Altcoins Trade Higher, Break Downtrends

Altcoins have broken their downtrends after trading higher. Peercoin is trading at $0.37 right now, up by over 5 percent since last Thursday.  Smaller altcoin Namecoin is quoted at $0.373, up from $0.346 last week.

Namecoin Higher by 7.5 Percent

Alternative cryptocurrency Namecoin stopped its downtrend this week after the gains of 7.5 percent. Prices broke the $0.385 swing high on Monday, peaking at $0.395 per coin before falling back. We’re currently quoted somewhat below this level at $0.373.

NMCUSDDaily-june9

The break of the $0.385 coupled with the loss of momentum means that the short-term trend for NMC/USD is over now. The long-term trend (monthly charts) is also in neutral mode, while the medium-term trend remains bearish.

To spark a new uptrend, the bulls will have to push the prices above the 40 cents round figure. The first major level above here is the $0.446 swing high. Above here resistance levels can be found at $0.476 and the $0.50 round figure. These are followed by the 54 cents level and the March swing high at $0.633 per coin.

To re-start the downtrend, we will need to see a decisive break below the $0.332 swing low. Slightly above here we have last month’s low at $0.338, another potential support.  A clearing of this support area around 33 cents could open the door toward the round $0.30 figure.

Peercoin Ends Downtrend

Peercoin ended its downtrend as well. The prices broke the $0.375 level on Monday, hitting a high of $0.388 before pulling back. Peercoin is trading at 37 cents right now. Both the short-term and the long-term trends are now undecided. The medium-term timeframe is still in a downtrend.

PPCUSDDaily-june9

To re-start the short-term trend lower, the bears will have to push PPC below last month’s low at $0.323 per coin. A decisive breakdown of this support could exacerbate the losses toward the 30 cents level. Below $0.30 we have more support at last August’s lows of $0.291.

On the upper end, a decisive breakout above the 40 cents figure could start a new short-term uptrend. Above here we have a resistance at the $0.442 swing high followed by another high at $0.479. More potential resistance levels on the upside can be found at $0.50, $0.544 and $0.57. We end the levels with the July 2015 spike high at $0.616 per coin.

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.

More Posts

By with No Comments 0 1115