Peercoin and Namecoin Continue Move Higher

FXOpen

Both Peercoin and Namecoin are continuing their upward trends. Compared to two weeks ago we’re seeing continued gains for both of these crypto-currencies.

Peercoin Up 7 Percent

Peercoin prices are up 17 cents or just above 7 percent since our last PPC update. We are currently quoted at $2.47 dollars per coin.

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Although the gains have stopped for PPC/USD during the past 10 days, the bullish trend is still in place here. Prices peaked at $3.50 on June 23rd, then fell down to a low of $1.90 during the correction. However this missed the potentially trend-ending level at $1.70 so the direction on the daily charts remains up, for now. We need a move below the $2 round figure before we can call the current uptrend over.

The bears will need to decisively break the swing low at $1.90 to start their own trend lower. Support below here can be found at $1.90, $1.70 and the round figure at $1.50. Further down we find more support at the $1.08 swing low followed by the $1 parity level. On the longer-term charts (weekly and monthly) PPC remains in bullish mode.

Namecoin Gains 40 Cents

The rally in Namecoin was much stronger, with prices peaking at $3.89 on FXOpen before falling back. During the correction, a low of $2 dollars was hit on June 26th. Similarly to PPC, this sharp drop failed to break the important level at $1.70.

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Thus we remain in bullish trend here. The bears need a break below the $2.21 swing low to end the current trend. But they want a move below $1.92 to switch us to the downside. Support below here can be found at $1.70, $1.50 and the $1.08 swing low. On the weekly and monthly charts NMC/USD is looking bullish as well.

Bitcoin Continues Range

Because bitcoin movements often drive altcoins like PPC/NMC, let’s do another update for big brother. Bitcoin prices continuing the range-bound price movement. During the past three days, we hit a low of $2,460 and a high of $2,550. This is a movement of $90 or just above 3 percent, fairly low in the crypto-currency world.

The narrowing range confirms we’re now firmly in ‘wait and see’ mode for BTC/USD. A new rally requires a breakout above $2,740 on FXOpen. This corresponds to around $2,780/90 on other major exchanges). Keep in mind that this price gap is flexible, for example, right now FXOpen is trailing $65 below the top two USD exchanges. A new BTC downtrend needs a break below the $2,250 level.

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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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