Peercoin Calms Down, Namecoin Still in Range


Not much has changed in cryptoland since our last update. As BTC prices stay stuck in a range, volatility continues to decline. Bitcoin’s daily range shrunk to only $6 dollars yesterday and the effect can be left across all altcoins.

Peercoin Calms Down After Wild Ride

Alternative cryptocurrency Peercoin had a wild ride on Tuesday as prices first rallied 50 percent to a high of $0.475, then fell 31% to a low of $0.324 before eventually stabilizing around 36 cents per coin. But even PPC has calmed down as bitcoin volatility shrinks to levels not seen since the Christmas holidays season.


Despite the massive swings few days ago, PPC/USD didn’t breach any of the important technical levels mentioned in our roundup last week. On the upside, prices hit a high of $0.475, just below the half-parity level at $0.50. If the bulls can clear this important mark going forward, we are looking at the December 29th swing high near $0.60. Higher still, the previous support area between $0.70 and $0.73 may now turn to resistance on the way up. This area is marked with a yellow rectangle on the chart above. On the lower end, the important figure to watch is 24 cents. A move below $0.24 could lead to a resumption of the downtrend.

Namecoin Still Between $0.44 and $0.50

Namecoin is still trading in a range between a low of $0.44 and a high of $0.50. During the past week price extremes reached as high as $0.511 and as low as $0.436 but ultimately NMC pulled back inside the bounds.


As we said last week: ”Treat any breakouts with caution until the range matures.”  However, the important levels at $0.55 on the upside and $0.379 on the downside haven’t been broken. If Namecoin bulls can rally past $0.55, we are looking at the January 26th swing high near $0.65. Higher up, $0.70 and $0.75 may act as resistance levels. On the downside, we have weak support at $0.40. This is followed by this year’s low at $0.379. A NMC break below $0.379 could lead to more losses.

Keep an Eye on Bitcoin

As usual, whenever trading altcoins you should keep one eye on big brother bitcoin. As we can see on the chart below, volatility as measured by the 14 day Average True Range has been falling since peeking at $28 dollars on January 26th. Yesterday we dipped below $12 dollars. We haven’t traded this low since a low of $11.38 on January 1st. Previous periods of low volatility were followed by explosion in the daily ranges coupled with price breakouts.


On January 3rd BTC/USD fell by $23 dollars and the daily range expanded to $27 dollars. The two important figures for BTC are $250 and $192, a move beyond either of these price extremes may spark a breakout higher/lower.

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.

Latest from Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin Bitcoin Price Risks Not Staying above $50k Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k

Latest articles

Forex Analysis

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials

This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart): → Vice Finance Minister Masato

Forex Analysis

The American Currency Resumes Its Growth

The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair


BTC/USD Price Exceeds $60,000 Per Coin

Several factors contributed to this: → Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment

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. 65.68% 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.