Since our last update, BTC/USD hit another milestone at $300 dollars. We are currently quoted at $304.97 dollars per coin, almost $20 dollars higher since Tuesday. But as bitcoin continues to make new highs, the rest of the crypto-market stays flat. Peercoin briefly entered into a downtrend while both Litecoin and Namecoin are still range-bound.

Peercoin Down but Not Out

Peercoin broke below the $0.349 swing low on October 23rd. Prices continued to fall until a low of $0.333 was hit on October 25th. But here the losses stopped and PPC/USD is currently quoted at $0.361 dollars.

Prices have gained over 10 percent from the $0.333 low, a large amount for a retracement. After this sizable upward move, the short-lived PPC downtrend can be considered over. Bitcoin’s rally is another problem. While so far there has been no spillover effect, it’s hard to see large PPC/USD declines while bitcoin is in a strong uptrend. Big brother may need to slow down the gains or rollover before a sustained crypto downtrend can begin.

A move below the $0.333 low is needed to re-start the downward trend. Below here the first support level can be found at the 32 cents level, followed by the round $0.30 figure. Slightly lower we have the four-month low for Peercoin at $0.291, a break below here would exacerbate the losses. On the other side, a decisive breakout above 40 cents may start a new uptrend.

Namecoin Still Range-bound

Alternative crypto-currency Namecoin is still stuck in its range. We are currently quoted at $0.348, about 2 percent lower compared to last week.

The bears managed to bring NMC/USD down exactly to the low of the range at $0.332 but no further. With that we have now formed a double bottom pattern in this altcoin. The first trough of the bottom was on September 12th and the second on October 25th. A decisive breakout below here would start a new downtrend. Further down we find more support at $0.30, $0.286 and $0.274. The 27 cents level is especially important. This is a two-year low for PPC, a clean move below this figure would exacerbate the losses.

On the upside, a breakout above the September 18th high at $0.41 may start a new rally. Higher up some resistance can be found at $0.463, followed by a stronger resistance level at 50 cents.

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

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.