Peercoin Retests Lows, Namecoin Range-bound

FXOpen

While altcoins followed bitcoin’s spike higher on Tuesday, most have since given up the gains. Namecoin is back to trading range-bound while Peercoin retested the 21 cents mark again.

Peercoin Retests $0.21 Low

Alternative cryptocurrency Peercoin has been skirting on the $0.21 mark since our update last week. As we noted in that article, the whole area from $0.20 to $0.213 should be considered as one large support level. Peercoin has tested this support two times. The first occurrence saw the crypto trading as low as $0.211 before rebounding to $0.237 on bitcoin’s spike. But PPC/USD quickly surrendered its gains and yesterday retested the 21 cents mark again, trading to a low of $0.217. We are currently quoted very close to yesterday’s low at $0.218 per coin.

PPCUSDH4-apr30

The longer PPC remains to trade right above support, the more odds increase that we will see a break lower. But to continue the losses, Peercoin will need to clear the round $0.20 mark. Notable support levels below here include $0.15 and $0.10. To end the downtrend, PPC/USD will need to rally back above the $0.267 swing high. A stabilization (not just a brief spike) above 25 cents may accomplish the same goal. To generate a new uptrend however, Peercoin will need to climb back above the previous range low at $0.30.

Namecoin Trades Range-bound

Namecoin has been trading range-bound since our last update. The crypto surged to a high of $0.346 on the back of bitcoin’s spike two days ago. But similarly to Peercoin, NMC has given up most of the gains and is currently trading at $0.323.

NMCUSDDaily-apr30

Namecoin is technically still in a downtrend. To end it, the altcoin will need to climb back above 40 cents. A stabilization above $0.36 may accomplish the same goal. But like we mentioned with Peercoin, prices will need to stay above $0.36 for a considerable amount of time and establish a base above the level. We’re talking about couple of days worth of price action here, not just a normal clearing lasting for a few hours. On the downside, notable support levels include the $0.30 mark, followed by the new yearly low at $0.274.

Bitcoin Trades Flat

As we always say, whenever trading altcoins you should have one eye on big brother Bitcoin. Here are some of the major BTC levels. On the top end, a bitcoin move above  the $243 swing high may end the downtrend. But to jump-start a new uptrend, BTC will need to rally above $260 per coin. On the lower end, the area from $200 to $210 stands out as notable support. A clearing of this area and move below $200 may lead to more BTC losses. In light of the erratic price behavior exhibited on BTC-E/Fxopen two days ago, caution is advised. It would be prudent to confirm any major BTC moves with prices on other bitcoin exchanges. If other BTC exchanges don’t follow a Fxopen move, especially to the upside, the rally could falter, in a replica of what transpired on Tuesday.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.