Both Peercoin and Namecoin have roughly doubled in value since our last update two weeks. One PPC is now selling for $2.21 dollars while buying one NMC will cost you $2.25 dollars.
Peercoin Up by 97 Percent
Peercoin prices are up by 97 percent since our last PPC article. Back then we said this: ”It’s hard to say when the current bubble will end but for now, it pays to be long.”
This remains our current sentiment. There is no doubt that all crypto-currencies are in a major bubble at the moment. Still, these bubbles can last a long time and if you’re already long it pays to follow along. The longer-term charts (weekly and monthly) are bullish too. The new watermark that might end the bull trend is the $1.17 swing low. A breakdown below here would end the rally but not start a bear trend. For that to happen prices need to dip below the 75 cents level.
For traders on the sidelines, there are no good entries right now. While it may feel frustrating to watch this bubble unfold from the sidelines, consider what happened in PPC/USD on the 8th and 9th of this month. Prices fell from a high of $2.61 to a low of $1.79 in only 30 hours. On the chart above we highlighted this period with a yellow rectangle.
This is a drawdown of 31 percent if you were unfortunate to long the absolute top. Due to the current high volatility, entering longs at these prices has an unfavorable risk to reward profile.
Namecoin Gains 109 Percent
Namecoin is quoted at $2.25 right now, up from $1.08 dollars two weeks ago. In percentage terms, this is a gain of 109 percent.
What we said above about PPC similarly applies to NMC as well. While entering at these prices is dicey, the bullish trend will stay in place until we fall below the $1.15 swing low. A move below $0.735 dollars is needed to start a new downtrend.
Above current prices, we have resistance at the two recent swing highs of $2.53 and $2.72. The $3 dollars round figure could also act as a resistance level. On the lower end, we have potential support at the $1.85 swing low, followed by the $1.50 and $1 round figures. Just below here we have more support at $0.985 followed by the previous resistance now turned support at $0.889. On the long-term charts (both weekly and monthly) PPC/USD remains in an uptrend.