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NMCUSD

NameCoin Should Correct up ... or Reverse?On the 11th of August, Namecoin has reached the low at $0.64 where it has rejected the 327.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. Price has formed a double bottom at that stage and RSI shows the bullish divergence suggesting either a corrective move upwards or even a trend reversal. Trend reversal yet to be confirmed as it is far to early for that statement. However, the correction is likely to take place as today NMC/USD broke above uptrend trendline on the RSI as well as on the price chart. This breakout might trigger further upside growth. The nearest target can be seen at 23.6% Fibonacci retracement level, which is $1.1. It could be that $1 psychological resistance area could play a key role in further price development. If this resistance is broken, that talks about the potential trend reversal will be much more relevant. But at this point only a correctional move should be expected. It is also worth considering the downtrend continuation. This could be the case if the recent low is broke, with the daily break and close below the $0.064 low.
NLong
by CryptoPAMM
NameCoin 400% Growth PotentialOn the 18th of March, Namecoin found the bottom at $1.37, where it rejected the uptrend trendline. Price consolidated at that area for almost a month, but yet, failed to close below that low. Following wave up resulted in a 100% growth over the USD and break above the 200 Moving Average. However, NMC/USD corrected down and currently could be forming a double bottom at the very same support of $1.37, that yesterday has been rejected cleanly. It is also important to mention that RSI oscillator formed a bullish divergence on a daily chart, following by the downtrend trendline breakout of the RSI indicator. This could be the bottom for the Namecoin, while beginning of the growth is just around the corner. NMC could reach $3 area in a relatively short period of time, where the first resistance is based. But the final upside target could be as high as $6.74 (a 400% growth), that is confirmed by two Fibonacci retracement levels. The downtrend could only continue after the daily break and close below the key support at $1.37. While the price is above, it is more likely that the trend will start reversing to the upside.
NLong
by CryptoPAMM