Major Altcoins Breakdowns, why I'm bullish on Namecoin
*This is very speculative, I'm cautiously bullish*
Yesterday I gave a short advice to buy Namecoin (twitter.com/Beetcoin/status/516133680662974464) on any dips @ 0.0026 (which it did). Here is a more detailed explanation of my reasoning.
I think most of you have noticed that altcoins made rock bottoms the 9th September. Since then, price spiked rather strongly giving enourmous profits for the people who could play the breakouts.
Now, things have settled a bit and we can draw some conclusions, which I did on this chart comparing 3 historical major altcoins.
For 2 of them (and many others) they did a huge irrational spike to a high around the 18th September to finally retrace quite sharply.
Namecoin is quite unique because its price spiked lesser than the others but, at the time of writing, is still staying close the last high. Meaning we have a smart accumulation and it's saner than the other "flash in the pan" we could see on Peercoin and Primecoin.
More fundamentally, Namecoin is/will be under the spotlight again with the very promising OpenBazaar project. youtube.com/watch?v=1MtTFNKUNHw that could give good help to recover in a bullish trend.
Below on the chart we can see that, although bitcoin USD price is plummeting (-20% since then), altcoin rises are still beating that
Yesterday I gave a short advice to buy Namecoin (twitter.com/Beetcoin/status/516133680662974464) on any dips @ 0.0026 (which it did). Here is a more detailed explanation of my reasoning.
I think most of you have noticed that altcoins made rock bottoms the 9th September. Since then, price spiked rather strongly giving enourmous profits for the people who could play the breakouts.
Now, things have settled a bit and we can draw some conclusions, which I did on this chart comparing 3 historical major altcoins.
For 2 of them (and many others) they did a huge irrational spike to a high around the 18th September to finally retrace quite sharply.
Namecoin is quite unique because its price spiked lesser than the others but, at the time of writing, is still staying close the last high. Meaning we have a smart accumulation and it's saner than the other "flash in the pan" we could see on Peercoin and Primecoin.
More fundamentally, Namecoin is/will be under the spotlight again with the very promising OpenBazaar project. youtube.com/watch?v=1MtTFNKUNHw that could give good help to recover in a bullish trend.
Below on the chart we can see that, although bitcoin USD price is plummeting (-20% since then), altcoin rises are still beating that
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