Viktor Karapetjanc
Crypto Post
On 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.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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