Peercoin Tests Yearly Low, Namecoin Continues Downtrend


The losses for altcoins intensified yesterday after bitcoin cleared the support near $234 per coin. Prices fell from $232 to $219 in four hours before stabilizing somewhat. This had a knock-on effect on smaller cryptocurrencies. Litecoin lost 10 cents or close to 7 percent during that same period while Namecoin fell by 4.4 percent. But let’s start with an analysis on Peercoin.

Peercoin Tests Yearly Lows

Last week we left PPC at $0.308, just above the 30 cents support level. Since that update, Peercoin broke below the range low and hit a new yearly low of $0.227 on Sunday. But PPC/USD didn’t stay low for long and soon enough the crypto traded back above the $0.24 mark.


For the past two days Peercoin has been trading around this important mark, unable to clear it and head lower. Just as a reminder, 24 cents is the January 15th swing low for PPC/USD as well as a multi-year low. If the bears manage to clear this support and head lower, the losses for Peercoin could intensify. Notable support levels below here include the Sunday swing low at $0.227 and the round figures at $0.20 and $0.15. To end the current downtrend, the bulls will need to push prices back above $0.352 per coin.

Namecoin Losses Continue

After breaking its yearly low of $0.379 last Tuesday, the floodgates opened for Namecoin. On April 7th the altcoin fell by 5.2 percent. This was followed by another fall of 5 percent the next day. While the losses moderated during the next couple of days, NMC/USD lost ground in  each of them, extending its losing streak to 8 consecutive days. The daily chart below shows this long streak of black candles.


In percentage terms, Namecoin has lost 23 percent since April 6th. While the decline seems overdone, don’t forget that trends can remain overextended for long periods of time. This is especially true since bitcoin only broke its support yesterday. More losses may follow for big brother in the next few days, thereby putting pressure on Namecoin prices. If you’re bearish on NMC/USD, a conservative approach would be to wait for a break below the new low at $0.274. If Namecoin can clear this support, more losses may follow. Notable support levels below here can be found at the $0.20 and $0.15 round figures. To end the downtrend, NMC will need to climb back above the $0.424 swing high.

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

BTC/USD Analysis: Price Approaching Key Resistance

BTC/USD Analysis: Price Approaching Key Resistance

Analysing the long-term BTC/USD chart on 16th May, we created a "roadmap" for Bitcoin's price, which looked like an expanding fan and consisted of a median line with support levels below it and resistance levels above it.

Today, when

MSFT Share Price Dropped After Global Outage

How Did MSFT Stock Price React To Global Outage?

On 19th July, a global outage occurred. Numerous computers running Windows worldwide experienced "blue screens of death" (BSOD), affecting companies in different sectors, including airlines, hospitals, media, banks, and others.

The outage was caused by a CrowdStrike's Falcon Sensor update,

Market Analysis: GBP/USD Trims Gains While USD/CAD Rallies
Forex Analysis

Market Analysis: GBP/USD Trims Gains While USD/CAD Rallies

GBP/USD started a pullback from the 1.3050 zone. USD/CAD is rising and might aim for more gains above the 1.3735 resistance.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

  • The British Pound started a
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.