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 making your money go further 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.