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.

ppcusdh4

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.

NMCUSDH1

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Tesla (TSLA) Leads Declines in the Equity Market
Shares

Tesla (TSLA) Leads Declines in the Equity Market

Yesterday, President Trump announced that letters had been sent to the United States’ trading partners regarding the imposition of new tariffs — for instance, a 25% tariff on goods from Japan and South Korea. This marks a return to “trade diplomacy”

Australian Dollar Strengthens Following RBA Decision
Forex Analysis

Australian Dollar Strengthens Following RBA Decision

Today, the AUD/USD pair experienced a spike in volatility. According to ForexFactory, analysts had forecast that the Reserve Bank of Australia (RBA) would cut interest rates from 3.85% to 3.60%. However, the market was caught off guard

What Is the Evening Star Candlestick Pattern, and How Can You Use It in Trading?
Trader’s Tools

What Is the Evening Star Candlestick Pattern, and How Can You Use It in Trading?

Candlestick patterns offer traders a way to read price action and spot potential changes in momentum. One notable pattern is the evening star, a three-candle formation that signals the start of a possible downtrend. This article breaks down what the

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. 60% 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.