Peercoin, Namecoin Refuse to Follow BTC Higher


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.


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.


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.


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.

Latest from Cryptocurrencies

Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022 Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving

Latest articles


Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High

The tech-heavy Nasdaq 100 index (US Tech 100 mini on FXOpen’s TickTrader platform) reached a new all-time high on Monday, closing the trading session at 18,684.2 according to FXOpen pricing, fueled by renewed investor enthusiasm for technology


Gold Price Reaches Historic High

According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister

Forex Analysis

Commodity Currencies Retreat from Local Highs

Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply

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.