The market has had a fantastic run up the past few weeks and some key psychological metrics have hit (e.g., BTC touched $5k). As expected, we were due for a correction and the market is starting to pair back gains. This is healthy for the crypto market as a whole. We cannot expect 2x-6x gains in a few days time, all the time. That's unreasonable considering the amount of capital that would need to flow into the markets. But that doesn't mean that I'm suggesting there isn't more room to run. Based on what I'm observing and reading, there continues to be sustained interest in the blockchain space and we have a potential major announcement coming from Amazon regarding Bitcoin and Litecoin (note: it's just a rumor right now, but read those YouTube comments) so therefore I don't see any headwinds that would prevent the overall crypto market cap from exceeding $200 B by the end of 2017.
But anyway, let's take a look at NAV. The fundamentals for this coin remain extremely strong. The NAV team is about to release their mobile and web wallet with the anonymity toggle. Can't wait to see this.
Now, looking at the chart we see a Fibonacci retracement. Typically, when the market has large run ups, the market tries to claw back around 60% (see the arrow on the left pointing here). This doesn't always happen and in NAV's case I don't think it will due to the support levels observed at the 22k sat and the fundamentals surrounding this coin. However if the 60% and 22k sat support levels are breached, we may see NAV move down to the 17k sat range.
In a few months time it may not be unreasonable to see NAV move into the $125m - $175m market cap range, which would imply a price range of $2.00 - $2.80, ceteris paribus.
Please do your own research. This is not a prediction of future events. This is not investment advice.
Donations appreciated:
ETH/ERC20: 0xA35168D014b4a4E14bc87F6ae93f0AFfDCb09bab
NAV: NPSYw5vyJCXyYNNmsW7dQP3K3dcgGccrYA
LTC: LgwPGoBUaVbd1pmWxBZeu2aEtAHs1vxfaB
BTC: 12GcBRZTpmK3bwRVWSNk6i8BW6gmhp159q
ZEC: t1R2T1wmymLWYudYasUnKVcE3uPsyVLpp2Y