Bitcoin has taken a step back since our last update. Prices fell $2 dollars on Tuesday and a further $5 dollars in the early hours of today’s trading session. We have since pared some of the losses and BTC/USD is currently quoted at $232 per coin. Meanwhile the recent downmove caused altcoins to fall as well. Peercoin is now back to trading at $0.21 while Namecoin is hovering just above 30 cents. Litecoin seems to be holding its own, losing only 0.7 percent since Tuesday. But even LTC should go down if bitcoin breaks some of its important support levels. For more on this, take a look at our previous article HERE.
Peercoin Back to 21 Cents
Alternative cryptocurrency Peercoin is back to trading at 21 cents, $0.218 to be exact. The crypto has declined by 5.2 percent since Tuesday but despite the losses, no major levels have been broken yet, as can be seen on the chart below.
Peercoin has a large support area from $0.20 to $0.213. To spark a new downtrend, PPC will need to clear the round $0.20 mark. The key word here is clear, not just briefly spike below it. Note that due to the importance of this support level, we may see a lot of games being played here. If PPC/USD manages to head lower, important support levels below may be found at $0.15 and $0.10. This is just a guess on our part as these are not former support/resistance levels. Peercoin has not traded below $0.20 during the past few years, making it hard to identify critical levels.
To end the downtrend, PPC/USD will need to rally back above 25 cents.But in order to generate a new uptrend, Peercoin will need to climb back above the previous swing high at $0.267
Namecoin Hovers Above $0.30
Namecoin is back to hovering above the $0.30 mark, currently at $0.311. Similarly to Peercoin, NMC is still in a downtrend. To end it, the altcoin will need to climb back above 36 cents. The hurdle to spark a new uptrend is set little higher at $0.40.
On the downside, notable support levels include the $0.30 mark, followed by this year’s low at $0.274. The conservative approach would be to treat the area from $0.274 to $0.30 as one large support. A decisive break below 27 cents could intensify the NMC losses.