The general consolidation in the crypto-market is still ongoing. But while BTC is making tentative gains, both Peercoin and Namecoin are drifting lower and testing important support levels. Let’s start with PPC and we’ll get back to Namecoin later on.
Peercoin Testing Support
Peercoin is still testing the important support level near $0.447 dollars per coin. In the past seven days PPC/USD hit a low of $0.444 dollars but that’s where the small losses ended.On the chart below we can see how the bears have been constantly attacking this support area during the past few weeks.
We’re currently quoted at $0.447 dollars, only 0.001 above the price noted in last week’s article. That alone says everything about how slow the past week has been for Peercoin. A decisive breakout below the $0.444 level could start a new PPC downtrend. Support below here can be found at $0.429 dollars followed by the round 40 cents figure. Around $0.385 we find a strong support area, a clearing of which may extend the losses to the January lows at $0.353 dollars.
On the upper side, the resistance at the latest daily swing high near the round 50 cents figure may be key. Thus a decisive breakout above $0.50 may spark a new uptrend for Peercoin. Close to here we have more resistance at the $0.544 swing high. Higher up we find the March high at 57 cents, followed by another resistance at the $0.616 swing high. From here we have a large gap to $0.932 dollars and the parity level at $1 dollars flat. But as we’ve written before, resistance levels are likely to emerge in between. Potential candidates are the round levels at $0.70, $0.80 and $0.90 dollars per coin.
Namecoin Little Changed
Alternative crypto-currency Namecoin is also trading little changed. We are currently quoted at $0.44 flat, only half of 1 cent below last week’s prices. The bears managed to drop prices to $0.436 yesterday, almost touching the important support at $0.434 dollars per coin.
Last week we noted this level as a potential game changer. A decisive breakout below it could start a new downtrend. Below here support can be found near the round 40 cents figure at $0.398 dollars per coin. A clearing of this strong support could open the door toward the $0.357 swing low. Further down we have more strong support at the double bottom formation near $0.332 dollars. This is followed by the August low for NMC/USD at $0.306 dollars per coin.
On the upside, a breakout above the $0.504 swing high may renew the trend higher. The first resistance after this is at the 54 cents level, followed by the high in March at $0.633 dollars. Higher still we find the November spike high at the $0.666 and the former support now turned resistance at $0.751 dollars per coin.