Uneventful Week for Altcoins

It’s been a farily uneventful week for altcoins. Peercoin is currently quoted at $0.408, about 3.3 percent higher. Namecoin on the other hand has barely changed and is trading at $0.374, almost exactly where it was during our update seven days ago.

Peercoin Higher but Trend Lower Remains

Alternative cryptocurrency Peercoin clocked some tentative gains since last Thursday. We’re up 1.3 cents or close to 3.3 percent. But as we can see in the chart below, we haven’t broken any important resistance levels yet.

PPCUSDH4-july14

As we noted last week, the figure to watch is the $0.429 swing high. A decisive break above here would end the current downtrend as well as start a new short-term trend higher. Higher up more resistance levels can be found at $0.43 followed by the round 50 cents figure and the $0.51 mark. A breakout above could open the door to the next important level at $0.57. This is a former double top for Peercoin. The first peak was made on November 4 and the second on March 10. A move above here could intensify the gains.

On the lower end, support can be found at the $0.339 swing low followed by the low made back in May at $0.323. A break below here could open the door to the round 30 cents figure. Close to here we find another support at last August low of $0.291. A clearing of this support area could lead to more losses toward the multi-year PPC/USD low at $0.211 per coin. The medium-term trend for PPC is down but the long-term trend is still undecided.

Namecoin Little Changed

As we wrote earlier, NMC/USD is currently trading almost exactly where we left it seven days ago at $0.374. For a definitive end to the short-term downtrend we need to see a decisive break of the $0.414 swing high. A move above here would also start a new NMC rally.

NMCUSDH4-july14

Resistance levels above here can be found at $0.43, $0.446 and $0.476 followed by $0.48 and the round 50 cents figure. Most of these levels are weak until we get to around $0.50 per coin. A breakout above here could extend the gains to the $0.54 mark. Similarly to PPC, the medium-term trend is bearish while the long-term trend is neutral.

On the lower end, support can be found at last month’s low at $0.324. A clearing of this support could lead to more losses toward the round 30 cents figure. The 2015 low at $0.274 is another important support level, a break below it could intensify the NMC losses.

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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