Peercoin and Namecoin Give Up Some Gains

Both Peercoin and Namecoin are trading lower compared to two weeks ago. Peercoin is at $0.611 right now, down by almost 12 percent, while NMC is down by a much larger 22 percent.

Peercoin Loses Some Gains

Peercoin lost some of the gains made during the rally. Prices fell from a high of $0.863 on March 16th to a low of $0.48 just a few days later. From here we stabilized somewhat and we’ve been trading mostly range-bound around 50-60 cents per coin.

ppcusdh4-mar30-copy

Today we saw a spike to $0.663 that was quickly retraced. This was likely caused by the large gains in Litecoin today (LTC/USD almost doubled) so it’s unsure if the move higher will continue at the same pace. Nonetheless, the trend is still up and to end it the bears will need to make a decisive break below the $0.50 round figure.

Support below here can be found at $0.48, followed by the 40 cents round level. Further down we find a cluster of potential support levels at $0.337, $0.35, $0.374 and $0.388. A clearing of this area would lead to more PPC losses. On the longer-term weekly charts, the trend is bullish as well. The monthlies are still signaling indecision at current prices.

Namecoin Down by 22 Percent

Namecoin is down by 22 percent compared to two weeks ago. We are currently quoted at $0.646 dollars per coin. If measured from the latest swing high, the losses total over 31 percent.

nmcusdh4-mar30-copy

However, the tentative trend upward is still in place. To end the rally, the bears need a break below $0.495. As usual with these levels, we’re looking for a decisive break not just a brief shallow spike below the support. More support below can be found at the former $0.292 swing high, the 30 cents round figure and the September resistance (now turned support) at $0.32 dollars. A clearing of these levels would start a new downtrend in NMC/USD.

On the upside, we have several weaker resistance levels at $0.666, $0.70 and finally at $0.736, today’s spike high. Further up the $1 parity level is a tested resistance. Prices topped out here earlier this month (at $0.985 to be exact). The two-year high at $1.30 dollars is another potential resistance level.

On the longer-term charts NMC is in a similar boat as PPC. Prices are bullish on the weekly but neutral on the monthly charts.

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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