It’s been a mostly uneventful week in the altcoin market. Peercoin is trading at $0.395 compared to $0.402 last week. Namecoin is quoted at $0.373 compared to $0.389 last Thursday.

Peercoin Little Changed

While PPC prices slowly drifted lower to $0.395 from $0.402 last week, it hasn’t been a smooth sailing. The spike on  July 3 took us to a high of $0.429 per coin. This is now the new ‘watermark’ for Peercoin. A decisive breakout above the 43 cents level would end the short-term downtrend. The threshold for a new rally is set a bit higher at 51 cents per coin.

Things are not looking clearer on the higher time-frames either. While the medium-term chart is slightly bearish, the long-term (monthly) trend is neutral.

On the lower end we have a support at the $0.339 swing low followed by May’s low at $0.323. A break below here could open the door to the round 30 cents figure. Close to here we find another support at last August low of $0.291 per coin. A clearing of this entire support area could lead to intensified PPC losses toward the multi-year low at $0.211.

Namecoin Still in a Downtrend

Alternative cryptocurrency Namecoin is still in a short-term downtrend. In the past hour we saw the losses accelerate with prices falling from $0.384 to $0.364 before stabilizing somewhat.

Below the current prices support can be found at last month’s low of $0.324. A clearing of this support could lead to more losses toward the round 30 cents figure. Last year’s low at $0.274 is another important milestone. A break below here could intensify the down move.

We would need to see a decisive break of the $0.414 swing high to end the current bearish trend. A move above the $0.538 swing high would jump-start a new NMC rally. Similarly to PPC, the medium-term trend is slightly bearish while the long-term trend is neutral.

Bitcoin Waits for Direction

As we’ve repeatedly written, moves in Bitcoin tend to have a large effect on the altcoin market. Usually, losses for Bitcoin mean losses for the smaller cryptos as well, especially against the U.S. Dollar.

So, let’s take a look at some Bitcoin levels. The short-term trend here is neutral. A break above $744 on FXOpen and $795 on other USD exchanges would restart the rally. On the other hand, a move below $540-$560 on most exchanges and $522 on FXOpen would start a new trend lower. For Bitcoin both the medium-term and long-term trends are bullish.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.