Both Peercoin and Namecoin have snapped their multi-day losing streak after BTC spiked higher two hours ago. Peercoin is currently up by 1 cent on the day, or about 2.4 percent. Rival coin NMC is up by 1 cent as well to $0.407 dollars.

Peercoin Higher by 2.4 Percent

As noted above, alternative cryptocurrency Peercoin is trading higher today. This is mostly due to big brother bitcoin surging by $16 dollars to $385 dollars per coin, or just over 4 percent. But taking a more long-term view, PPC is nowhere near staging a new rally, or a downtrend for that matter. As we can see on the chart below, we are currently quoted at $0.42, over 6 cents away from both breakout points.

On the upside, the current threshold to a new rally stands at the round $0.50 figure. A decisive breakout above this figure could lead to more gains towards $0.579  dollars per coin. Higher up more resistance can be found at $0.616 followed by the parity $1 figure and last July’s spike high at $1.02 dollars.

On the lower end, a break of the $0.353 swing low could start a new PPC downtrend. Below here we have support at $0.333 and $0.321 dollars. Further down we find a strong support area stretching from $0.29 to $0.30 dollars. A breakdown below here could open the door toward last year’s lows near $0.21 dollars per coin.

Namecoin Mostly Flat This Week

Namecoin stayed mostly flat this week. On the chart below we marked this week’s trading range with a yellow rectangle. We can see that despite today’s spike, NMC/USD remains firmly within the bounds of the range.

The two key numbers to watch are $0.48 and $0.357 dollars. A decisive break above the January high at 48 cents could start a new NMC rally. Resistance above can be found at $0.50 and $0.54 dollars per coin. These levels are followed by the $0.666 dollars spike high reached back in November of last year, during the last major BTC rally.

On the lower end, a clean move below $0.357 could start a new downtrend. Below here we find support at the double bottom near $0.332 dollars followed by August 2015 low at $0.306.

Bitcoin Spikes Higher

The reason behind the altcoins surge today was bitcoin. Everyone’s favorite cryptocurrency rallied by $10 dollars in the past two hours for a total gain of $16 dollars today. We are currently trading at $385 dollars. The downtrend is still in place, although we are getting close to the $403.83 swing high. A decisive breakout above this level could end the current downmove. But to completely reverse course and start a new rally, the bulls will need to take out the next swing high at $426 dollars per coin.

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.