Peercoin and Namecoin Continue Move Higher

Both Peercoin and Namecoin are continuing their upward trends. Compared to two weeks ago we’re seeing continued gains for both of these crypto-currencies.

Peercoin Up 7 Percent

Peercoin prices are up 17 cents or just above 7 percent since our last PPC update. We are currently quoted at $2.47 dollars per coin.

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Although the gains have stopped for PPC/USD during the past 10 days, the bullish trend is still in place here. Prices peaked at $3.50 on June 23rd, then fell down to a low of $1.90 during the correction. However this missed the potentially trend-ending level at $1.70 so the direction on the daily charts remains up, for now. We need a move below the $2 round figure before we can call the current uptrend over.

The bears will need to decisively break the swing low at $1.90 to start their own trend lower. Support below here can be found at $1.90, $1.70 and the round figure at $1.50. Further down we find more support at the $1.08 swing low followed by the $1 parity level. On the longer-term charts (weekly and monthly) PPC remains in bullish mode.

Namecoin Gains 40 Cents

The rally in Namecoin was much stronger, with prices peaking at $3.89 on FXOpen before falling back. During the correction, a low of $2 dollars was hit on June 26th. Similarly to PPC, this sharp drop failed to break the important level at $1.70.

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Thus we remain in bullish trend here. The bears need a break below the $2.21 swing low to end the current trend. But they want a move below $1.92 to switch us to the downside. Support below here can be found at $1.70, $1.50 and the $1.08 swing low. On the weekly and monthly charts NMC/USD is looking bullish as well.

Bitcoin Continues Range

Because bitcoin movements often drive altcoins like PPC/NMC, let’s do another update for big brother. Bitcoin prices continuing the range-bound price movement. During the past three days, we hit a low of $2,460 and a high of $2,550. This is a movement of $90 or just above 3 percent, fairly low in the crypto-currency world.

The narrowing range confirms we’re now firmly in ‘wait and see’ mode for BTC/USD. A new rally requires a breakout above $2,740 on FXOpen. This corresponds to around $2,780/90 on other major exchanges). Keep in mind that this price gap is flexible, for example, right now FXOpen is trailing $65 below the top two USD exchanges. A new BTC downtrend needs a break below the $2,250 level.

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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