend

FXOpen

Both Peercoin and Namecoin are back in a downtrend. In our last article we noted that both cryptos were pushing on important support levels. Late on Tuesday, these support levels finally broke, first on NMC and 3 hours later on PPC/USD.

Peercoin Breaks 40 Cents

Two days ago, Peercoin broke the important support near 40 cents at $0.398. Prices crashed soon after to $0.349 per coin. This is close to the January lows at $0.353. Since that crash we’ve somewhat stabilized but PPC is still far below the 40 cents mark at $0.374 right now.

PPCUSDH4-may19

With the decisive break below $0.398 we’re now in a short-term downtrend. The medium-term trend has also switched to the downside. The longer (monthly) trend remains neutral.

Important support levels below the current prices can be found in the $0.349-$0.353 area followed by the round 30 cents level. Further down the August lows at $0.291 may also act as a barrier to the bears.

On the other end, a break above the $0.442 swing high would both end the downtrend and start a new short-term rally. Higher up we find more resistance at the $0.479 swing high followed by the round 50 cents level. We have more resistance levels on the upside at $0.544, $0.57 and $0.616 per coin.

Namecoin Enters Downtrend

Similar to Peercoin, thealternative cryptocurrency Namecoin entered a downtrend as well. Here the break of the support at $0.412 happened few hours earlier on Tuesday, with prices falling to a low of $0.385. Two hours later the crypto lost more ground as the sell-off in Peercoin started. A low of $0.352 was reached that day. Again similar to PPC, after that initial crash the prices have stayed relatively stable but well below the breakdown point.

NMCUSDH4-may19

We’re now in a downtrend, both in the short-term and medium-term. The long-term trend is still undecided. The first support area for NMC/USD is between Tuesday’s low at $0.352 and the $0.357 swing low. Below here there’s a strong support at the double bottom formation near $0.332, followed by the swing low at $0.306.

On the upper end, a break of the $0.446 swing high would both end the current downmove and restart the bullish uptrend. Above here resistance can be found at the $0.50 round figure followed by the 54 cents level and the March high at $0.633. We find more levels to the upside at the November spike high of $0.666 and the former support (now turned resistance) at $0.751 per coin.

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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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