Cryptocurrency
by Lucas Bedwell on June 15th, 2018

Namecoin Analysis – Downtrend is doing well

Last piece of the day and the week will be about the ForexNewsNow newbie – Namecoin, which will be analysed on our portal for the first time. Definitely not the last, as we can see that this pair is showing a huge respect to the technical analysis and price action rules.

Major sell signal here, was created in the end of May, when the price broke the lower line of the triangle. NMC entered the bearish trend supported by the green down trendline, which was used for a bounce many times. After they broke the red dynamic support, the price then crashed two horizontal ones: 1.86 USD (black) and 1.60 (blue). The second one, was already tested as a resistance and thanks to that, the sell signal is confirmed.

Namecoin Chart

In our opinion, the price should continue to decline. We do not have any signals of a possible reversal. The first ray of hope can be the breakout of the down trendline but chances for that are now limited.

By Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.

More content by Lucas Bedwell

Comments (0 comment(s))