Peercoin Higher, Namecoin Surges 40%


While bitcoin prices stayed mostly unchanged during the past four days ($413 right now), both Peercoin and Namecoin are trading higher. Peercoin is up by 7 percent to $0.516. But the big mover this week was Namecoin, currently trading at $0.583 or 40 percent higher compared to its price last Thursday. The two altcoins have now switched places, with NMC climbing on top on a per coin basis.

Peercoin Higher by 7 Percent

Alternative cryptocurrency Peercoin is trading higher to 51.6 cents right now. This is a gain of over 7 percent compared to one week ago. On the chart below we can see that the current uptrend hasn’t been a smooth ride. Last Saturday we dropped to a low of $0.451, just above the 45 cents level noted in our previous article as a potential trend breaker.


From here prices recovered to hit a high of $0.57 today, close to another important level we mentioned last week ($0.579). We are currently trading at $0.515, significantly below the 57 cents swing high. The strong rejection at $0.57 signals that the level mentioned in our previous article is still valid. Above here we find some resistance at the $0.616 swing high, followed by $0.932 and the parity level at $1 dollar. But like we’ve mentioned previously, due to the large gap from $0.616 to $0.932, resistance levels are likely to emerge in between these levels. Potential candidates are the round levels at $0.70, $0.80 and even $0.90 dollars per coin.

On the other end, the key figure is again 45 cents. A decisive breakdown below here could end the current PPC rally. Below here we have weak support at the $0.429 dollars followed by a stronger level at the 40 cents figure. More support on the way down can be found near $0.385 dollars, where we have a support area. A clearing of this area may start a downtrend and extend the move toward $0.353 dollars per coin.

Namecoin Surges by 40 Percent

Like we said above, Namecoin is the big winner this week. The altcoin is up by over 40 percent, trading at $0.583 dollars per coin right now. Earlier in the day we were quoted as high as $0.633. Potential resistance levels include today’s high at $0.633 (weak) and a much stronger level at the $0.666 November spike high. This is followed by the former swing low at $0.751. Support becomes resistance and this previous low may now act as a lid on rising prices.


On the lower end, we have some support at the $0.54 level we broke few days ago, follow by the half-parity level at 50 cents,  $0.48 and $0.452 dollars per coin. But to end the current rally, we will need to see a decisive break below the 40 cents level.

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.

Stay ahead of the market!

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

Latest articles

GOOGL Shares Decline After Report

GOOGL Shares Decline After Earnings Report

Yesterday, Alphabet released its Q2 report:

→ Earnings per share: actual = $1.89, forecast = $1.847;

→ Gross revenue: actual = $84.742 billion, forecast = $84.208 billion.

The actual figures exceeded analysts' expectations. However, today in pre-market trading, GOOGL's price fluctuates around

Brent Crude Oil Price Is Declining Amid De-Escalation in the Middle East

Brent Crude Oil Price Is Declining Amid De-Escalation in the Middle East

On 8th July, we noted that oil prices were forming a large narrowing triangle, originating from 2022-2023, with its upper boundary being a significant resistance point.

As shown on the Brent oil price chart (XBR/USD), bulls have since failed

How Will the BoC's Decision Affect the Currency Market?
Forex Analysis

How Will the BoC's Decision Affect the Currency Market?

The USD/CAD pair has been strengthening for the third consecutive week and is currently approaching the upper boundary of the three-month range of 1.3850-1.3600. The strength of the pair's buyers is quite significant, which could lead to

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.