Peercoin Slips, More Namecoin Losses

Peercoin prices slipped and fell back down in a bear trend last week. One coin is selling for $0.235 right now, 8.9 percent down compared to two weeks ago. Namecoin continues to lose ground and is now trading 11.3 percent lower.

More Losses for Namecoin

Alternative crypto-currency Namecoin is quoted at $0.188 right now, 2.4 cents or 11.3 percent lower compared to our last update. On Saturday prices traded as low as $0.166 but quickly recovered from here to hit a high of $0.217 on Sunday. Most of these gains were quickly surrendered however as you can see on the chart below.

nmcusddaily-dec8-copy

The downtrend is still firmly in place for NMC/USD. To end it, the bulls will have to make a decisive break of the $0.217 swing high. A move above 23 cents could lead to a new NMC uptrend. Above here we have resistance at the $0.246 swing high closely followed by the $0.257 – $0.259 area. A decisive clearing of this area could lead to more gains for Namecoin.

On the lower end, we find support at this month’s low at $0.166. Further down we have this year’s spike low at $0.153. This is also a multi-year low for NMC/USD. A break below here could extend the losses. All three trends ( short-term, medium-term and long-term) are still bearish.

Peercoin Back in a Downtrend

After losing 8.9 percent last week, Peercoin slipped back in  downtrend. Prices broke this month’s low at at $0.231 and stopped at the next support level at the $0.211 swing low. From here we got somewhat of a bump higher with PPC/USD rallying to a high of $0.263. But similarly to Namecoin above, those gains weren’t sustainable and we now find ourselves back down at $0.235.

ppcusdh4-dec8-copy

Peercoin is now back in a downtrend on the short-term charts. Below current prices we find support at the double bottom low near 21 cents. This is a multi-year low for PPC/USD. A decisive break below here could intensify the losses. The round $0.20 figure could also act as short-term support to prices.

On the other end, a breakout above the $0.263 swing high is needed to end the new downtrend. A move above the next swing high at 27 cents could switch the trend from bear to bull. Resistance levels above here can be found at the November high at $0.277 dollars followed by the $0.29 swing high and the 30 cents round figure.

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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