Both Peercoin and Namecoin settled back into a trading range this week. Peercoin is currently trading at $0.472 dollars, down 3.7 percent since Thursday. Namecoin had a wild ride this week, first falling to a low of $0.434 before rallying over 13% today alone. We are currently quoted at $0.496, up 5 percent since last Thursday.
Peercoin Ends Fragile Uptrend
Peercoin ended its fragile uptrend this week. While we didn’t get a decisive break below 45 cents (prices dipped briefly to $0.447 dollars), the loss of momentum pushed prices back into range-bound territory. Let’s take a look at some levels.
This month’s high at 57 cents could be key for the bulls. A breakout above here may renew the stalled uptrend. Higher up we have resistance at the $0.616 swing high, followed by $0.932 dollars and the parity level at $1 flat. As we’ve noted previously, due to the large gap from $0.616 to $0.932, resistance levels are likely to emerge in between. Prime candidates are the round levels at $0.70, $0.80 and $0.90 dollars per coin.
On the other end, a decisive break below the $0.447 low may start a new downtrend in PPC prices. Relatively close to here we find an important support level at $0.429 dollars followed by the round 40 cents figure. Around $0.385 we have a strong support area, the clearing of which may extend the losses toward $0.353 dollars.
Namecoin Has a Wild Week
Alternative cryptocurrency Namecoin is having a wild week. After ending its uptrend with a break below 45 cents, NMC/USD rocketed higher today. We are up by over 6 cents or 13% in percentage terms.
Here are some of the levels on our radar. To restart the rally, the bulls will have to push prices all the way to the $0.633 swing high. A breakout above here may lead us to the November spike high at the $0.666 dollars. This is followed by the former swing low at $0.751. Support turns to resistance and this former low may now act as a lid on rising prices.
On the downside, we have week support at this week’s low of $0.434 dollars. But a much stronger level can be found at $0.398 dollars per coin. A decisive break below here may spark a new downtrend. Further down we have support at the $0.357 swing low, followed by the double bottom formation at $0.332 dollars per coin. A clean break of this formation could lead to more losses toward the August low at $0.306 dollars.