Peercoin, Namecoin Gain Over 12 Percent

FXOpen

Both Peercoin and Namecoin have gained somewhat during the past seven days. Peercoin is up by 6 cents or 17 percent this week while NMC is higher by 4.2 cents or just over 12 percent.

Peercoin Up Over 13 Percent

Alternative cryptocurrency Peercoin is trading higher by over 13 percent compared to last Thursday. Much of the gains are likely due to the big brother Bitcoin rallying over 10% after the crash last week. Bitcoin is trading at $658 right now, it opened last Thursday at $590. But what’s next for PPC/USD?

PPCUSDDaily-june30

On the chart above, we can see that we’re currently quoted at $0.409 per coin after trading as high as $0.421 two days ago. Despite the gains, the short-term downtrend isn’t over yet. For that, we need to see a decisive breakout above the 45 cents mark. Below here more resistance can be found at $0.42 and $0.442 per coin. A breakout above this month’s swing high at 51 cents would resume the short-term bullish uptrend.

On the lower end, we have a support at last month’s low of $0.323. A break below here could open the door to the 30 cents level. Close to this round figure we find another support at last August low of $0.291 per coin.

On the longer-term charts the picture is looking neutral with both the medium-term and the long-term charts showing no present trends. This is not surprising when you take into account that we opened the year at $0.409 and that’s exactly where we’re trading 6 months later.

Namecoin Gains 12 Percent

Namecoin gained 12 percent since last Thursday. But similarly to PPC, the downtrend isn’t over yet. For that to happen, the bears will have to push prices above the 46 cents level. If the move extends above $0.538 as well, we’ll be looking at a new short-term uptrend. We have more resistance levels to the upside at the March swing high of $0.633, followed by another spike high at $0.666 made back in November last year.

NMCUSDDaily-june30

The longer-term Namecoin trends are mixed, the medium-term chart is still bearish while the long-term chart remains neutral.

On the downside, support can be found at last month’s low of $0.33. A clearing of this support area could lead to more losses toward the round 30 cents figure.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

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

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Shares

Coca-Cola Company (KO) Shares Trade Near All-Time High

Stock market charts indicate that from the start of last week’s trading through to its close:

→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than

Cryptocurrencies

BTC/USD Analysis: Bulls on the Offensive

In our previous analysis of Bitcoin’s price (14 April), we:

→ constructed a long-term ascending channel (marked with blue lines);

→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for

Commodities

Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem

Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a

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.