While bitcoin has gained $37 dollars or 9 percent since last Thursday, both Namecoin and Peercoin are trading little changed. Namecoin is actually down by 0.7 cents compared to one week ago, while PPC/USD is higher by the same amount.
Peercoin Up by 1.6 Percent
Alternative cryptocurrency Peercoin failed to join in the bitcoin rally. Prices advanced by only 0.7 cents, from $0.418 to $0.425 dollars per coin, for a total gain of 1.6 percent. Prices traded in quite a wide range last week, hitting $0.446 on Saturday but later falling to a low of $0.409 on Monday. But ultimately we stabilized around $0.425, this is where PPC has been trading for the past two days.
The Peercoin rally is still technically in place. The bears will need to make a decisive push below the 40 cents round figure to end the uptrend. However caution is advised. The complete lack of progress while big brother bitcoin gained 9 percent doesn’t bode well for the PPC bulls. A bitcoin reversal or even a sizable move lower would likely lead to large selling pressure in Peercoin. A breakdown below the $0.378 low would start a new downtrend for PPC/USD.
On the upside, we will need to see a break above the $0.477 high to renew the lost momentum higher. Resistance above here can be found at the 50 cents round figure, followed by the November 4th swing high at $0.579 dollars.
Namecoin Fails to Join Rallies
Namecoin is still refusing to join the Bitcoin and Peercoin rallies. Prices remain locked in a range, we will need to see a large move in either direction to break the current deadlock. The numbers ”to beat” are $0.50 on the upside and $0.412 on the downside. We marked the current range with a yellow rectangle on the chart below.
Below current prices, weak support can be found around the $0.426 double bottom. But it will take a decisive break of the $0.412 lows to start a new NMC downtrend. Lower still we have weak support at the round 40 cents level, followed by a stronger level near the $0.359 swing low.
On the higher end, we find two weaker resistance levels at $0.453 and $0.469. But the bulls will need to make a clean break above the $0.50 figure to start a new rally. Further up, the next line of resistance can be found at the November 26th high at $0.54, followed by $0.666 and the July swing high at $0.717 dollars per coin.