It’s been an interesting two weeks for Peercoin and Namecoin. We used to cover these two cryptocurrencies every Thursday. But with rising prominence of Ether and Dash it’s only fitting to include these altcoins in our weekly analysis. Now we will cover PPC and NMC on a rotational basis, one week on, one week off.
Namecoin Flash Crashes to 15 Cents
Namecoin has been under pressure for several weeks, slowly drifting down to the 27-28 cents support area. Two weeks ago we identified these levels as important support. It’s not a surprise that as soon as this support was broken, prices flash-crashed to $0.153 dollars per coin. It’s likely that there were lots of stop orders right below here because like we said on August 18 last year’s low is at $0.274 and ‘a decisive clearing of this support area would switch the long-term trend to the downside as well.’
We’re now 11 days after that flash-crash. Prices immediately recovered back back to that 27 cents level. But the bulls have been struggling to clear the 30-31 cents resistance area. A decisive breakout above here would end the short-term NMC downtrend. Higher up we have resistance at the $0.346 swing high followed by $0.371 and the 40 cents round figure.
On the downside, we have major support in the 27-28 cents area. Potential support below here can be found at the $0.25, $0.20 and $0.15 round figures. That last one coincides with the flash-crash low at $0.153 dollars per coin. Trends on both the monthly and the weekly charts have now switched to the downside.
Peercoin Ends Downtrend
Alternative crypto-currency Peercoin shared a similar faith with Namecoin. Both altcoins flash-crashed on August 21st, only to recover all losses. In the days that followed however Peercoin did much better, rallying to a high of $0.386 dollars per coin.
Read More https://blog.fxopen.com/peercoin-and-namecoin-flash-crash-recover