Cryptocurrencies rallied across the board today as bitcoin surged higher by $26 dollars, from $324.56 to $350.78 at the moment. This prompted the altcoin market to join in the move. Peercoin gained over 13 percent in the last two days and NMC/USD is up by a fantastic 29 percent.
Peercoin Rallies by 13 Percent
As noted above, Peercoin rallied over 13 percent in the last two days, from $0.366 to $0.416 right now. Few hours ago prices were even higher, trading at 44 cents per coin at one time. On the chart below we can see that PPC/USD has broken outside of its range.
But this doesn’t mean that more gains are to follow. The bulls have yet to decisively break above this area. A clean move above the $0.44 high would start a new PPC rally.
Still caution is advised on the long side and this applies to Namecoin as well. It will be hard for Peercoin or Namecoin to stage a sustainable rally without an underlining reason of their own, like a PPC-NMC specific news item. So far this move seems to be prompted by bitcoin surging higher. In light of this, keep in mind that risks are elevated. A better outcome for altcoin bulls would be if big brother broke above the $400 round figure.
On the short side, support can be found at the high of the range at $0.409. Resistance turns to support and former high may now act as support to falling prices. Below here the $0.356 swing low is another important figure. A move below here would start a new downtrend in prices.
Namecoin Surges by 29 Percent
Alternative cryptocurrency Namecoin has been one of the best performers in the crypto-arena during the past 48 hours. The altcoin gained 9.6 percent in this time period and is now up by 29 percent. Today prices peaked at $0.54, a move of almost 38 percent compared to yesterday’s open at $0.378.
As we can see on the chart above, NMC has broke out of its range and cleared it by a large margin. However due massive gains experienced so far, caution is advised. A new rally will require a decisive break above today’s high at $0.54. Further up the November highs at $0.666 will be another important milestone for NMC/USD. A breakout this level here may lead to more gains.
On the downside a move below the $0.359 swing low will start a new downtrend. Lower still we find more support at the double bottom formation at 33 cents, followed by the $0.306 August lows and the round $0.30 figure. A clearing of this support area may take us to this year’s low for NMC at $0.274.