Peercoin Rangebound, Namecoin Above Yearly Lows

FXOpen

Bitcoin’s indecisiveness is spilling over into the altcoin market. Everyone’s favorite cryptocurrency has been ranging for the past nine days, stuck between $234 and $253 per coin. Peercoin followed big brother’s range-bound movement. And while Namecoin broke below the low of its range, it is still above the important yearly low at $0.379.

Peercoin Still in Range

Alternative cryptocurrency Peercoin is still trading in a range between a low of $0.30 and a high at $0.50. Since our last update on PPC one week ago, the pair has been stuck between $0.312 and $0.339 per coin. While we have fallen somewhat by 2 cents to $0.318, the altcoin is still trading above its lows.

PPCUSDDaily-apr2

The important number on the downside remains to be $0.30. A PPC break below here could lead to more losses toward the yearly low at $0.24. A move below 24 cents could unleash a new downtrend in the cryptocurrency. On the high end, we will need to see a breakout above 50 cents for a rally in prices. Important resistance figures above $0.50 can be found at $0.60 and $0.70.

Namecoin Breaks 40 Cents

Namecoin broke the low of its range at 40 cents on Tuesday. The subsequent fall took prices to a low of $0.38 yesterday. We are currently trading just shy of this number at $0.386.

NMCUSDDaily-apr2

While the break below 40 cents is significant, in our article last week we highlighted another level to watch: ”Namecoin’s yearly low at $0.375 is really close to the range’s low however. If you’re bearish on NMC, a more conservative approach would be to wait for a clearing of the support area from $0.375 to $0.40. This may restart the downtrend and trigger a period of long-term losses”

I made a little error in that article, the yearly NMC low is at $0.379 not $0.375. But other then that, this assessment is still valid, especially after the break below $0.40 failed to produce follow-through.  Wait for prices to make a decisive break below the 37-40 cents support area. To jump-start a new rally to the upside, Namecoin will need to break the high of the range at $0.55. Important resistance levels above the high include $0.65, $0.70 and $0.75.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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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