Both Peercoin and Namecoin are trading slightly higher compared to our last PPC/NMC update. Peercoin is up by 1.1 cent or 3.5 percent while Namecoin is higher by 2.7 cents or 7.7 percent.
Peercoin slightly higher in Volatile Week
Peercoin is trading very slightly higher by 1.1 cent per coin after a volatile session. First we saw PPC/USD rally to $0.379, only to fall back down to $0.327 in the next several days. We are currently quoted at $0.329.
Despite the high volatility things haven’t changed much in the grand scheme of things. The trend is still down. To end it, the bulls will need to breakout above the 38 cents swing high. On the lower end, support can be found near 29 cents per coin at the August 25th swing low. Further down we find strong support stretching from the $0.267 swing high to the $0.275 swing low. A break below this important support area should lead to more PPC losses.
Namecoin up by 2.7 Cents Per Coin
Alternative cryptocurrency Namecoin is trading higher by 2.7 cents or 7.7 percent. The high reached during the past seven days stands at $0.429 while the low is at $0.337. In percentage terms, the week’s range was a large 25 percent.
What’s next for Namecoin? As with Peercoin, despite last weekend’s rally the trend remains to the downside. The first important support stands at the round 30 cents mark. Prices got very close to this level on August 25th at $0.306. Previously we’ve tested this level in early June and in the middle of May. On April 10th a break below the figure only got as far as $0.274 before prices bounced back higher and closed the day at $0.326.
Below $0.30 support can be found at $0.274 and $0.286. A clean break below 27 cents should extend the losses. On the upside, a decisive breakout above $0.432 may end the current downtrend.
Bitcoin in a Range
Whenever trading altcoins, you should have one eye on big brother bitcoin, so here’s your BTC update. For the past seven days, bitcoin has been stuck in a range between $216 and $231 dollars per coin. A clean break above $231 may end the BTC downtrend. This doesn’t mean that a rally is coming. The threshold for that is set much higher above $265 dollars per coin. On the lower end, a break below the former double bottom at $210 should renew the momentum lower.