Peercoin, Namecoin Double in Value

FXOpen

Both Peercoin and Namecoin have roughly doubled in value since our last update two weeks. One PPC is now selling for $2.21 dollars while buying one NMC will cost you $2.25 dollars.

Peercoin Up by 97 Percent

Peercoin prices are up by 97 percent since our last PPC article. Back then we said this: ”It’s hard to say when the current bubble will end but for now, it pays to belong.”

This remains our current sentiment. There is no doubt that all crypto-currencies are in a major bubble at the moment. Still, these bubbles can last a long time and if you’re already long it pays to follow along. The longer-term charts (weekly and monthly) are bullish too. The new watermark that might end the bull trend is the $1.17 swing low. A breakdown below here would end the rally but not start a bear trend. For that to happen prices need to dip below the 75 cents level.

ppcusdh4-may11-copy

For crypto traders on the sidelines, there are no good entries right now. While it may feel frustrating to watch this bubble unfold from the sidelines, consider what happened in PPC/USD on the 8th and 9th of this month. Prices fell from a high of $2.61 to a low of $1.79 in only 30 hours. On the chart above we highlighted this period with a yellow rectangle.

This is a drawdown of 31 percent if you were unfortunate to long the absolute top. Due to the current high volatility, entering longs at these prices has an unfavorable risk to reward profile.

Namecoin Gains 109 Percent

Namecoin is quoted at $2.25 right now, up from $1.08 dollars two weeks ago. In percentage terms, this is a gain of 109 percent.

What we said above about PPC similarly applies to NMC as well. While entering at these prices is dicey, the bullish trend will stay in place until we fall below the $1.15 swing low. A move below $0.735 dollars is needed to start a new downtrend.

nmcusdh4-may11-copy

Above current prices, we have resistance at the two recent swing highs of $2.53 and $2.72. The $3 dollars round figure could also act as a resistance level. On the lower end, we have potential support at the $1.85 swing low, followed by the $1.50 and $1 round figures. Just below here we have more support at $0.985 followed by the previous resistance now turned support at $0.889. On the long-term charts (both weekly and monthly) PPC/USD remains in an uptrend.

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

Analysis of XAU/USD: Gold Price Sets Historical Record
Commodities

Analysis of XAU/USD: Gold Price Sets Historical Record

As the XAU/USD chart shows, on 16th July, the gold price rose above $2460 for the first time in history. The bullish sentiment is driven by:

→ Anticipation of Fed rate cuts, as the appeal of non-yielding bullion generally increases

Shares

US Banks Set a Bullish Tone at the Start of Earnings Season

Company earnings reports for the second quarter will be a crucial driver of stock market movements in the coming weeks. Traditionally, the largest banks kick off the earnings season, and their performance indicators today are setting a bullish tone.

For

The Dollar Corrected After a Sharp Decline. Will the Uptrend Resume?
Forex Analysis

The Dollar Corrected After a Sharp Decline. Will the Uptrend Resume?

A sustained decline in the core consumer price index in the US contributed to a sharp pullback in the American currency. The GBP/USD currency pair is trading near the psychological level of 1.3000, EUR/USD buyers are attempting

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.