Peercoin, Namecoin Pushing on Lower Bounds


Bitcoin’s move lower lead to losses across the board. While altcoins held back during the BTC rally, they fell along with big brother this week. Both Peercoin and Namecoin are pushing on the lower bounds of their trading ranges.

Peercoin Hits 32 Cents but Still in Range

Alternative cryptocurrency Peercoin hit a low of 32 cents yesterday. This is just 2 cents away from the lower bound of the range at $0.30. Since then we have retraced somewhat with PPC/USD currently quoted at $0.341.


Are we can see on the chart above, we are still trading within the yellow rectangle that marks the congestion area, with a low at 30 cents and a high at 50 cents. A decisive breakdown below $0.30 could open the way toward this year’s low at $0.24. A move below here could intensify the losses for Peercoin. On the top end, a breakout above 50 cents should lead to a rally in prices. Important resistance levels above here include $0.60 and $0.70.

Namecoin Pushing on Lower Bound

Namecoin is also trading down, pushing on the lower bound of its range at $0.40. Yesterday we almost hit the level with NMC/USD trading as low as $0.409. The cryptocurrency is currently trading at $0.418, about 4 percent away from the lower bound.


Namecoin’s yearly low at $0.375 is really close to the range’s low however. If you’re bearish on NMC, a more conservative approach would be to wait for a clearing of the support area from $0.375 to $0.40. This may trigger restart the downtrend and trigger a period of long-term losses. To start a new rally, Namecoin will need to break the high of the range at $0.55. Notable resistance levels above here include $0.65, $0.70 and $0.75.

Bitcoin Bounces Off Support

Bitcoin unexpectedly bounced off the support level at $243. While the initial move down traded as low as $235.40, BTC/USD was quick to recover and is currently trading back above the $250 mark. The new level to watch on the downside is $235. A move below here may start a downtrend for bitcoin. This in turn may spillover the losses into the wider cryptocurrency market. As mentioned in one of our previous articles, while altcoins failed to rally along with BTC, they fell by a comparable percentage once bitcoin started falling.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — 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.

Latest from Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles

Financial Market News

US Government Shutdown: Assessing Economic Impact and Recession Risks

The recurring spectre of a government shutdown has once again loomed over the United States, prompting concerns about its potential economic consequences. The shutdown may occur this weekend unless lawmakers agree on spending levels and whether to give more aid


S&P 500 Analysis: Price Reaches The Edge of Abyss

Investors in the US stock market have serious reasons to worry: → The likelihood of a shutdown of government agencies is becoming more and more real. It could happen as early as next week if a budget agreement is not reached


Bitcoin Cash Analysis: Promising Resistance Breakout

Yesterday, the head of the SEC regulator, Gary Gensler, answered questions for 4 hours before the Financial Services Committee of the US House of Representatives, which, among other things, related to cryptocurrencies. What has become known: → on the eve of

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.