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NMC/USD Technical Analysis: Namecoin struggles to break back above $1.30

by Leon Pick
    NMC/USD Technical Analysis: Namecoin struggles to break back above $1.30
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    Namecoin (NMC) is having a tough time regaining its footing above the $1.30 level on BTC-e. It was briefly visited when crypto markets underwent a dramatic reversal following new lows, simultaneous with the flash crash 8 days ago.

    Namecoin experienced a steep drop of its own during the crash, losing about 30% to $0.73. Versus BTC, which experienced dramatic drop of its own, it fell about 14%, slightly amplifying BTC's movements. Thereafter, NMC dramatically reversed course and gained 78% to just over $1.30.

    NMC-USD- Aug 26

    Since then, the coin has fallen back into its 8-month old slide, falling dangerously close to the psychologically important $1.00 level. Gaining as much as 17% in the past 24h, the trek up through the $1.20's has been a slippery slope, diminishing hopes of a return to the elusive $1.30 foothold.

    Now trading at $1.22, it is trading at a 19% discount to its 50-day moving average. This makes recovery above the $1.30 mark even more key during the next 72h, as that would get the coin back above the 15% offset continually present during the last month of declines.

    Namecoin (NMC) is having a tough time regaining its footing above the $1.30 level on BTC-e. It was briefly visited when crypto markets underwent a dramatic reversal following new lows, simultaneous with the flash crash 8 days ago.

    Namecoin experienced a steep drop of its own during the crash, losing about 30% to $0.73. Versus BTC, which experienced dramatic drop of its own, it fell about 14%, slightly amplifying BTC's movements. Thereafter, NMC dramatically reversed course and gained 78% to just over $1.30.

    NMC-USD- Aug 26

    Since then, the coin has fallen back into its 8-month old slide, falling dangerously close to the psychologically important $1.00 level. Gaining as much as 17% in the past 24h, the trek up through the $1.20's has been a slippery slope, diminishing hopes of a return to the elusive $1.30 foothold.

    Now trading at $1.22, it is trading at a 19% discount to its 50-day moving average. This makes recovery above the $1.30 mark even more key during the next 72h, as that would get the coin back above the 15% offset continually present during the last month of declines.

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