Peercoin Breaks Yearly Low, Namecoin Stable After Spike


It has been an uneventful five days in crypto-land. Since our last update on Thursday, bitcoin traded in a tight $10 dollars range between $218 and $228. Litecoin followed big brother, creating its own congestion area between $1.34 and $1.43 per coin. Namecoin finally stabilized after an unexpected surge in prices of over 50 percent. But let’s start with Peercoin.

Peercoin Breaks Yearly Low, Goes Flat

Since our last Peercoin update on Tuesday, the alternative cryptocurrency broke down below the yearly low of 24 cents to hit a fresh low at $0.213. Since then however, PPC has been trading more or less unchanged and is currently quoted at $0.227 per coin.


The area from the round $0.20 figure to the low at $0.213 should act as support. It’s hard to pin-point other support levels because we haven’t traded this low in few years. But the round figures at 15 and 10 cents per coin are good bets. To end the losses, PPC/USD will need to rally back above the low of the range. The previous support at $0.30 should now act as resistance on the way up. A move above the $0.328 swing high may be needed to decisively end the downtrend.

Namecoin Stable After Spike

Namecoin has been trading stable after a surge in prices last Thursday. The cryptocurrency rallied by 16.1 cents in less then four hours on April 16th, a gain of 53.6 in percentage terms. But NMC/USD couldn’t hold on to the gains and in less then 1 hour after breaching 40 cents, prices were pushed back below the level. Few days and some losses later and NMC is currently quoted at $0.343 per coin.


As we said on Thursday, the brief surge above the $0.424 swing high doesn’t classify as clearing of the resistance level. Prices stayed above the figure for less then 1 hour. Thus the trend remains to the downside. But another test of the figure may result in a breakout higher so keep your eyes on the new swing high at $0.461. On the downside, notable support levels below include the $0.30 mark, followed by the new yearly low at $0.274. As we always say when trading altcoins you should follow what bitcoin is up to, so let’s take a look at some of the important BTC levels as well.

Bitcoin in a Range

Big Brother has been trading in a range between $218 and $228 per coin since Thursday. The trend for BTC, as for most cryptos, remains to the downside. To end it, the bulls will need to rally back above $258.52 per coin. On the lower end, weak support can be found at $213 per coin. This is followed by a support area from $200 to $208. A breakdown below this area may result in intensified BTC losses.

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 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.

Latest from Cryptocurrencies

Market Analysis: Bitcoin Surpasses $40,000 Per Coin BTC/USD Analysis: New High for the Year Shows Bulls Are Indecisive Market Analysis: Results of Black Friday in Financial Markets BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level? BTC/USD Analysis: Bears Aggressively Defending 37,500 Level

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: AUD/JPY, RATE HIKES, S&P 500, WTI Oil

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. AUD/JPY: Rate Falls

Trader’s Tools

Fixed Exchange Rates: Benefits and Limitations

Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.

Trader’s Tools

Alternative Investment Options

Traders and investors are increasingly turning to alternative investment options to diversify their portfolios and seek new avenues for potential returns. In this FXOpen article, we discuss alternative investments, examining the types and explaining the reasons why they are gaining

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.