More Losses for Peercoin and Namecoin

Both Peercoin and Namecoin continued to suffer during the last two weeks. Peercoin is quoted at $0.209 right now, 2.6 cents or 11 percent lower. Namecoin is trading at $0.17, down by 1.8 cent or 9.6 percent compared to two weeks ago.

Peercoin Loses 11 Percent

Alternative cryptocurrency Peercoin lost an additional 11 percent since our last update. As we can  see on the 4 Hour chart below, while the downmove wasn’t straight, it was consistent. The crypto hit a new multi-month low of $0.206 yesterday.

ppcusdh4-dec22-copy

Right now PPC/USD is sitting close to the important support level around 21 cents. A clearing of this area could intensify the move lower. The $0.20 round figure is close to here however and this could stop/stall the bears for a bit.

On the other end, a breakout above the $0.242 swing high is needed to end the current downtrend. A new rally requires a break above $0.263 as well. Potential resistance levels above here can be found at $0.27, $0.277 and $0.29. The next round figure at 30 cents could act as a barrier to more gains, at least temporarily. While both the short-term and medium-term trends are flashing red, the long-term trend for PPC/USD is still neutral.

Namecoin Drops to New Lows

Namecoin prices dropped to new lows yesterday as bitcoin gained more ground. Big brother surged to a new high of $825.70 on Wednesday and unlike previous times, this time the BTC rally sunk altcoins instead of lending them a helping hand.

A low of $0.162 was hit last Saturday, surpassing the previous monthly low for Namecoin at $0.166 dollars. But soon after hitting that low NMC/USD seems to have stabilized somewhat, as we can see on the picture below. One NMC is selling for 17 cents right now, down from 18.8 cents two weeks ago.

nmcusddaily-dec22-copy

On the lower end we have a support area starting with this month’s low at $0.162, closely followed by the $0.153 spike low. Like we’ve mentioned in prior writings, this is a multi-year low for Namecoin. A decisive breakdown below here could lead to more losses.

On the upper side a breakout above $0.197 is needed to end the current downtrend. Above this level we have another resistance at the $0.217 swing high. A clean break above this high could start a new NMC rally. More resistance above here can be found at 23 cents, the $0.246 swing high and the $0.257 – $0.259 area. A clearing of this resistance area could lead to more gains. For Namecoin all three trends are still bearish.

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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