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.
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