Both Peercoin and Namecoin have snapped their multi-day losing streak after BTC spiked higher two hours ago. Peercoin is currently up by 1 cent on the day, or about 2.4 percent. Rival coin NMC is up by 1 cent as well to $0.407 dollars.
Peercoin Higher by 2.4 Percent
As noted above, alternative cryptocurrency Peercoin is trading higher today. This is mostly due to big brother bitcoin surging by $16 dollars to $385 dollars per coin, or just over 4 percent. But taking a more long-term view, PPC is nowhere near staging a new rally, or a downtrend for that matter. As we can see on the chart below, we are currently quoted at $0.42, over 6 cents away from both breakout points.
On the upside, the current threshold to a new rally stands at the round $0.50 figure. A decisive breakout above this figure could lead to more gains towards $0.579 dollars per coin. Higher up more resistance can be found at $0.616 followed by the parity $1 figure and last July’s spike high at $1.02 dollars.
On the lower end, a break of the $0.353 swing low could start a new PPC downtrend. Below here we have support at $0.333 and $0.321 dollars. Further down we find a strong support area stretching from $0.29 to $0.30 dollars. A breakdown below here could open the door toward last year’s lows near $0.21 dollars per coin.
Namecoin Mostly Flat This Week
Namecoin stayed mostly flat this week. On the chart below we marked this week’s trading range with a yellow rectangle. We can see that despite today’s spike, NMC/USD remains firmly within the bounds of the range.
The two key numbers to watch are $0.48 and $0.357 dollars. A decisive break above the January high at 48 cents could start a new NMC rally. Resistance above can be found at $0.50 and $0.54 dollars per coin. These levels are followed by the $0.666 dollars spike high reached back in November of last year, during the last major BTC rally.
On the lower end, a clean move below $0.357 could start a new downtrend. Below here we find support at the double bottom near $0.332 dollars followed by August 2015 low at $0.306.
Bitcoin Spikes Higher
The reason behind the altcoins surge today was bitcoin. Everyone’s favorite cryptocurrency rallied by $10 dollars in the past two hours for a total gain of $16 dollars today. We are currently trading at $385 dollars. The downtrend is still in place, although we are getting close to the $403.83 swing high. A decisive breakout above this level could end the current downmove. But to completely reverse course and start a new rally, the bulls will need to take out the next swing high at $426 dollars per coin.