Peercoin, Namecoin Pushing on Support

Both Peercoin and Namecoin are pushing on their respective support levels. For PPC/USD this figure stands around $0.398 while for NMC its around $0.412. As we always say, we’re looking for a ”decisive” break of these levels, not just a quick and shallow spike below.

Peercoin Down by 2.6 Percent

Peercoin is down by 2.6% this week, from $0.417 to $0.406 right now. Earlier in the day we hit a low of $0.404 but we’ve since bounced slightly. The important support around the 40 cents area at $0.398 dollars wasn’t tested this week.

PPCUSDDaily-may12

It remains the key level going forward. A clean break below it could start a new short-term trend to the downside. Close-by we find a strong support at $0.385 dollars. A break below here could lead to more gains toward the January lows for Peercoin at $0.353 dollars. The medium-term trend is neutral while the longer-term trend (monthly charts) is down.

On the other end, we’re looking at the $0.479 dollars swing high as a potential trend starter. Above it we have resistance at the round 50 cents level, followed by the $0.544 swing high. Further up we have two more resistance levels at $0.57 and $0.616 dollars per coin.

Namecoin Pushing on Support

Alternative cryptocurrency Namecoin continues to push on support. The level to watch is $0.412 dollars per coin. This week we got as low as $0.417 dollars. On the chart below we can see that every spike higher has been sold into by the bears, slowly pushing the pair back to the support area.

NMCUSDDaily-may12

In the short-term technically NMC/USD is still in an uptrend. The medium-term trend for NMC is neutral while the long-term trend is down.

But we’re very close to breaking the current rally and starting a new trend lower if $0.412 gives way. A clean departure from this area could open the door toward the $0.357 swing low. Below here we find more strong support at the double bottom formation near $0.332, followed by the swing low at $0.306 dollars.

On the upside, a break of the $0.479 swing high would restart the bullish momentum. Above here more resistance can be found at the $0.50 round figure followed by the 54 cents level. Further up we have the March high at $0.633 dollars and the November spike high at the devils number of $0.666. Support turns to resistance and the former support at $0.751 dollars may act as a lid on prices, at least temporarily.

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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