Crypto Contest April 5: Namecoin

Namecoin (NMCUSD) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Namecoin began a wave one advance on October 30, 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 13 this year, and the red wave two (blue sub-waves a-b-c) correction ended on March 30. If this wave count is correct, Namecoin should be heading next towards the January 13 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Looking at the weekly chart, I believe Namecoin is currently in the red wave three (blue sub-wave iii). The red wave three began on October 30, 2017.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Namecoin improves decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities. You can view the original idea behind the coin below.

(Sources: https://www.namecoin.org/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Namecoin will takeout the January 13 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Namecoin will drop below the October 30, 2017 low".

If you think Namecoin is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Namecoin will stay in a trading range between the October 30, 2017 low and the January 13 peak until May 11".

You can upvote the comment until 3 PM EST April 8 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).

Bonus

I will be sending one Trophy Token (@trophy-token) to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.