Peercoin, Namecoin Stay Range-Bound in September


Both Peercoin and Namecoin continued to trade within a range during September. Peercoin has been stuck in a 10 cents congestion area, between 32 and 42 cents. For Namecoin the range is a bit wider and extends from 33 to 46 cents per coin.

Peercoin Stuck in a 10 Cents Range

Alternative cryptocurrency Peercoin ended the last week of September same as the first one, stuck in a range. The top border of this congestion area is at the $0.422 swing high, while the bottom is at $0.321. We are currently quoted at $0.382 dollars for one Peercoin.


This range has been getting narrower. On the chart above we marked the most recent congested area, staring from September 19th to today. In the past twelve days now, PPC/USD stayed within a 2.8 cents range, between $0.365 and $0.393 dollars per coin. Note that these are not breakout bounds.

The important technical levels for Peercoin haven’t changed much. On the top side we have the 43 cents level. This level is important because the top of the current range stands at $0.422, while slightly above it we find important previous support at $0.43. Support turns to resistance and with prices now trading below the mark, the bulls may encounter significant push-back around this area. The confluence of these two levels should create a strong resistance. A breakout above this here could start a new PPC uptrend.

On the lower end, the key figure to watch is the 32 cents mark. This is a double bottom for Peercoin, hit on September 3rd at $0.324 and on September 13th at $0.321. A breakdown below here may re-start the downtrend. Further down we find the swing low reached during the previous downtrend at $0.291, another potential support level.

Namecoin Stuck in a Range

Namecoin, same as Peercoin, is still stuck in a range. The NMC range is a bit wider at 13 cents, with a low at $0.332 and a high at $0.463. We are currently trading at $0.371.


What’s next for Namecoin? The two breakout bounds can be found at $0.27 and $0.463. Notice that the downward breakout point is far from the $0.332 low bound of the range. This is because right below this figure we find several important support levels at $0.30, $0.286 and $0.274. There is very little room for maneuver between any two of these levels. For example, a break below $0.30 would be quickly met with another support at $0.286. Thus a clearing of the 27 cents figure may be needed before a sustainable downtrend can take place.

On the higher end, things are simpler with one important level at the previous swing high of $0.463. A decisive break above this mark could start a new NMC rally. Higher up, the round 50 cents figure marks another important resistance. A breakout above it could lead to more 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

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P500, US Dollar, Gold Price, PEP Stocks

Get he latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Read the latest news


The Price of Silver Has Reached Its Highest Level in Over Three Years

As indicated by the XAG/USD chart today, the intraday price of silver reached $29.84 per ounce yesterday, while the previous yearly high on 12 April was $29.79. The last time this price was seen was in February

What Is the Wolfe Wave, and How Can You Trade It?
Trader’s Tools

What Is the Wolfe Wave, and How Can You Trade It?

The Wolfe Waves is a powerful chart pattern recognised for analysing potential price reversals. Named after Bill Wolfe, who developed this formation through extensive trading practice, Wolfe Waves provide traders with a structured approach to anticipate market movements. In this

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.