Peercoin Falls 9 Percent as Cryptocurrencies Weaken

FXOpen

Peercoin fell 9 percent after the $0.97 level broke on Wednesday. In my article two days ago we mentioned the possibility of a brakedown. The constant onslaught of the bears and the weaker and weaker pushbacks by the bulls after retests of the level meant that it was only a matter of time before $0.97 gave way.

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After the fall below, PPC/USD losses intensified as Bit Brother Bitcoin started a move lower on its own. Bitcoin fell 4 percent from $376 to $361.50 today, pushing PPC prices below the $0.90. Few hours ago PPC/USD hit an interim low of $0.875 per coin. This is very close to the first support level at $0.867, mentioned in our article two days ago, so for all intents and purposes, we can say that Peercoin has hit and bounced of the support level.

Peercoin Support on the Way Down

The recent bearish price action in PPC/USD means that likely more losses are on the way. If the $0.867 support falls, the next support can be found at the October 5th swing low at $0.736. Below this, the September 9th low at $0.675 may support prices. Lower still, the Peercoin yearly low at $0.565 will be an important milestone for the crypto, breakdown below may lead to accelerated losses. On the top side, a breakout above the $1 parity level will invalidate the recent downtrend.

For fundamental reasons behind Peercoin’s recent decline take a look at my article posted on September 25th. In it, I give six reasons why the recent launch of NuBits may be a bearish event for PPC, at least in the short-term. NuBits is an alternative cryptocurrency that uses the Peercoin blockchain and pays its shareholders with Peercoins.

Namecoin Follows Cryptos Lower

Namecoin followed Bitcoin and Peercoin lower. After breaking parity yesterday NMC/USD proceeded to lose 8 percent to hit a daily low of $0.92 today. One coin is currently selling for $0.936. Some levels to keep an eye on are $0.869, followed by the October 5th swing low at $0.783. On the higher end, just like with Peercoin, a breakout above the $1 parity figure will likely end the current move lower.

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