It’s been an interesting two weeks for Peercoin and Namecoin. We used to cover these two cryptocurrencies every Thursday. But with rising prominence of Ether and Dash it’s only fitting to include these altcoins in our weekly analysis. Now we will cover PPC and NMC on a rotational basis, one week on, one week off.
Namecoin Flash Crashes to 15 Cents
Namecoin has been under pressure for several weeks, slowly drifting down to the 27-28 cents support area. Two weeks ago we identified these levels as important support. It’s not a surprise that as soon as this support was broken, prices flash-crashed to $0.153 dollars per coin. It’s likely that there were lots of stop orders right below here because like we said on August 18 last year’s low is at $0.274 and ‘a decisive clearing of this support area would switch the long-term trend to the downside as well.’
Read More https://blog.fxopen.com/peercoin-and-namecoin-flash-crash-recover/