Namecoin Joins Peercoin in Rally

Today Namecoin prices broke above the $0.242 swing high and began and new uptrend. It joins Peercoin which has been in rally mode for most of January. This uptrend continues into the new month.

Peercoin Rally Continues

Peercoin prices are still in rally mode as the altcoin trends higher, albeit slowly. Since our last update 14 days ago no new highs have been reached. Prices peaked at $0.313 on January 17th and during the past two weeks we only traded as high as $0.304 (today). But the overall direction remains up, as can be seen on the chart below.

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To end the current uptrend the bears have to push prices below 25 cents. A decisive break below $0.236 could start a new downtrend in prices.

On he upside we have resistance at the 30 cents round figure, followed by this year’s high at $0.313. A breakout above here could lead to more gains. Higher up we find resistance near the 35 cents level and the $0.388 swing high. These are followed by the 40 and 50 cents round figures and the $0.524 swing high. On the longer-term (weekly and monthly) charts PPC/USD is neutral, neither bullish nor bearish.

Namecoin Joins Uptrend

Namecoin joined Peercoin in an uptrend today as prices broke above the $0.242 swing high. So far no major gains can be seen. Earlier in the day a high of $0.253 was reached but right now we’re quoted at $0.244, not far from the breakout level.

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We have resistance on the way up at $0.292 swing high, closely followed by the 30 cents round figure. Higher still the September resistance at $0.32 could act as a lid on prices, at least temporarily. This is followed by the 40 cents round level and the $0.44 swing high.

A decisive break of the $0.212 swing low could end the fledgling uptrend. The 20 cents round figure is weak support. But a stronger support below here can be found at the $0.194 swing low, a move below it may start a new downtrend in prices. Further down we have potential support at last December’s low of $0.162, followed by last year’s low at $0.153. A breakdown below this important milestone could intensify the NMC losses.

On the longer-term charts, NMC/USD is looking mixed. While the weekly chart is neutral, the monthly is still tilting toward the downside.

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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