Peercoin Ends Downtrend, Namecoin Still Weak

FXOpen

Unlike the past two months where we saw both Peercoin and Namecoin fall together, during the last two weeks a divergence has emerged. Namecoin continues to drop, albeit at a slower pace, and is now down by 7.4% during the previous 14-day period. Peercoin on the other hand is up by over 10 percent during the same time-frame.

Namecoin Still Weak

A 19.4% jump on November 13th came close to ending the downtrend for Namecoin. Prices rallied as high as $0.246 but narrowly missed the 26 cents threshold. However in the days after those gains evaporated and NMC/USD now finds itself again under pressure. One coin is selling for $0.212 right now, 1.7 cents or 7.4 percent below the price noted two weeks ago.

nmcusddaily-nov24-copy

The downtrend remains in place. To end it, the bulls will have to push the pair above the $0.246 swing high. Above here more resistance can be found at the $0.257 – $0.259 area. A decisive clearing of this area could start a new NMC uptrend. Higher still we have more resistance at $0.276 swing high and the $0.30 round figure.

On the other end we have support at this month’s low of $0.201 closely followed by the 20 cents round level. Below here it’s hard to see any notable levels until this year’s spike low at $0.153. This is also a multi-year low for NMC/USD. A break below here could extend the losses. All three trends for Namecoin, short-term, medium-term and long-term, are pointing down.

Peercoin Downtrend Ends

The downtrend for PPC/USD officially ended on November 13th when we got an almost 20 percent surge in prices, from $0.232 to a high of $0.277 dollars. The gains recorded on that day failed to stick however. We’re now quoted at $0.258, ‘only’ 10 percent higher compared to two weeks ago.

ppcusdh4-nov24-copy

Peercoin is now in ‘no man’s land’. A new rally requires a breakout above the November highs at $0.277 dollars. Higher up we find resistance at the $0.29 swing high, closely followed by the 30 cents round figure. A new downtrend on the other hand need a move below this month’s low at $0.231. Below here there’s support at the $0.211 swing low, closely followed by the $0.20 round level. The $0.211 low is a multi-year low for PPC/USD.

The trends for NMC/USD are mixed at the moment. On the short-term charts there is no clear trend. This is the case on the long-term charts as well. On the medium, weekly charts, the trend is bearish.

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

Cryptocurrencies

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.