The general crypto bubble continues for another week. Pretty much everything is rallying against the US Dollar and this is the case with PPC and NMC as well. This week both alts broke above the important $1 parity level and are quoted well above it at the moment.
Peercoin Gains 26 Percent
Peercoin prices are trading 26 percent higher compared to two weeks ago. One coin is selling for $1.135 right now, compared to $0.851 in our previous update. Peercoin is the beneficiary of the general uptrend in the crypto market. Bitcoin is trading near the all-time high and many alts are hitting multi-year highs as a result. It’s hard to say when the current bubble will end but for now, it pays to be long.
For PPC/USD, the uptrend is still in place. To end it, the bears will have to push PPC/USD below the $0.75 swing low. A breakdown below 71 cents would start a new downtrend in prices. Support below here can be found at $0.661 swing low, followed by the $0.50 round figure. More support below 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. On the longer term charts (weekly and monthly) PPC remains in bullish mode.
Namecoin Also Up 26 Percent
Just like PPC, Namecoin is also up by 26 percent compared to April 13th. We are currently trading at $1.088 dollars per coin.
Given the same percentage gains, it’s clear that the current moves have more to do with the general crypto environment than the coins themselves. Below current prices, the first level of support is the $1 parity level. This is followed by $0.985 and the previous resistance now turned support at $0.889. The bullish trend will stay in place until the $0.735 swing low is taken out. A move below 72 cents would start a new NMC bear trend.
On the other end, we have weak resistance at $1.27, yesterday’s high. This is closely followed by a much stronger level at $1.30, the two-year high for NMC/USD. A breakout above here may lead to more gains toward the $1.50 round figure. With the most recent breakout above $1, the monthly charts are bullish as well. Now both of the long-term charts (weekly and monthlies) are in the uptrend.