The Namecoin/Bitcoin (NMC/BTC) came back to life on January 6, 2018 when it rallied above the 0.0003 resistance level. It attracted breakout players, which pushed the price up to as high as 0.00059048 on January 13. At this price level, the pair blared extreme overbought readings.
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Those who bought the breakout were happy to comply as they dumped positions.
As selling became the theme, the market nosedived to 0.0003 support on January 18. Bottom pickers took advantage of the significant drop and pushed the price up to 0.00039 on the same day. The rally, however, was short lived. Participants started dumping positions as soon as they realized that a lower high was in place.
Technical analysis show that Namecoin/Bitcoin has gone below support of 0.0003. Breach of this support level means that the pair might be headed to the next firm support, which is 0.00017. With the market’s current price, it appears that this may occur sooner rather than later.
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The strategy is to buy as close to 0.00017 as possible. If the market stabilizes at this level, it might use the support to ignite a rally and climb to our target of 0.0003. The process may take a month.