The rally in Peercoin eased up somewhat, with prices currently trading at $0.324 dollars per coin. The slowdown is not that surprising when you take into account the complete lack of movement in bitcoin. For the past week, BTC/USD barely moved, trading in a tight range of $9 dollars. Meanwhile alternative cryptocurrency Namecoin is still undecided.
Peercoin Rally Eases Up
The rally in Peercoin prices slowed down considerably since our last update. While PPC/USD did hit a new high of $0.353 on Saturday, the crypto has fallen back since and is currently quoted at $0.324.
Despite the slowdown in momentum, PPC continues to be in a strong uptrend. To end it, the bears will need to push prices below the 25 cents level. As you can see on the chart above, we had a previous resistance area from $0.25 to $0.263. Now that area is expected to provide support to falling prices.
On the top end, the Saturday high at $0.353 is closely followed by the March 23rd swing high at $0.365. Above we can find another resistance area between $0.425 and $0.435. But the important resistance on the higher end with be the round 50 cents mark. A breakout beyond this price extreme may see the PPC gains accelerate. You can see more levels on the chart above.
Namecoin Continues Range
Alternative cryptocurrency Namecoin continues to trade in a range. On Saturday NMC/USD tried to break free but the move up was short-lived with prices hitting a high of $0.371 before retracing all the gains. We are currently trading at $0.342 dollars per coin.
The area from the April 22nd swing high at 36 cents to the new high at $0.371 will be the key resistance figure. To jump-start a new rally, we will need to see a decisive breakout above this level, not just a brief spike like what happened on Saturday. If this occurs, notable resistance levels above can be found at $0.40, followed by the April 16th high at $0.461.
On the lower end we have a double bottom formation with the troughs at $0.274 and $0.286. Namecoin will need to make a decisive break below 27 cents to restart the downtrend.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?