Peercoin PPC / USD remains under pressure; In less than several weeks, the price of this cryptocurrency fell from $ 5.66 to $ 1.04, and the current price is around $ 1.16.
Fundamental Analysis: Peercoin is a really unique project with great potential
Peercoin is one of the earliest groundbreaking blockchains and the first blockchain to allow its users to control their protocol rules directly. Peercoin stakeholders (coin owners) exert influence on the network, produce new blocks and secure the chain.
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Peercoin uses proof-of-stake for network security and proof-of-work for distribution to solve the problem of the entire coin supply not being concentrated in the hands of a small number of people.
New coins are generated based on individuals’ stocks. So if you own 2% of the currency, for example, you can generate 2% of all Proof-of-Stake coin blocks. In this way, the Peercoin network is more decentralized and democratic while increasing efficiency by increasing the number of individuals.
Peercoin is an alternative consensus protocol to the proof-of-work of Bitcoin that requires less energy to support the network. Instead of using a mining process, Peercoin picks nodes based on how many coins are in a person’s virtual wallet.
Peercoin is a really unique project with great potential; The popularity of this project is increasing worldwide as more and more exchanges offer this cryptocurrency. Even so, Peercoin has collapsed from recent highs in the third week of May, and this is probably not the best time to invest in this cryptocurrency.
The entire cryptocurrency market will be put under pressure from the fall of Bitcoin as BTC weakened back below the USD 35,000 support this Sunday.
“Authorities in the Chinese province of Qinghai in northwest China and a district in neighboring Xinjiang ordered cryptocurrency mining projects to close this week. Xinjiang is China’s largest bitcoin mining center, which houses about a third of all computing power, and Qinghai is the ninth largest, ”reported Reuters.
Technical analysis: $ 1 represents a strong level of support
The cryptocurrency market is depreciating this trading week, and the price of Peercoin can easily dip below the USD 1 support.
Data source: tradingview.com
The critical support levels are $ 1 and $ 0.5; $ 2, $ 2.5, and $ 3 represent the major resistance levels. If the price falls below USD 1 it would be a clear “sell signal” and we have the way to the support of USD 0.8 or even USD 0.5.
On the flip side, if the price jumps above $ 2, the next price target could be around $ 2.5.
The cryptocurrency market remains under pressure; Bitcoin fell below the price level of USD 35,000 this Sunday, which also has a negative impact on the price of Peercoin (PPC). The price of Peercoin can easily drop below the USD 1 support level, and this is probably not the best time to buy this cryptocurrency.
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