Both Peercoin and Namecoin have somewhat paused the losses. Peercoin is down by only 0.4 of a cent (just under 1%) while NMC is up slightly by 1.2 cents. The primary driver for the pause seems to be bitcoin’s rally. Big brother hit a high of $439 dollars today. The gains were larger on other exchanges with prices topping out closer to $445 dollars per coin. But let’s start with PPC and we’ll get back to bitcoin later on.
Peercoin Down Slightly
Alternative cryptocurrency Peercoin is down slightly compared to last week. The losses are fairly small right now of around 1 percent. But as can be seen on the chart below, there’s no respite in sight for PPC/USD.
While the downward momentum has stalled, the trend is still biased to the lower end. Yesterday prices bounced at $0.398, close to the 40 cents round figure noted as potential support in our previous article. The bounce confirms the validity of this price level. A more important support however can be found a bit lower at $0.385 dollars. This is a support area, if the bears manage to clear it, they may extend the move to the January lows at $0.353 dollars.
On the other end, support turns to resistance. The level at $0.447 dollars used to held up prices but should now act as resistance. A clean move above here would end the downtrend. However to start a new uptrend, the bulls will have to break the $0.481 resistance as well. Resistance above here can be found at the round 50 cents figure followed by the $0.544 swing high, $0.57 and $0.616 dollars per coin.
Namecoin Downtrend Loses Steam
Unlike PPC, Namecoin managed to hold on. We are currently quoted at $0.426, slightly above last week’s prices. With the momentum now completely gone, we can say that the short-term downtrend has ended.
To restart it, the bears will have to make a decisive push below the $0.412 swing low. Support levels below here can be found at $0.398 – $0.40 dollars. A break of this strong support area could open the door toward the $0.357 swing low. Further down we have more strong support at the double bottom formation near $0.332 dollars, followed by the $0.306 dollars swing low. A new trend higher requires a break of the 46 cents level.
Bitcoin Rally in Play
The bitcoin rally is gathering steam. As we noted above, today a high of $439 dollars was hit. Notable resistance levels above here include $440, followed by stronger levels at $450 and $460 dollars per coin. A clearing of this resistance area could lead to more gains toward the $500 figure. A break below the $412 swing low would end the current uptrend.