The past week has been uneventful for both Peercoin and Namecoin. Compared to our last update, PPC/USD is up less than 1 cent while Namecoin is up by only 0.4 cents. The overall crypto market has been undecided for weeks now as bitcoin trading grinds to a halt.
Peercoin Stays Flat
With the rally in Peercoin prices now behind us, PPC spent last week tucked inside a range. The high reached stands at $0.311 and the low is at $0.274. We are currently quoted at $0.29 flat.
To restart the rally,we will need to see prices head back above the $0.353 swing high. The previous resistance area, where we brokeout to the upside, goes from $0.25 to $0.263 and may provide support to falling prices. But if the bears manage to decisively break below 25 cents, PPC would enter a downtrend. Below here, important support can be found at the double bottom at 21 cents.
Namecoin Continues Range
Alternative cryptocurrency Namecoin continues to trade in a range. In the past 7 days, the total range has been a tiny 1.4 cents or around 4.5 percent. This compares to an average of 8 cents for the weekly 20 period ATR. Going further back, volatility was several magnitudes higher with the 20-week ATR printing values above 15 cents.
With no major movements, the important support and resistance levels for NMC remain the same. We have a range between $0.274 and $0.371. Prices will need to breakout beyond these bounds to jump-start a new rally/downtrend. On the lower end the double bottom formation near $0.27 will be very important. If the bears make a decisive break below 27 cents we will start a new downtrend.
On the higher end,the area from swing high at 36 cents to the new high at $0.371 will be the resistance to watch. A clean breakout above this level should trigger a new rally in prices. Important levels above here can be found at $0.40, followed by the April 16th high at $0.461.
Bitcoin Slightly Up
Bitcoin has been trading slightly up in the past few days. We are currently quoted at $231.80, after an earlier unsuccessful attempt to break $232. A clean break above $232, preferably over today’s high at $233.09 as well, would end the downtrend. But to start a new rally, the bulls have a much bigger hurdle at $250 dollars per coin. On the lower end, a move below the June 2nd swing low at $222 would rejuvenate the downtrend.