Peercoin Bounces at Support, Namecoin Down 8%

The decline for cryptocurrencies continues. In the last seven days, Peercoin bounced near the important $0.465 support while Namecoin fell about 8  percent. Big brother bitcoin also continues to drift lower, down close to $15 dollars since a high of $289.97 that was reached last week.

Peercoin Bounces at Important Support

Since our last update on Peercoin, the crypto bounced near the important $0.465 mark. A low of $0.474 was reached on Saturday, August 1st. The next day PPC/USD gave it another shot, this time trading to a low of $0.476. The subsequent rebound saw prices rally to $0.526 on Monday, only to give up most of the gains in today’s trading session. We are currently quoted at $0.492 dollars per coin.

The bounce adds more validity to this support level. A decisive break below $0.465 would start a new PPC downtrend. More support below this level can be found at $0.376, followed by the round $0.30 mark.

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On the upper end, a breakout above the July 29th high at $0.616 would technically start a new uptrend. Resistance higher up can be found at the $0.738 swing high, followed by this year’s high at $1.027. Caution is advised on the long side. Peercoin just ended a major rally with a blowout top. It will be hard for the altcoin to jump-start a new uptrend on its down, without major help from big brother bitcoin.

Namecoin Down 8 Percent

Alternative cryptocurrency Namecoin is trading down by close to 8 percent since our last update. The crypto traded mostly in a no-man’s land between 58 and 72 cents per coin. While this is a very large weekly range, it didn’t breach any important levels.

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The two key figures are now $0.555 on the lower end and $0.717 on the higher end. A breakout beyond either of these price extremes may lead to a follow-through move. As with Peercoin, caution is advised on the long side due to the recent crash in prices.

A clean breakdown below 55 cents however may spark a new downtrend. This is now a triple bottom formation, tested all throughout July. A break lower could quickly send prices to another important support at the round $0.50 figure. Lower still, we find a support area stretching from the swing low at $0.453 to the April 16th swing high at $0.461. A decisive move below 45 cents could lead to a sell-off towards $0.37 dollars per coin.

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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