More Losses for Peercoin and Namecoin

More losses for Peercoin and Namecoin during the past two weeks. Namecoin dropped an extra 2.5 cents or close to 10 percent since our last NMC update. Peercoin on the other hand finally managed to break the support at 27 cents and is now trading lower by 4.2 cents. This is a move down of over 15 percent.

Namecoin Falls by 9.8 Percent

Namecoin continues its downward sloping trajectory. Prices are now quoted at $0.229, or 9.8 percent lower. But as we can see on the chart below, the last 14 days haven’t been smooth sailing for the bears. While initially they managed to push NMC/USD as low as 0.221 last week, the subsequent rally took prices back to a high of $0.259. From here a second wave of selling led to a low of $0.227 yesterday.

nmcusdh4-10nov-copy

While the road has been rocky, there’s no doubt that the trend is still down. To end it, the bulls will have to push Namecoin back above the 26 cents figure. A new rally however requires a break of the $0.276 swing high. Higher up we have resistance at the 30 cents round figure. Higher still we have the two-month high of $0.32 and the $0.346 swing high.

On the lower end, weak support can be found at this month’s low of $0.221, closely followed by the 20 cents round figure. All three trends (short-term, medium-term and long-term) for NMC/USD are down.

Peercoin Breaks Important Support

In our last PPC update we reported that the bears were unable to break the important support near the 27 cents level. Few days after that post the level fell and after some reluctance, prices eventually headed lower. We are now trading at $0.234 dollars per coin, or over 15 percent lower compared to two weeks ago. As we can see on the chart below, similarly to NMC, the move downward here wasn’t straight-forward either.

ppcusdh4-nov10-copy

Peercoin first dropped to a low of $0.24, only to surge over 12 percent from here to a high of $0.269. But as it’s usually the case during downtrends, the highs were used by the bears to sell at a better price. The second wave of selling saw a new low of $0.233 yesterday. We are now quoted just barely above the monthly lows at $0.234 dollars per coin.

Below current prices there’s some support at the $0.211 swing low, closely followed by the $0.20 round level. On the upside, a move above $0.269 is needed to end the downtrend. But a new rally needs a break of the 30 cents round figure as well.

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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