Peercoin Ends Downtrend, Namecoin Still Weak

Unlike the past two months where we saw both Peercoin and Namecoin fall together, during the last two weeks a divergence has emerged. Namecoin continues to drop, albeit at a slower pace, and is now down by 7.4% during the previous 14-day period. Peercoin on the other hand is up by over 10 percent during the same time-frame.

Namecoin Still Weak

A 19.4% jump on November 13th came close to ending the downtrend for Namecoin. Prices rallied as high as $0.246 but narrowly missed the 26 cents threshold. However in the days after those gains evaporated and NMC/USD now finds itself again under pressure. One coin is selling for $0.212 right now, 1.7 cents or 7.4 percent below the price noted two weeks ago.

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The downtrend remains in place. To end it, the bulls will have to push the pair above the $0.246 swing high. Above here more resistance can be found at the $0.257 – $0.259 area. A decisive clearing of this area could start a new NMC uptrend. Higher still we have more resistance at $0.276 swing high and the $0.30 round figure.

On the other end we have support at this month’s low of $0.201 closely followed by the 20 cents round level. Below here it’s hard to see any notable levels until this year’s spike low at $0.153. This is also a multi-year low for NMC/USD. A break below here could extend the losses. All three trends for Namecoin, short-term, medium-term and long-term, are pointing down.

Peercoin Downtrend Ends

The downtrend for PPC/USD officially ended on November 13th when we got an almost 20 percent surge in prices, from $0.232 to a high of $0.277 dollars. The gains recorded on that day failed to stick however. We’re now quoted at $0.258, ‘only’ 10 percent higher compared to two weeks ago.

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Peercoin is now in ‘no man’s land’. A new rally requires a breakout above the November highs at $0.277 dollars. Higher up we find resistance at the $0.29 swing high, closely followed by the 30 cents round figure. A new downtrend on the other hand need a move below this month’s low at $0.231. Below here there’s support at the $0.211 swing low, closely followed by the $0.20 round level. The $0.211 low is a multi-year low for PPC/USD.

The trends for NMC/USD are mixed at the moment. On the short-term charts there is no clear trend. This is the case on the long-term charts as well. On the medium, weekly charts, the trend is bearish.

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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