Both Peercoin and Namecoin have gained somewhat during the past seven days. Peercoin is up by 6 cents or 17 percent this week while NMC is higher by 4.2 cents or just over 12 percent.
Peercoin Up Over 13 Percent
Alternative cryptocurrency Peercoin is trading higher by over 13 percent compared to last Thursday. Much of the gains are likely due to the big brother Bitcoin rallying over 10% after the crash last week. Bitcoin is trading at $658 right now, it opened last Thursday at $590. But what’s next for PPC/USD?
On the chart above, we can see that we’re currently quoted at $0.409 per coin after trading as high as $0.421 two days ago. Despite the gains, the short-term downtrend isn’t over yet. For that, we need to see a decisive breakout above the 45 cents mark. Below here more resistance can be found at $0.42 and $0.442 per coin. A breakout above this month’s swing high at 51 cents would resume the short-term bullish uptrend.
On the lower end, we have a support at last month’s low of $0.323. A break below here could open the door to the 30 cents level. Close to this round figure we find another support at last August low of $0.291 per coin.
On the longer-term charts the picture is looking neutral with both the medium-term and the long-term charts showing no present trends. This is not surprising when you take into account that we opened the year at $0.409 and that’s exactly where we’re trading 6 months later.
Namecoin Gains 12 Percent
Namecoin gained 12 percent since last Thursday. But similarly to PPC, the downtrend isn’t over yet. For that to happen, the bears will have to push prices above the 46 cents level. If the move extends above $0.538 as well, we’ll be looking at a new short-term uptrend. We have more resistance levels to the upside at the March swing high of $0.633, followed by another spike high at $0.666 made back in November last year.
The longer-term Namecoin trends are mixed, the medium-term chart is still bearish while the long-term chart remains neutral.
On the downside, support can be found at last month’s low of $0.33. A clearing of this support area could lead to more losses toward the round 30 cents figure.