Peercoin Retests Lows, Namecoin Range-bound


While altcoins followed bitcoin’s spike higher on Tuesday, most have since given up the gains. Namecoin is back to trading range-bound while Peercoin retested the 21 cents mark again.

Peercoin Retests $0.21 Low

Alternative cryptocurrency Peercoin has been skirting on the $0.21 mark since our update last week. As we noted in that article, the whole area from $0.20 to $0.213 should be considered as one large support level. Peercoin has tested this support two times. The first occurrence saw the crypto trading as low as $0.211 before rebounding to $0.237 on bitcoin’s spike. But PPC/USD quickly surrendered its gains and yesterday retested the 21 cents mark again, trading to a low of $0.217. We are currently quoted very close to yesterday’s low at $0.218 per coin.


The longer PPC remains to trade right above support, the more odds increase that we will see a break lower. But to continue the losses, Peercoin will need to clear the round $0.20 mark. Notable support levels below here include $0.15 and $0.10. To end the downtrend, PPC/USD will need to rally back above the $0.267 swing high. A stabilization (not just a brief spike) above 25 cents may accomplish the same goal. To generate a new uptrend however, Peercoin will need to climb back above the previous range low at $0.30.

Namecoin Trades Range-bound

Namecoin has been trading range-bound since our last update. The crypto surged to a high of $0.346 on the back of bitcoin’s spike two days ago. But similarly to Peercoin, NMC has given up most of the gains and is currently trading at $0.323.


Namecoin is technically still in a downtrend. To end it, the altcoin will need to climb back above 40 cents. A stabilization above $0.36 may accomplish the same goal. But like we mentioned with Peercoin, prices will need to stay above $0.36 for a considerable amount of time and establish a base above the level. We’re talking about couple of days worth of price action here, not just a normal clearing lasting for a few hours. On the downside, notable support levels include the $0.30 mark, followed by the new yearly low at $0.274.

Bitcoin Trades Flat

As we always say, whenever trading altcoins you should have one eye on big brother Bitcoin. Here are some of the major BTC levels. On the top end, a bitcoin move above  the $243 swing high may end the downtrend. But to jump-start a new uptrend, BTC will need to rally above $260 per coin. On the lower end, the area from $200 to $210 stands out as notable support. A clearing of this area and move below $200 may lead to more BTC losses. In light of the erratic price behavior exhibited on BTC-E/Fxopen two days ago, caution is advised. It would be prudent to confirm any major BTC moves with prices on other bitcoin exchanges. If other BTC exchanges don’t follow a Fxopen move, especially to the upside, the rally could falter, in a replica of what transpired on Tuesday.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

Latest articles

Analysis of XAU/USD: Gold Price Sets Historical Record

Analysis of XAU/USD: Gold Price Sets Historical Record

As the XAU/USD chart shows, on 16th July, the gold price rose above $2460 for the first time in history. The bullish sentiment is driven by:

→ Anticipation of Fed rate cuts, as the appeal of non-yielding bullion generally increases


US Banks Set a Bullish Tone at the Start of Earnings Season

Company earnings reports for the second quarter will be a crucial driver of stock market movements in the coming weeks. Traditionally, the largest banks kick off the earnings season, and their performance indicators today are setting a bullish tone.


The Dollar Corrected After a Sharp Decline. Will the Uptrend Resume?
Forex Analysis

The Dollar Corrected After a Sharp Decline. Will the Uptrend Resume?

A sustained decline in the core consumer price index in the US contributed to a sharp pullback in the American currency. The GBP/USD currency pair is trading near the psychological level of 1.3000, EUR/USD buyers are attempting

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.