Both Peercoin and Namecoin are trading barely changed since our update last week. Peercoin is down by only 0.6 cents, that’s just 1.5%. Meanwhile NMC declined by 1/5 of a cent, or only 0.5 in percentage terms.

Peercoin Still Trading in Tight Range

Alternative cryptocurrency Peercoin is still stuck in a tight 3 cents range. The high of this congestion area stands at $0.393 while the low is at $0.363. The low has been moved by 0.2 of a cent after brief foray lower on October 3rd. This shows the importance of having a buffer above and below the current range. False breakouts are plentiful in this type of market environment.

The breakout bounds for PPC/USD stand at $0.41 and $0.32. The 41 cents mark is just above the $0.404 swing high. This should give us a nice buffer above the high of the range at $0.393. Higher up we have the 43 cents level. Here we find a confluence of a previous resistance at $0.422 and important previous support at $0.43. A clean move above this area should lead to more gains. Above these levels the round $0.50 figure is another important resistance.

On the lower end we will need a decisive break below the 32 cents level to spark a new downtrend. This was a double bottom for Peercoin, hit on September 3rd at $0.324 and on September 13th at $0.321. Lower still we find another important support, the swing low reached during the previous downtrend at $0.291. A move below here could intensify the losses.

Namecoin Barely Changed

Namecoin is trading barely changed since last week. We are currently quoted at $0.369, only 0.2 cents below last week’s price. In the past seven days NMC/USD has moved between a low of $0.354 and a high of $0.376. But ultimately neither the bulls nor the bears could create a decisive break.

The number to watch on the top side is 41 cents. This level is a double top composed of two previous swing highs at $0.41 and $0.402. A clean break above here may start a new NMC rally. Above we have an important resistance level at the previous swing high of $0.463. A breakout above this figure could lead to more gains. Higher still, the round 50 cents figure marks another important resistance.

On the bottom, the low of the range stands at $0.332. A decisive break below 33 cents may be needed for a new downtrend. There is more danger to the downside, due to the multitude of support levels below here at $0.30, $0.286 and $0.274. Like we mentioned last week, there is very little room for maneuver between any two of these levels. For example, a break below $0.30 would be quickly met with another support at 28 cents.

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, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules. 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.