The rally in Peercoin eased up somewhat, with prices currently trading at $0.324 dollars per coin. The slowdown is not that surprising when you take into account the complete lack of movement in bitcoin. For the past week, BTC/USD barely moved, trading in a tight range of $9 dollars. Meanwhile alternative cryptocurrency Namecoin is still undecided.
Peercoin Rally Eases Up
The rally in Peercoin prices slowed down considerably since our last update. While PPC/USD did hit a new high of $0.353 on Saturday, the crypto has fallen back since and is currently quoted at $0.324.
Despite the slowdown in momentum, PPC continues to be in a strong uptrend. To end it, the bears will need to push prices below the 25 cents level. As you can see on the chart above, we had a previous resistance area from $0.25 to $0.263. Now that area is expected to provide support to falling prices.
On the top end, the Saturday high at $0.353 is closely followed by the March 23rd swing high at $0.365. Above we can find another resistance area between $0.425 and $0.435. But the important resistance on the higher end with be the round 50 cents mark. A breakout beyond this price extreme may see the PPC gains accelerate. You can see more levels on the chart above.
Namecoin Continues Range
Alternative cryptocurrency Namecoin continues to trade in a range. On Saturday NMC/USD tried to break free but the move up was short-lived with prices hitting a high of $0.371 before retracing all the gains. We are currently trading at $0.342 dollars per coin.
The area from the April 22nd swing high at 36 cents to the new high at $0.371 will be the key resistance figure. To jump-start a new rally, we will need to see a decisive breakout above this level, not just a brief spike like what happened on Saturday. If this occurs, notable resistance levels above can be found at $0.40, followed by the April 16th high at $0.461.
On the lower end we have a double bottom formation with the troughs at $0.274 and $0.286. Namecoin will need to make a decisive break below 27 cents to restart the downtrend.