Peercoin Higher, Namecoin Surges 40%

While bitcoin prices stayed mostly unchanged during the past four days ($413 right now), both Peercoin and Namecoin are trading higher. Peercoin is up by 7 percent to $0.516. But the big mover this week was Namecoin, currently trading at $0.583 or 40 percent higher compared to its price last Thursday. The two altcoins have now switched places, with NMC climbing on top on a per coin basis.

Peercoin Higher by 7 Percent

Alternative cryptocurrency Peercoin is trading higher to 51.6 cents right now. This is a gain of over 7 percent compared to one week ago. On the chart below we can see that the current uptrend hasn’t been a smooth ride. Last Saturday we dropped to a low of $0.451, just above the 45 cents level noted in our previous article as a potential trend breaker.

PPCUSDH4-mar10

From here prices recovered to hit a high of $0.57 today, close to another important level we mentioned last week ($0.579). We are currently trading at $0.515, significantly below the 57 cents swing high. The strong rejection at $0.57 signals that the level mentioned in our previous article is still valid. Above here we find some resistance at the $0.616 swing high, followed by $0.932 and the parity level at $1 dollar. But like we’ve mentioned previously, due to the large gap from $0.616 to $0.932, resistance levels are likely to emerge in between these levels. Potential candidates are the round levels at $0.70, $0.80 and even $0.90 dollars per coin.

On the other end, the key figure is again 45 cents. A decisive breakdown below here could end the current PPC rally. Below here we have weak support at the $0.429 dollars followed by a stronger level at the 40 cents figure. More support on the way down can be found near $0.385 dollars, where we have a support area. A clearing of this area may start a downtrend and extend the move toward $0.353 dollars per coin.

Namecoin Surges by 40 Percent

Like we said above, Namecoin is the big winner this week. The altcoin is up by over 40 percent, trading at $0.583 dollars per coin right now. Earlier in the day we were quoted as high as $0.633. Potential resistance levels include today’s high at $0.633 (weak) and a much stronger level at the $0.666 November spike high. This is followed by the former swing low at $0.751. Support becomes resistance and this previous low may now act as a lid on rising prices.

NMCUSDH1-mar10

On the lower end, we have some support at the $0.54 level we broke few days ago, follow by the half-parity level at 50 cents,  $0.48 and $0.452 dollars per coin. But to end the current rally, we will need to see a decisive break below the 40 cents level.

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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