Peercoin, Namecoin Lag Behind as Bitcoin Surges

Bitcoin surged higher on Tuesday, breaking the $400 handle and hitting $421.59 dollars at its peak. From here we retraced somewhat but BTC/USD is still trading almost 6 percent higher since our last update, currently at $414 dollars per coin. However alternative cryptocurrencies Namecoin and Peercoin are lagging behind at +2.1% and +3% since the start of trading on Tuesday.

Peercoin Rally Still Underway

Peercoin is quoted at $0.418 right now, 2.4 cents or 6% higher since last Thursday. But when compared to big brother Peercoin underperformed, bitcoin gained $59 dollars or 16.6 percent since December 3rd.

PPCUSDH4-dec10

Despite the smaller gains during the past 60 hours, PPC is still in rally mode. To end it, the bears will need to make a decisive push below the $0.378 cents swing low. A break above the $0.477 high is needed to renew the lost momentum higher. Resistance above here can be found at the $0.50 round figure, followed by the November 4th swing high at $0.579 dollars.

On the lower end, a break of $0.35 would start a new PPC downtrend. Below here we find several weaker support levels at at $0.333, $0.324 and $0.321. Breaking this cluster could open the door to the round 30 cents level.

Namecoin Continues Range

Alternative cryptocurrency Namecoin is continuing to linger inside a congestion area, despite an on-going BTC rally. The number to ”beat” is still the 54 cents level. A decisive break above this previous swing high could start a new NMC rally. Higher up, resistance can be found at $0.666, followed by the July swing high at $0.717 dollars per coin.

NMCUSDH4-dec10

On the downside, a move below the $0.359 swing low may start a new downtrend in prices. Below 35 cents the next support can be found at the double bottom formation near 33 cents. This level is followed by the $0.306 August lows and the round $0.30 figure. A clearing of this support area may take us to the yearly low for Namecoin at $0.274. A clean break below here would intensify the losses.

Look at Bitcoin Levels

Since altcoins usually take their cues from big brother bitcoin, let’s take a look at some of its important levels as well. On the upside, the first weak resistance stands at yesterday’s high near $422 dollars. This is followed by a stronger resistance level at the round $450 figure and this year’s high for BTC on FxOpen at $459.20. The 2015 high on most other exchanges was around $500 dollars, so note down this level as well.

On the bottom, support can be found at the $400 round figure, followed by $380 dollars. But to end the current rally, the bears will need to push bitcoin below $345 dollars per coin.

 

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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