Both Peercoin and Namecoin are trading range-bound. Namecoin is trading higher by 0.9 cent or 2.4 percent, while PPC is up by 1.8 cents or 4.8 percent since last Thursday. While both altcoins have made some progress this week, they’ve yet to break out above their important resistance levels.
Namecoin Trading Range-Bound
Considering the large volatility of Bitcoin and some altcoins, it’s been a calm week for NMC. Here the weekly range was ‘only’ 11 percent. This compares with a range of over 20 percent for BTC/USD. The gains have been relatively small too, only 2.4 percent since last Thursday.
The bulls and bears are still locked in a battle here. A new short-term trend higher requires a breakout above the 40 cents round figure. The medium-term trend for NMC is slightly bearish while the long-term trend is still neutral.
The first resistance level above 40 cents is at the $0.446 swing high. Above here more levels can be found at $0.476 and the $0.50 round figure. These are followed by $0.54 and the March swing high at $0.633 per coin.
On the other end, a decisive break below last month’s low around 33 cents could resume the downtrend. Here we have two support levels at $0.338 and $0.332 per coin. A clearing of this support area could lead to more gains toward the round $0.30 figure.
Peercoin Up 4.8 Percent
Alternative cryptocurrency Peercoin is up by 4.8 percent this week. On the chart below we can see that the bulls have made repeated attempts to break above the $0.388 swing high. On Monday, prices traded as high as $0.387 before pulling back. And today the level was briefly broken with PPC/USD topping out at the $0.39 figure. We are currently quoted slightly below the resistance at $0.385 per coin.
While the $0.388 level is no doubt strong resistance, a more prudent approach may be to wait for a break of the 40 cents figure as well. A decisive breakout above this round figure could start a new PPC uptrend. Above here we have a resistance at the $0.442 swing high followed by another former swing high at $0.479. We find more resistance levels at $0.50, $0.544 and $0.57. Last July’s spike high at $0.616 per coin is another level to note.
On the lower end, the downtrend could start if we break last month’s low at $0.323. The first major support below here is at the round 30 cents level, closely followed by last August’s lows of $0.291 per coin.