The slow drift lower for altcoins continues. Peercoin lost 2.8 cents or 6.8 percent since our last update. Namecoin declined as well but by a smaller magnitude . Let’s start with PPC and we’ll get back to Namecoin later on.
Peercoin Back in Range
Alternative cryptocurrency Peercoin fell from $0.444 to $0.417 right now, a loss of 2.8 cents. This puts the crypto back into range-bound territory. The very long-term trend (monthly charts) is negative. But there is no short-term or medium term trend, as well as no momentum.
In this environment, waiting for a clear breakout seems prudent. The two major levels are $0.479 on the upside and $0.398 on the downside. A clean breakout beyond either of these price extremes may lead to an extended move higher/lower. What are some of the important support and resistance levels for Peercoin?
Above $0.479 we have the round 50 cents level. This is followed by the $0.544 swing high, $0.57 and $0.616 dollars per coin. On the other end, below $0.398 we find a strong support area at $0.385 dollars. A break below here could lead to more gains toward the January lows at $0.353 dollars.
Namecoin Mostly Flat
Namecoin is trading mostly flat this week. We’re currently quoted at 42 cents per coin. The crypto hit a low of $0.415 on May 1st, almost breaking the $0.412 support noted in our last article.
What we said about that level back then still applies. A decisive breakdown below here would both end the current uptrend and start a new short-term downtrend. The medium-term trend for NMC/USD is flat while the long-term trend is down, same as Peercoin.
To restart the lost momentum, the bulls would have to break past the 48 cents level. Above here more resistance can be found at the $0.50 round figure and the 54 cents level. Further up we have the March high at $0.633 dollars, closely followed by the November spike high at the $0.666. A clean breakout above these levels could lead to more gains toward the the former support (now resistance) at $0.751 dollars per coin.
On the downside, we have a strong support area around $0.398 – $0.40 dollars. A break of this area could open the door toward the $0.357 swing low. Further down we have more strong support at the double bottom formation near $0.332 dollars, followed by the $0.306 dollars swing low.