Altcoins Back in Range

While we see lots of volatility in Ether and its newly created offshoot ETC, the rest of the crypto market is fairly calm. As we reported two days ago, Bitcoin is being dragged up/down by ETH volatility. But this has been a non-directional affair with prices bouncing between $640 and $656, a range of just over 2 percent. This is a relatively low range for a cryptocurrency. This week, both Peercoin and Namecoin are back in range after their uptrends failed yet again.

Peercoin Uptrend Over

The short-lived PPC uptrend is now over. While prices didn’t break the $0.376 support noted last week, the momentum has been completely lost. We’re now back in a neutral territory waiting for the next move.

PPCUSDH4-july28

On the downside, a breakdown below the $0.355 swing low may start a new downtrend. Support levels below here can be found at $0.339 followed by $0.323 and the round 30 cents level. A break below the one year low at $0.291 would open the door to the multi-year low at $0.211 per coin.

On the upside, the hurdle to start a new trend is set much higher at $0.524. A breakout above here could open the door to the next important level at $0.57. More resistance can be found at the $0.616 swing high, followed by the parity $1 level and the $1.027 spike high. The longer-term picture for PPC/USD hasn’t changed with both weekly and monthly trends signalling indecision.

Namecoin Skirting on Support

After losing 6 percent this week, NMC is back in a neutral mode. With prices quoted at $0.358 right now, we’re right above the potential support at $0.355. A decisive breakdown below here could lead to a new downtrend. Today we have traded as low as $0.353 but the bears have failed to keep prices down.

NMCUSDH4-july28

Below 35 cents more support can be found at $0.324 followed by the round 30 cents figure. The 2015 low at $0.274 is another important support level for Namecoin. A break below here could lead to more losses.

A new rally requires a break of the 44 cents level. Above here we find resistance levels at $0.476, followed by $0.48 and the 50 cents level. A breakout above $0.50 may extend the gains to the swing high at $0.54. The longer-term trends for NMC/USD haven’t changed either, the medium-term trend is signalling a slightly bearish condition while the monthly trend is neutral.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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