NMC/USD Technical Evaluation: Namecoin units new 2014 low

Namecoin (NMC) stays caught in an Eight-month hunch. It’s presently buying and selling at $1.45 on BTC-e, its hottest venue for alternate.

Since peaking at $13.50 in late November, the coin has regularly misplaced worth with out a vital reversal in fortunes. From its peak, it has shed almost 90%. When it comes to market cap, it has gone from almost $100 million to $14 million, regardless of an unlimited improve in coin rely throughout the interim. It now ranks ninth, sixth amongst mineable currencies.

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Not like many altoins, Namecoin skilled its heydey in late November simultaneous with the good run-up in crypto costs, together with Bitcoin and Litecoin. It’s a mature altcoin, one of many few which existed in mid-2013; most different alts peaked throughout January-February of this yr. Because the hypothesis bubble burst firstly of December, Namecoin was dragged down and has not recovered since.

NMCUSD- Aug 10

In crossing over 2.5 mBTC, it formally set a brand new low for this yr. To seek out any affordable assist, it’s important to return to the pre-November run-up days, when it held its spherical at 1.5 mBTC.

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

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