Peercoin, Namecoin Refuse to Follow BTC Higher

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Bitcoin finally broke above the $250 figure today. Prices traded as high as $253.59 in today’s trading session, before a retracement took BTC down to $251.84 dollars per coin. But this new rally has yet to translate into gains for other crypto-currencies. While Litecoin is trending higher, it still hasn’t broken the crucial $3.19 resistance. And both Peercoin and Namecoin remain firmly stuck in the middle of their respective ranges.

Peercoin Still in a 3 Cents Congestion

Alternative crypto-currency Peercoin is still trading within the 3 Cents range outlined in our article last week. The top of this congestion area stands at $0.393 while the bottom is at $0.363. As we can see on the chart below, PPC/USD is currently trading in the middle of its range.

PPCUSDDaily-oct15

What’s next for Peercoin? With bitcoin now in rally mode, a break to the upside should be the more likely scenario. But this is far from a sure bet, as we can see above PPC/USD has fallen in 3 of the last 4 sessions. During the same timeframe bitcoin has advanced by $9 dollars or 3.6 percent.

A decisive break above 41 cents may start a new rally for Peercoin. Soon after we find a resistance at the former swing high at $0.422 followed by important support now turned resistance at $0.43. A clearing of this area should exacerbate the gains. On the lower end a break below the 32 cents figure may start a new downtrend.

Namecoin Within 1.1 Cent Last Week

Not much has changed for NMC/USD since last week. The pair remains stuck in a wider congestion area between $0.332 and $0.41 dollars per coin. In the past seven days Namecoin traded in a very narrow range between $0.363 and $0.374. Highly constricted periods like these are usually followed by breakouts and trends.

NMCUSDDaily-oct15

The potential breakout bounds for NMC stand at $0.41 and $0.33. A clean break beyond either price extreme may jump-start a new trend. Above $0.41 we have important resistance level at the previous swing high of $0.463, followed by the round 50 cents figure. On the downside we have several support levels below the breakdown point at $0.30, $0.286 and $0.274. Due to this caution is advised. Another reason to exercise more caution on the downside is bitcoin’s rally.

Bitcoin Now in Rally Mode

Bitcoin finally broke above the $250 figure today, entering into a new rally. The next resistance to watch out for is the $269 swing high. A break above here may lead to extended gains.

BTCUSDDaily-oct15

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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.

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