Altcoins are still undecided as bitcoin continues the march higher, gaining $17 dollars or just over 4 percent since Tuesday. Prices hit $424.99 dollars per coin minutes ago, nearing the swing high at $425.50. We are currently quoted at $424 dollars flat. But let’s start with Peercoin first and we’ll come back to BTC later on.
Peercoin Nearing Breakout Point
In the past week, PPC /USD has gained 3.7 cents or 9 percent. With the recent gains PPC is nearing its upper breakout point, marked on the chart below.
A decisive breakout above the $0.467 swing high may start a new uptrend. Higher up we find more resistance close by at the two weaker levels, $0.483 and $0.495 dollars per coin. These are followed by the round 50 cents level. A breakout above here could lead to more gains toward $0.579 dollars. The important levels on the upside continue with the swing high at $0.616, followed by the $1 dollar parity level.
On the other end, a breakdown below the round 40 cents level could start a new PPC downtrend. Below here support on the way down can be found at the $0.385 level and at $0.353 dollars. Further down we have more levels at $0.333 and $0.321 dollars, followed by a strong support area from $0.29 to $0.30 dollars per coin.
Namecoin Still Stuck in Range
Alternative cryptocurrency Namecoin is still stuck in its range. During the past seven days, NMC/USD advanced by only 1.3 cents or 3.5 percent. These gains severely lag the performance of bitcoin, which is up $39 dollars or 10.1% during that same timeframe. We are currently quoted at $0.414 dollars per coin.
A decisive breakout above the $0.426 swing high could start a new rally for Namecoin. We came close to breaking this level on two separate occasions, on February 14th and yesterday, on February 17th. A clean move higher could lead to more gains toward the $0.452 swing high. Higher up more resistance levels can be found at $0.48 dollars, $0.50 and $0.54 dollars, the spike high reached last November.
On the lower end, a breakdown below the 39 cents level could start a new trend lower. The first support level after this is at the $0.357 swing low, followed by the double bottom near $0.332 dollars. Below here we have more potential support levels at the August 2015 low at $0.306 dollars and the round $0.30 level.
Bitcoin Rally Continues
The rally in bitcoin prices continues for another day. Earlier in the session we hit a high of $424.99, close to the $425.50 swing high, a resistance level. Above here we have more resistance at $450 and $460 dollars. This is followed by last year’s high for BTC/USD near $500 dollars. On the downside, a break of the $400 round figure should be a cause for worry to the bulls. But to end the current uptrend, the bears will have to push prices below $374 dollars per coin.