NMC/USD Technical Analysis: Namecoin sets new 2014 low

Namecoin (NMC) remains stuck in an 8-month slump. It is currently trading at $1.45 on BTC-e, its most popular venue for Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.

Since peaking at $13.50 in late November, the coin has gradually lost value without a significant reversal in fortunes. From its peak, it has shed nearly 90%. In terms of market cap, it has gone from nearly $100 million to $14 million, despite a vast increase in coin count during the interim. It now ranks 9th, 6th among mineable currencies.

Unlike many altoins, Namecoin experienced its heydey in late November simultaneous with the great run-up in crypto prices, including 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. It is a mature altcoin, one of the few which existed in mid-2013; most other alts peaked during January-February of this year. As the speculation bubble burst at the beginning of December, Namecoin was dragged down and has not recovered since.

In crossing over 2.5 mBTC, it officially set a new low for this year. To find any reasonable support, you have to go back to the pre-November run-up days, when it held its round at 1.5 mBTC.

With the continued gradual losses, it maintains a 15% offset from its 50-day moving average, now $1.70.