The past 7 days saw a resumption of the upward trend. Bitcoin is pushing on the $270 dollars resistance, Litecoin is surging and Peercoin hit a new high for the year today. But Namecoin remains range-bound, stuck between 64 and 77 cents per coin.
Peercoin Hits New Yearly High
Peercoin hit $0.658 today, a new high for 2015. The move higher has no doubt been helped by the general rally across most cryptocurrencies. Peercoin is now getting close to an important resistance area comprised of two levels, $0.70 and $0.73.
This area successfully held up prices for two whole months last year, in October and November. When the area was broken in early December 2014 PPC/USD fell over 27 percent as a result. Old support turns to resistance and this previous important level may stall or stop the PPC rally. If prices manage to breakout above it, further resistance can be found at the $0.834 swing high, followed by another swing high at $0.932. The round figures in between ($0.80, $0.90) may also act as resistance.
To end the current rally, the bears will need to push PPC/USD below 40 cents per coin. Bit higher up, there is strong support area around $0.425-$0.435 that may hold up prices.
Namecoin Range-bound Last Week
Namecoin was trading range-bound last week. The bounds of this congestion area stand at $0.775 on the high end and $0.642 on the low end. But even a break below the range’s low wont end the rally. To achieve this, the bears will need to make a decisive push for the 50 cents mark.
On the top side the June 30th high at $0.775 is close to $0.783. This 78 cents level is a previous swing low for NMC/USD that was reached in October 2014. It was the key level to the downside and after it was decisively taken out on December 23rd, Namecoin lost 43 percent of its value. As we mentioned above, previous support turns to resistance and the 0.783 level will likely act as a lid on prices, at least temporarily.
Whenever trading altcoins you should have one eye on big brother bitcoin. The BTC moves will often get copied in the altcoin market. Bitcoin is currently pushing on important resistance at $270 dollars. A decisive break above it, not just a brief spike higher, may open the way to the $300 dollars handle. On the lower end, a move below $245 dollars will likely end the BTC rally.