Both Namecoin and Peercoin have slowed down their decline. The rally in Bitcoin prices seems to be keeping a floor on these altcoins for now.
Namecoin Down by 2.5 Percent
The alternative cryptocurrency Namecoin is down by 0.9 cents or 2.5% compared to last Thursday. We are currently quoted at $0.346 per coin. The short-term trend remains bearish, as the medium-term trend is. The long-term trend is still neutral.
This week we have seen repeated attacks on the 34 cents figure. Both yesterday and the day before, NMC/USD bottomed out exactly at this price level. The week before a low of $0.338 was hit. Close to here we find a $0.332 swing low. A decisive break below could intensify the losses. More support on the way down can be found at $0.306, followed by the round 30 cents level.
On the upper end, a move above the $0.385 swing high would end the current downtrend. A breakout above the $0.446 swing high could restart the bullish uptrend. Above here resistance levels can be found at $0.476 and the $0.50 round figure. These are followed by the 54 cents level and the March high at $0.633.
Peercoin Barely Changed
Peercoin has barely changed this week. We’re currently trading at $0.349 compared to $0.347 last Thursday. Similarly to Namecoin, both the short-term and medium-term trends for PPC/USD are bearish while the long-term trend is neutral.
Peercoin is trading near the support area around $0.339-$0.353. Last week a low of $0.323 was hit. A decisive breakdown of this support could open the way to the round 30 cents level. Below here, the August lows at $0.291 could also act as a support.
On the upside, a move above the $0.375 swing high would end the current downtrend. A decisive breakout above the $0.442 swing high could start a new PPC rally. Higher up we find a resistance at the $0.479 swing high, followed by the round 50 cents level. We have more resistance levels on the upside at $0.544 followed by $0.57 and the July 2015 spike high at $0.616 per coin.
Bitcoin will continue to exhibit strong influence on both Peercoin and Namecoin. A continuation of the rally in BTC prices could slow down the losses or even lead to some gains. But given how weak both of these altcoins have been trading, a reversal of the BTC rally could have a disproportionally negative effect on PPC/NMC.