NMC/USD Technical Analysis – 2nd April 2014

Further falls are happening across crypto coins today, including Namecoin, which actually, unlike Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Litecoin is merely continuing its long term bearish trend since the start of the year, and even though price is now located at a major support zone, the trend may continue.

Let's take a look at the NMC/USD chart below on the Daily timeframe (click to expand):

I've drawn two lines here. Firstly, the yellow downwards trendline. We can see how price has been following the path of this line for some days now. Secondly, the red horizontal support line - where price is currently at.

Now, this red line is an extremely strong support area for three main reasons:

1. It's at a psychological whole number - 2.000.

2. It's been tested on two previous occasions, circled in blue.

3. It's the lowest point of this year.

In fact, there are further reasons as to why price may stall at 2.000, since, if we zoom in closer, we can see how both Bill Williams' Oscillators, the Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term and the Awesome are now green, and the Stochastics are extremely oversold, beginning to slowly look upwards (click below to expand):

I've performed the Fibonacci study from the last major swing low to the last major swing high on the Daily - what we're looking for is Fibonacci extensions.

Put simply, either the yellow resistance trendline is going to break or the red support line is going to break. I fear it be may the latter, there's little hope for Namecoin and other coins, partly due to although the multitude of powerful potential bullish reasons given above offers some optimism. However, if price does indeed break 2.000, then expect a drop to the 161.8% Fib extension at 1.645.