The Bitcoin rally to $635 per coin is not having the desired effect across the crypto space. Many smaller altcoins have yet to follow BTC higher and some (such as PPC and NMC) are testing important lows instead.
Namecoin Testing Lows
Today the alternative cryptocurrency Namecoin has tested the $0.27 level. In our previous article we hinted that a break below here could lead to a sustained move lower. So far, the bulls are holding the line and we’re now quoted at 28 cents per coin. This is a drop of 2 cents compared to 14 days ago, or 6.66 percent.
A decisive break below $0.27 could start a new downtrend. We have more supports below here at the $0.25, $0.20 and $0.15 round figures. The medium-term trend for NMC/USD is down as is the long-term one.
On the top side, the two-month high at $0.32 will be key. A clean break above here may usher in a new rally. Higher up, we find a resistance at the $0.346 swing high followed by $0.371 and the 40 cents round figure.
Peercoin Down 4 Percent
Peercoin is trading at $0.29, down 3.97 percent compared to two weeks ago. Despite the losses, similarly to NMC, no major levels have been broken yet.
During the past 14 days, we carved out a new low at $0.282, just above the September lows at $0.272. A decisive clearing of this support area could start a new PPC downtrend. Below here we have a support at the $0.237 spike low followed by the swing low at $0.211. The medium-term trend is bearish but the long-term trend for PPC/USD is still neutral.
On the higher end, a clean break above the $0.312 swing high may start a new rally. Above here we have several spike highs near 35 cents per coin. This is followed by a strong resistance area around 39-40 cents. A clearing of this area could lead to more gains. Higher up, we have more resistance at the $0.438 swing high and the 50 cents round figure.