Both Namecoin and Peercoin have rallied strongly today. Namecoin is up by 9 percent while PPC/USD is trading higher by close to 12 percent. However doubts remain about the sustainability of these rallies. The two major crypto-currencies, Bitcoin and Litecoin, haven’t moved much and are slightly down compared to our last update. Bitcoin is currently quoted at $432 dollars, down $13 dollars since Tuesday. Its little brother Litecoin is down to $3.48, from $3.51 two days ago.
Peercoin Higher by 12 Percent
Alternative cryptocurrency Peercoin is trading higher by 5.3 cents, or almost 12 percent today. This adds to previous gains of 1.2 cent since last Thursday. We are currently quoted at $0.482 dollars.
With the $0.446 breakout level now behind us, more gains could be on the way for PPC. The next resistance on the upside can be found at round 50 cents figure followed by the swing high at the $0.579 dollars. Higher up we find more resistance at $0.616 dollars per coin. To end the current uptrend we will need to see a decisve break below the 40 cents level.
For a new downtrend however, the bar is set a bit lower at $0.39 dollars. Below here we have some support at $0.378, followed by the November low for PPC at $0.356 dollars. Further down more support can be found near $0.333 and $0.321 dollars per coin.
Namecoin Up 9 Percent
Namecoin is up substantially higher today as well. We are currently quoted at $0.479 dollars, up 4.2 cents on the day. around 9% in percentage terms.
With the break above $0.454 dollars NMC/USD is also in rally mode. The next resistance above here is the round 50 cents figure. This is followed by the $0.579 dollars level and the spike high at $0.666 dollars per coin.. To end the current uptrend, the bears will need to push prices below the $0.408 swing low.
For Namecoin the hurdle to a new downtrend is at $0.399 dollars. A clean breakdown below here could lead to more losses. Possible support below here can be found around 36 and 37 cents per coin, followed by the double bottom near $0.332. A break below here could open the way to the August low at $0.306 dollars.