Peercoin Bounces at Support, Namecoin Down 8%


The decline for cryptocurrencies continues. In the last seven days, Peercoin bounced near the important $0.465 support while Namecoin fell about 8  percent. Big brother bitcoin also continues to drift lower, down close to $15 dollars since a high of $289.97 that was reached last week.

Peercoin Bounces at Important Support

Since our last update on Peercoin, the crypto bounced near the important $0.465 mark. A low of $0.474 was reached on Saturday, August 1st. The next day PPC/USD gave it another shot, this time trading to a low of $0.476. The subsequent rebound saw prices rally to $0.526 on Monday, only to give up most of the gains in today’s trading session. We are currently quoted at $0.492 dollars per coin.

The bounce adds more validity to this support level. A decisive break below $0.465 would start a new PPC downtrend. More support below this level can be found at $0.376, followed by the round $0.30 mark.


On the upper end, a breakout above the July 29th high at $0.616 would technically start a new uptrend. Resistance higher up can be found at the $0.738 swing high, followed by this year’s high at $1.027. Caution is advised on the long side. Peercoin just ended a major rally with a blowout top. It will be hard for the altcoin to jump-start a new uptrend on its down, without major help from big brother bitcoin.

Namecoin Down 8 Percent

Alternative cryptocurrency Namecoin is trading down by close to 8 percent since our last update. The crypto traded mostly in a no-man’s land between 58 and 72 cents per coin. While this is a very large weekly range, it didn’t breach any important levels.


The two key figures are now $0.555 on the lower end and $0.717 on the higher end. A breakout beyond either of these price extremes may lead to a follow-through move. As with Peercoin, caution is advised on the long side due to the recent crash in prices.

A clean breakdown below 55 cents however may spark a new downtrend. This is now a triple bottom formation, tested all throughout July. A break lower could quickly send prices to another important support at the round $0.50 figure. Lower still, we find a support area stretching from the swing low at $0.453 to the April 16th swing high at $0.461. A decisive move below 45 cents could lead to a sell-off towards $0.37 dollars per coin.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading 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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

Latest articles

   Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock
Financial Market News

Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • GBP/USD Hits Four-Month
Analysis of USD/JPY: Was There an Intervention?
Forex Analysis

Analysis of USD/JPY: Was There an Intervention?

Yesterday’s news of slowing inflation in the US sharply weakened the dollar, anticipating the Federal Reserve’s monetary easing. In the first 15 minutes after the data release:

→ EUR/USD rose by approximately 0.45% to the psychological level

What Is a Parabolic Arc Pattern, and How Can You Trade It?
Trader’s Tools

What Is a Parabolic Arc Pattern, and How Can You Trade It?

The parabolic arc pattern is a significant formation in technical analysis, showcasing rapid, exponential price movements that signal significant bullish momentum followed by sharp reversals. This article delves into identifying, trading, and managing the risks associated with parabolic arcs.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.