Peercoin rallied sharply today, from $0.455 to a high of $0.498 before retracing. This on a day where big brother bitcoin dropped $7 dollars to $423 dollars per coin. Smaller altcoin Namecoin is down as well, albeit slightly.
Peercoin Rallies by 9.4 Percent
Peercoin was up by close to 10 percent today, hitting $0.498 before the sellers stepped back in. We are currently off 1.8 cents from the highs at 48 cents per coin. This is still up 5.5 percent on the day. On the chart below today’s surge is clearly visible.
What’s next for PPC/USD? A decisive breakout above the $0.50 round figure could lead to more gains towards $0.579. Above here we find some resistance at the $0.616 swing high, followed by $0.932 and the parity level at $1 dollar. But like we said last week, due to the large gap from $0.616 to $0.932, resistance levels are likely to emerge in between these levels. Potential candidates are the round levels at $0.70, $0.80 and even $0.90 dollars per coin.
On the lower end, a clean break below today’s low at 45 cents could end the current uptrend. Below here we have weak support at the $0.429 swing low but a much stronger level can be found at the 40 cents figure, closely followed by $0.385. A clearing of this support area may start a downtrend and extend the move toward $0.353 dollars per coin. Below this potential support we have two more levels at $0.333 and $0.321 dollars.
Namecoin Slightly Down Since Thursday
Alternative cryptocurrency Namecoin is trading slightly down since last Thursday. We are currently quoted at $0.416, about 0.5% below the $0.418 price noted in our previous NMC article. On the 4 Hour chart below we can see the slow trend down since we peaked at $0.438 last week.
A breakout above this swing high could restart the lost upward momentum. Close to here we find more resistance levels at $0.452 and $0.48 dollars per coin. These are followed by the round $0.50 figure. A breakout above here could extend the gains toward the former swing high at $0.54 dollars.
On other end, a decisive break below the $0.409 swing low would end the current weak trend higher. A move below $0.39 could start a new NMC downtrend. Support below here can be found at the $0.357 swing low, followed by the double bottom formation around $0.332 dollars per coin.
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.