Both Peercoin and Namecoin settled back into a trading range this week. Peercoin is currently trading at $0.472 dollars, down 3.7 percent since Thursday. Namecoin had a wild ride this week, first falling to a low of $0.434 before rallying over 13% today alone. We are currently quoted at $0.496, up 5 percent since last Thursday.
Peercoin Ends Fragile Uptrend
Peercoin ended its fragile uptrend this week. While we didn’t get a decisive break below 45 cents (prices dipped briefly to $0.447 dollars), the loss of momentum pushed prices back into range-bound territory. Let’s take a look at some levels.
This month’s high at 57 cents could be key for the bulls. A breakout above here may renew the stalled uptrend. Higher up we have resistance at the $0.616 swing high, followed by $0.932 dollars and the parity level at $1 flat. As we’ve noted previously, due to the large gap from $0.616 to $0.932, resistance levels are likely to emerge in between. Prime candidates are the round levels at $0.70, $0.80 and $0.90 dollars per coin.
On the other end, a decisive break below the $0.447 low may start a new downtrend in PPC prices. Relatively close to here we find an important support level at $0.429 dollars followed by the round 40 cents figure. Around $0.385 we have a strong support area, the clearing of which may extend the losses toward $0.353 dollars.
Namecoin Has a Wild Week
Alternative cryptocurrency Namecoin is having a wild week. After ending its uptrend with a break below 45 cents, NMC/USD rocketed higher today. We are up by over 6 cents or 13% in percentage terms.
Here are some of the levels on our radar. To restart the rally, the bulls will have to push prices all the way to the $0.633 swing high. A breakout above here may lead us to the November spike high at the $0.666 dollars. This is followed by the former swing low at $0.751. Support turns to resistance and this former low may now act as a lid on rising prices.
On the downside, we have week support at this week’s low of $0.434 dollars. But a much stronger level can be found at $0.398 dollars per coin. A decisive break below here may spark a new downtrend. Further down we have support at the $0.357 swing low, followed by the double bottom formation at $0.332 dollars per coin. A clean break of this formation could lead to more losses toward the August low at $0.306 dollars.
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.
