Crypto Market in Wait-and-See Mode

The crypto market is in wait-and-see mode. Bitfinex opened its doors yesterday and started the disbursement of funds but questions remain about feasibility of the restart. Bitcoin has been trading mostly range-bound for the past eight days with many altcoins following the same pattern.

A considerable amount of Bitcoins (close to 60k at the time of this writing) has already been withdrawn from the Bitfinex platform. Their newly issued BFX tokens are trading at a 70% discount right now. Hardly a vote of confidence from the market. And of course there are potential legal challenges to the scheme. This process continues to weigh on market sentiment.

Peercoin Slightly up but Downtrend Remains

Peercoin is currently quoted at $0.357 per coin, up just over 3 percent compared to last week. But the downtrend in PPC prices continues. To end it, the bulls will need to make a decisive push above the $0.379 swing high.

PPCUSDH4-aug11

On the way down, support can be found at the lows reached during the hack-crash at $0.297 followed by the one-year low for PPC/USD at $0.291. A clearing of this support area would open the door to the multi-year low at $0.211 per coin.

On the upside, a breakout above the $0.438 swing high could start a new uptrend. Resistance above here can be found at the 50 cents round figure followed by $0.524 per coin. A breakout above here could open the door to the next important level at $0.57.  The medium-term (weekly) trend for Peercoin is down while the long-term (monthly) trend remains neutral.

Namecoin Still down

Similarly to PPC, Namecoin has slightly advanced this week, by about 2.2 percent. But again similarly to Peercoin, the downtrend is still in place. To break it, the bulls will have to push NMC above the 36 cents level.

NMCUSDH4-aug11

Support below current prices can be found at the crash low of $0.28 closely followed by the 2015 low at $0.274. The medium-term trend is down but the long-term trend is undecided. A decisive break below $0.274 could switch the long-term trend to the downside as well.

On the upper end, a new rally requires a break of the 40 cents level. Resistance above here can be found at $0.44 followed by $0.48 and the round 50 cents figure. A breakout above this level may extend the gains to the next important swing high at $0.54 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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