Peercoin Bounces at Support, Namecoin Down 8%

FXOpen

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.

PPCUSDH4-aug6

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.

NMCUSDDaily-aug6

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.

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