Peercoin, Namecoin Barely Changed Since Last Week

Both Peercoin and Namecoin are trading barely changed since our update last week. Peercoin is down by only 0.6 cents, that’s just 1.5%. Meanwhile NMC declined by 1/5 of a cent, or only 0.5 in percentage terms.

Peercoin Still Trading in Tight Range

Alternative cryptocurrency Peercoin is still stuck in a tight 3 cents range. The high of this congestion area stands at $0.393 while the low is at $0.363. The low has been moved by 0.2 of a cent after brief foray lower on October 3rd. This shows the importance of having a buffer above and below the current range. False breakouts are plentiful in this type of market environment.

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The breakout bounds for PPC/USD stand at $0.41 and $0.32. The 41 cents mark is just above the $0.404 swing high. This should give us a nice buffer above the high of the range at $0.393. Higher up we have the 43 cents level. Here we find a confluence of a previous resistance at $0.422 and important previous support at $0.43. A clean move above this area should lead to more gains. Above these levels the round $0.50 figure is another important resistance.

On the lower end we will need a decisive break below the 32 cents level to spark a new downtrend. This was a double bottom for Peercoin, hit on September 3rd at $0.324 and on September 13th at $0.321. Lower still we find another important support, the swing low reached during the previous downtrend at $0.291. A move below here could intensify the losses.

Namecoin Barely Changed

Namecoin is trading barely changed since last week. We are currently quoted at $0.369, only 0.2 cents below last week’s price. In the past seven days NMC/USD has moved between a low of $0.354 and a high of $0.376. But ultimately neither the bulls nor the bears could create a decisive break.

NMCUSDDaily-oct8

The number to watch on the top side is 41 cents. This level is a double top composed of two previous swing highs at $0.41 and $0.402. A clean break above here may start a new NMC rally. Above we have an important resistance level at the previous swing high of $0.463. A breakout above this figure could lead to more gains. Higher still, the round 50 cents figure marks another important resistance.

On the bottom, the low of the range stands at $0.332. A decisive break below 33 cents may be needed for a new downtrend. There is more danger to the downside, due to the multitude of support levels below here at $0.30, $0.286 and $0.274. Like we mentioned last week, there is very little room for maneuver between any two of these levels. For example, a break below $0.30 would be quickly met with another support at 28 cents.

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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