Both Peercoin and Namecoin are continuing their downtrends. Peercoin is down by over 7 percent this week while NMC/USD is trading lower by exactly 3 percent. Let’s start with PPC and we’ll get back to Namecoin later on.
Peercoin Down 7 Percent
Alternative cryptocurrency Peercoin is down by 7.2 percent compared to last Thursday. The altcoin has fallen from $0.374 dollars to $0.347 dollars right now.
We are currently trading right at another important support level for PPC. As we noted last week, there is strong support area around $0.349-$0.353 dollars. This week prices dropped to $0.339 dollars but subsequently recovered. Today the lows were again tested, with PPC/USD bottoming out at $0.342 dollars. From here Peercoin again bounced back to $0.347 dollars right now. Because we are looking for a decisive break of these levels, we can’t call this support broken yet. A sustained move below $0.339 swing low should do the trick though.
Below here we find the next support area at the round 30 cents level. The August lows at $0.291 dollars could also act as support. Both the short-term and medium-term trends are now down for PPC/USD. The long-term trend is still undecided.
On the upside, move above the $0.42 dollars would end the current downtrend. A decisive breakout above the $0.442 swing high could start a new PPC rally. Higher up we find resistance at the $0.479 swing high followed by the round 50 cents level. We have more resistance levels at $0.544, $0.57 and $0.616 dollars per coin.
Namecoin Slightly Down
Namecoin is trading down by 3 percent this week, from $0.366 to $0.355 dollars right now.
Last week we penned the first support area between last Tuesday’s low at $0.352 and the $0.357 swing low. This week a low of $0.338 dollars was hit, close to the $0.332 dollars swing low. This is an important point for NMC because there is strong support here from a former double bottom formation. The next support level after this can be found at the $0.306 dollars swing low, followed by the round $0.30 level.
Similarly to Peercoin, for NMC/USD both the short-term and medium-term trends are down while the long-term trend is neutral.
On the upside, a move above the $0.43 level would end the current downmove. A breakout of the $0.446 swing high could restart the bullish uptrend. Above here resistance levels can be found at the $0.476 swing low and the $0.50 round figure. These are followed by the 54 cents level and the March high at $0.633 dollars. The November highs at $0.666 could also act as resistance, at least temporarily.