Alternative cryptocurrency Namecoin is testing an important support near the 28 cents level. Meanwhile, Peercoin continues a slow but steady decline.
Peercoin Down by 2 Percent
Peercoin is down by around 2 percent this week, from $0.357 to $0.35 per coin. We’re now hovering above a 13-day support near 34 cents.
A break below here could open the door to the lows reached during the Bitfinex hack-crash at $0.297. This level is closely followed by the one-year low for PPC/USD at $0.291. The next support, if this area gets broken, stands at the multi-year low at $0.211 per coin.
To end the current downtrend, the bulls will have to push prices back above the $0.379 swing high. But a breakout above the 40 cents round figure is needed to switch this trend from down to up. Resistance levels above here can be found at the $0.438 swing high, the 50 cents round figure followed by $0.524 per coin. A breakout above this level could open the door to the next important resistance at $0.57. No change in the longer-run trends for PPC/USD since last week. The medium-term (weekly) trend for Peercoin is still down while the long-term trend is neutral.
Namecoin Testing Important Support
Unlike PPC which had small losses this week, NMC prices crumbled by 3.6 cents or 11 percent. We’re currently quoted at 29 cents.
Read More https://blog.fxopen.com/namecoin-testing-important-support/
