Bitcoin Crash Takes Down Altcoins

The decline in Bitcoin prices continued and turned into a rout yesterday. Prices fell close to 30 percent on most exchanges before rebounding somewhat. This had a knock-on effect on other cryptocurrencies.

Namecoin Spikes, Then Crashes

In what is becoming a familiar pattern lately, NMC prices first spiked to a high of $0.538 before crashing back down to $0.342 right now. Both the rise and the decline coincide with Bitcoin’s price movements.

NMCUSDDaily-june23

What`s next for Namecoin? The short-term trend is now down as well as the medium-term one. The long-term trend is still neutral. Support can be found at last month’s low of 33 cents. A clearing of this support area could lead to more gains toward the round $0.30 figure.

On the upper side, we have resistance at the round 40 cents level followed by the $0.446 swing high. Above here more levels can be found at $0.476 and the $0.50. It’s not a coincidence that NMC/USD topped out a $0.538 on Saturday, this is very close to the $0.54 level noted in our previous article. A decisive break above here could start a new short-term uptrend and extend the gains toward the March swing high at $0.633 per coin.

Peercoin Down 33 Percent From Highs

Alternative cryptocurrency Peercoin is now down over 33 percent from the highs at 51 cents just six days ago. Prices here followed a similar pattern of a spike, followed by a crash. We are currently quoted at $0.345 per coin.

PPCUSDDaily-23june

The short-term trend is now down as well as the medium-term one. The long-term trend is undecided. On the downside, the first line in the sand is last month’s low at $0.323. A break below here could open the door to the round 30 cents level. Close to here we find another level at $0.291, last August’s lows for PPC/USD.

On the upside, we have some resistance at $0.388, followed by the 40 cents figure. More resistance levels can be found at the two swing highs at $0.442 and $0.479. The round figure at 50 cents is another notable level, as well as last week’s spike high at $0.51. A breakout above here could start a new short-term up rally toward $0.544 and $0.57 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.

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