Peercoin Slips, More Namecoin Losses

FXOpen

Peercoin prices slipped and fell back down in a bear trend last week. One coin is selling for $0.235 right now, 8.9 percent down compared to two weeks ago. Namecoin continues to lose ground and is now trading 11.3 percent lower.

More Losses for Namecoin

Alternative crypto-currency Namecoin is quoted at $0.188 right now, 2.4 cents or 11.3 percent lower compared to our last update. On Saturday prices traded as low as $0.166 but quickly recovered from here to hit a high of $0.217 on Sunday. Most of these gains were quickly surrendered however as you can see on the chart below.

nmcusddaily-dec8-copy

The downtrend is still firmly in place for NMC/USD. To end it, the bulls will have to make a decisive break of the $0.217 swing high. A move above 23 cents could lead to a new NMC uptrend. Above here we have resistance at the $0.246 swing high closely followed by the $0.257 – $0.259 area. A decisive clearing of this area could lead to more gains for Namecoin.

On the lower end, we find support at this month’s low at $0.166. Further down we have this year’s spike low at $0.153. This is also a multi-year low for NMC/USD. A break below here could extend the losses. All three trends ( short-term, medium-term and long-term) are still bearish.

Peercoin Back in a Downtrend

After losing 8.9 percent last week, Peercoin slipped back in  downtrend. Prices broke this month’s low at at $0.231 and stopped at the next support level at the $0.211 swing low. From here we got somewhat of a bump higher with PPC/USD rallying to a high of $0.263. But similarly to Namecoin above, those gains weren’t sustainable and we now find ourselves back down at $0.235.

ppcusdh4-dec8-copy

Peercoin is now back in a downtrend on the short-term charts. Below current prices we find support at the double bottom low near 21 cents. This is a multi-year low for PPC/USD. A decisive break below here could intensify the losses. The round $0.20 figure could also act as short-term support to prices.

On the other end, a breakout above the $0.263 swing high is needed to end the new downtrend. A move above the next swing high at 27 cents could switch the trend from bear to bull. Resistance levels above here can be found at the November high at $0.277 dollars followed by the $0.29 swing high and the 30 cents round figure.

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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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