Namecoin Flat, Peercoin Back in Range

The slow drift lower for altcoins continues. Peercoin lost 2.8 cents or 6.8 percent since our last update. Namecoin declined as well but by a smaller magnitude . Let’s start with PPC and we’ll get back to Namecoin later on.

Peercoin Back in Range

Alternative cryptocurrency Peercoin fell from $0.444 to $0.417 right now, a loss of 2.8 cents. This puts the crypto back into range-bound territory.  The very long-term trend (monthly charts) is negative. But there is no short-term or medium term trend, as well as no momentum.

PPCUSDDaily-may5

In this environment, waiting for a clear breakout seems prudent. The two major levels are $0.479 on the upside and $0.398 on the downside. A clean breakout beyond either of these price extremes may lead to an extended move higher/lower. What are some of the important support and resistance levels for Peercoin?

Above $0.479 we have the round 50 cents level. This is followed by the $0.544 swing high, $0.57 and $0.616 dollars per coin. On the other end, below $0.398 we find a strong support area at $0.385 dollars. A break below here could lead to more gains toward the January lows at $0.353 dollars.

Namecoin Mostly Flat

Namecoin is trading mostly flat this week. We’re currently quoted at 42 cents per coin. The crypto hit a low of $0.415 on May 1st, almost breaking the $0.412 support noted in our last article.

What we said about that level back then still applies. A decisive breakdown below here would both end the current uptrend and start a new short-term downtrend. The medium-term trend for NMC/USD is flat while the long-term trend is down, same as Peercoin.

NMCUSDDaily-may5

To restart the lost momentum, the bulls would have to break past the 48 cents level. Above here more resistance can be found at the $0.50 round figure and the 54 cents level. Further up we have the March high at $0.633 dollars, closely followed by the November spike high at the $0.666. A clean breakout above these levels could lead to more gains toward the the former support (now resistance) at $0.751 dollars per coin.

On the downside, we have a strong support area around $0.398 – $0.40 dollars. A break of this area could open the door toward the $0.357 swing low. Further down we have more strong support at the double bottom formation near $0.332 dollars, followed by the $0.306 dollars swing low.

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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