Peercoin Resumes Uptrend After Hiccup


In our previous article we hypothesized that both Peercoin and Namecoin are in rally mode. Shortly after that article however we got a sharp correction in prices, which briefly broke below some important support levels (more on this below).

Peercoin Resumes Uptrend

The last two weeks saw a lot of volatility in PPC prices. First we fell to a low of $0.211 on January 7th, briefly breaking below the $0.223 level identified last week as a potential trend ender. But the break wasn’t decisive and if you take a look at the daily chart you can see that prices never closed below this level. Furthermore the duration of the trip below $0.223 was short, lasting only a few hours.


Because of the above we can say that the uptrend in PPC/USD is still in play. This week Peercoin hit new multi-month highs at $0.313. We have since fallen back somewhat to $0.282. On the longer-term charts (both weekly and monthly) PPC is in neutral mode.

On the way up, resistance can be found at former swing high at $0.29 and the 30 cents round level. But a stronger level then these two, at least on FXOpen, may be the $0.313 swing high reached few days ago. A breakout above here could intensify the gains.

On the lower end, a break below the $0.225 swing low is needed to end the current rally. As always, we are looking for a clean and decisive break, not a short spike below the level. A move below this month’s low at $0.211 would start a new PPC downtrend.

Namecoin Rally Ends

Namecoin prices initially followed a very similar pattern to PPC. Here too initially there was a sharp sell-off 12 days ago, with the pair bottoming out at $0.194. The level noted as a potential trend stopper in our previous NMC article was the $0.208 swing low. Clearly prices broke this level but they’ve failed to remain below it for long. In fact on the hourly chart we didn’t get a single candle close below $0.208.


Here is where the similarities with Peercoin end. Unlike PPC, which recovered sharply after the initial decline, NMC failed to do so and lost the upward momentum entirely. We are now back in ‘no-mans’ land.

To start a new downtrend, the bears will have to push NMC/USD below $0.194 swing low. To resume the uptrend, prices will have to break above the 30 cents round figure. The longer-term charts for Namecoin are mixed. While the weekly is undecided, the monthly is still bearish.

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 Finds Support: Will It Last? Bitcoin Price Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance

Latest articles

Forex Analysis

USD/CAD Rate Reaches Significant Support Level

On June 12, we wrote about bearish signs observed on the USD/CAD chart, pointing to the prospect of USD weakening.

Since then, the USD/CAD rate has decreased by approximately 0.75% and has reached an important support level,


Nasdaq 100 Index Failed to Hold Above 20,000 Points

On 18th June, we reported that the Nasdaq 100 (US Tech 100 mini on FXOpen) market had recorded a historic high by surpassing the psychological level of 20,000.

At that time, we pointed to the upper line of the

Forex Analysis

Dollar Declines: How Deep Could the Correction Be?

By the end of last week, the American currency traded rather mixed:

  • The USD/JPY currency pair strengthened by more than 200 pips and almost tested the significant resistance level at 160.00.
  • The USD/CAD pair failed to break
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.