Namecoin, Peercoin Back Into Previous Congestion Area

Both Namecoin and Peercoin have settled back into their ranges. Peercoin is currently quoted at $0.387, below the 40 cents former breakout point, while NMC is at $0.397, also below its former breakout level at 41 cents. While both crypto-currencies are trading higher by about 4 percent since our last update, the overall picture remains undecided.

Peercoin Still Range-bound

Peercoin is has settled down below the former breakout level at $0.40. On the daily chart below we can see that the week-long rally faded as quickly as it appeared. The whole formation looks like a V-shaped reversal.

PPCUSDDaily-nov19

What’s next for PPC/USD? The bar to restarting the rally is set much higher at the November 4th swing high of $0.579. Considering that we’re currently trading almost 20 cents lower, this doesn’t seem likely in the near future.

On the lower end, about 5 cents below here we find a confluence of several previous lows and potential support levels at $0.333, $0.324 and $0.321. A clearing of this area and a move below 32 cents would start a new downtrend. Below here support can be found at the round $0.30 figure, followed by $0.291. Further down, we have another support level at the June lows of $0.275, followed by this year’s low for PPC at $0.212. A breakdown below here would intensify the losses.

Namecoin Back Below 40 Cents

Alternative cryptocurrency Namecoin is now back below the round $0.40 figure. Since last Thursday NMC/USD is trading higher by 1.8 cent or about 4 percent. Nonetheless, this is more a fluctuation within a range then indication of a momentum move higher. Since the middle of last week prices have pretty much stabilized, bouncing between $0.36 and $0.42 dollars per coin. We are currently quoted close to the middle of this range at $0.397 dollars.

NMCUSDH4-nov19

Similarly to Peercoin, restarting the rally would be a tall order. The bulls will need to push NMC/USD back above the November highs at $0.666. On the chart above you can see some of the resistance levels above the current market price.

On the other side, a break below the low of the double bottom formation at $0.33 may start a new downtrend. Lower still we find more support at the $0.306 August lows, closely followed by the round $0.30 figure. The year’s low for Namecoin stands at $0.274. This level will likely act as strong support, a breakdown below here should lead to extended losses.

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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