Namecoin 50% up in 24h, Where Is The Limit?

Today Namecoin has made a big move up, moving from $1.9, up to the current price $2.8 and totaling almost 50% profit for the day against USD.

The question is how far it can go, where it will stop? Based on the Fibonacci applied to the corrective wave down after the descending channel breakout the nearest resistance is located near 327.2% level, which is also close to the high produced in June. This makes $3.38 quite a strong resistance which should be paid attention to.

Break above should result in uptrend continuation sending NMC/USD even higher towards $5 psychological resistance level. The final upside target for the current wave is seen in the area between $4.5 and $5. Current support is at 127.2% level, that is $1.9, and only break below could invalidate bullish outlook.



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