PeerCoin is an old cryptocurrency project from August 2012. And it has kept an acceptable overall activity. They are lately growing: +6000 twitter followers (source), wildly increased mining difficulty (source), and growing in googletrends (source) They have a fancy website with lots of information. I do recommend you to red their faq to learn the basis about Peercoin.
Technichally, to support a further move upwards in ppcbtc we have:
Long-term downwards trendline breakout with a succesfull retest and bounce at support.
Bullish weekly MACD.
About to have EMA (13,34) bullish cross for first time ever.
Closer look of PPCBTC daily chart with bullish EMA cross (89,144)
PPCUSD is also looking good. There we have:
Downtrend broken
Broken resistance and succesfull retest
Bullish weekly macd
Bullish EMA (21,55) for first time
Closer look in daily ppcusd chart
So this is a potentially super-profitable buy.
I have bought 6600 and have several buy orders down to 5700.
My targets are signaled in the chart (actual sell orders under the lines) and my SL would be under 5000.
Manage your risks properly and do not expose yourself to a highly volatile market as this more than you can afford. Going all-in into a trade should never be an option.
I added in related ideas similar setups that i've traded with high success.
Komen
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Current base price 6250. Still have bids at 5800 and 5700. This is being slower than expected, but it still could work out. Let's see what happens next few weeks.
Komen
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Shorter term triangle consolidation. Let's see in what direction it does break.
Komen
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Target 1 reached.
Komen
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Target 2 reached. An other great trade. +170% profit against usd.
Dagangan ditutup secara manual
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Closed that last 10% that was waiting for target 3 which was never reached and converted to usd. Summary of this trade is a 70% net profit against btc, and an even bigger profit against usd.
@etiennez0r, Yes i do. it is being much slower than expected, but still holding it. Current base price 6250. I've "invested" into this trade a bit under 1 btc (as my lowest bids (5800-5700) where never filled. Let's see how it works.
etiennez0r
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@bagofXMR, Ty! it has recovered since i've asked, looks better now. Keeping the trade open too
CoinDreamer
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I like your logical technical analysis but what could be the fundamental background these numbers? This is an old coin noone use it why so interesting nowadays?
embeddedthought
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@CoinDreamer, Proof of Stake hype is trending and spreading like wild fire recently. A lot of people are turned off to the idea of a 100% Proof of Stake coin due to the distribution being unfair. Peercoin is one of the only reputable, and the first, hybrid chain which uses Proof of Work for distribution and Proof of Stake for security. Also there is a new blockchain agnostic protocol, named PeerAssets, that has been released for public testing. Apparently there are plans to port PeerAssets to other chains such as LTC in order to provide cross-chain asset transfers. Like @bagofXMR stated, the Proof of Work difficulty has been increasing like crazy this past month. I believe it's up around 4x since March. With Peercoin the Proof of Work block reward is inversely proportional to the Difficulty. It's experience a quarter of a block reward halving in just one month where as other coins like LTC, BTC, NMC and such take around 4 years for a reward halving. Basically it's inflation rate is decreasing fairly quickly. Actually, it's already lower than what BTC, LTC, and NMC will acheive by 2020. Also, since Peercoin's mining algorithm is SHA256 it will inherit the mining infrastructure create by Bitcoin. You may have heard that ASICBOOST is a threat to Bitcoin's security. Well, It's actually a benefit to the peercoin network because that means the difficulty will increase and lower the rate of inflation. It's secured by Proof of Stake so it has no ill affects to network security.
CoinDreamer
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@embeddedthought, I see, thank you for the detailed explanation. :)