Namecoin, Peercoin Add to Gains

Both Namecoin and Peercoin have continued their rallies and are now quoted above 80 cents per coin. We’ll start with PPC/USD and get back to Namecoin later in the article.

Peercoin Rallies by 41 Percent

Peercoin prices rallied by over 41 percent compared to two weeks ago. We are currently quoted at $0.851, 24 cents above the $0.611 price noted in our previous PPC article.

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No Peercoin specific news has been released during this time-period. The general climate of gains in the crypto market and especially in BTC and LTC seems to be the reason for this pump. With no reason behind the move its hard to add anything about whether the rally will continue from a fundamental perspective.

Technically the uptrend is still in place. To end it, the bears will have to push PPC/USD below the $0.661 swing low. A move further down below the $0.50 round figure would start a new bearish trend. Support below here can be found at $0.48, followed by the $0.40 round level. Lower still we find a cluster of potential support levels at $0.337, $0.35, $0.374 and $0.388. A clearing of this area could lead to more losses. On the longer-term charts (both weekly and monthly) PPC is back in bullish mode.

Namecoin up by 28 Percent

Compared to Peercoin, NMC/USD is up by a more modest 28 percent. We are currently trading at $0.828, 18 cents above the $0.646 price noted two weeks ago.

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Nonetheless, these gains were more than enough to keep the coin in its uptrend. A break below $0.612 dollars per coin would end the current rally. For a new downtrend, the bears need a clean move below the $0.495 swing low. More support below can be found at the former $0.292 swing high, the 30 cents round figure and the September resistance at $0.32 dollars. A clearing of these levels could lead to more NMC losses.

Above current prices, this month’s high at $0.889 may present some challenges to the bulls. The $1 parity level is a tested resistance, prices topped out here earlier this month (at $0.985 to be exact). A breakout above this round figure could lead to extended gains. Further up the two-year high at $1.30 dollars is another potential resistance level. On the longer-term charts the weekly is bullish but the monthly chart remains in neutral mode.

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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