It has been an uneventful week in cryptoland. Bitcoin spent most of the week tucked in a small range between $235 and $247 dollars per coin. Namecoin bounced off the support near $0.30 while Peercoin failed to rally above 25 cents.
Peercoin Bounces at 25 Cents
Alternative cryptocurrency Peercoin had an independent rally on May 12th that briefly took it above $0.25. But the altcoin failed to establish a base above the figure and after fighting with the level for one full day, it surrendered most of the gains. We are currently quoted at $0.239 per coin.
The highest high reached during the rally was $0.257. The failed break at 25 cents means that technically the downtrend is still in place. Although just by looking at the daily chart above it’s obvious that the downward momentum has disappeared long time ago. In fact, PPC/USD hasn’t made a new low since April 26th. Furthermore, the altcoin has traded in a range since the middle of April.
To generate a new momentum to the downside and potentially new losses, PPC will need to clear the 20 cents area. This support starts at $0.213 and goes all the way down to $0.20. Notable support levels below include it are $0.15 and $0.10. To end the downtrend, Peercoin will need to rally back above 25/26 cents. To spark a new uptrend, PPC will need to climb back above the previous swing high at $0.267. At the moment, we are in wait and see mode. A Peercoin move above 27 cents or below $0.20 should give us more clarity.
Namecoin Still Hovering Above $0.30
Namecoin is again hovering above the 30 cents mark after a failed attempt to head lower. The break hit a low of $0.286 before bouncing back above $0.30. As we said in our previous article on NMC, the entire area from $0.274 to $0.30 should be treated as one large support.
Similarly to Peercoin, while Namecoin is still in a downtrend, since the middle of April, the momentum has been lost. To generate new impetus lower and possibly more losses, NMC will need to make a decisive break below 27 cents. On the higher end, the altcoin will need to climb back above 36 cents to spark a new uptrend. Notable resistance levels above here include $0.40, followed by the $0.461 spike high. The round 50 cents level should also act as resistance to rising prices.