Numeraire Price Analysis: Will NMR Price Break Above The Barrier Of $100?

NMR Price looking to set a new mark above $100
  • NMR price has broken the double top formation on the daily chart. Meanwhile, the NMR/BTC pair is seeing a positive momentum with a gain of 33.19%.
  • NMR price has seen a gain of 32.15% in the intraday session. Meanwhile, the technical indicators show a sign of retracement.

Numeraire is currently ranked 167th, with a market capitalization of $$346,545,090.The volume ($156,014,425) of the coin has seen an increase of 960%in the 24-hour time frame. The volume to Market capitalization ratio for the coin is 0.44. If the ratio goes above 0.8, then a buying rush can be seen. NMR price forecast a huge gain in upcoming days.

Why to Invest in Numeraire Coin?

Numeraire is an Ethereum based platform allowing developers and data scientists to build machine learning models with improved reliability. NMR was launched in 2005 as an aim to build an effective platform for the data scientist.They claim to be the first hedge fund to launch the cryptocurrency. Numeraire trading model mostly relies on the prediction made by the data scientist through the competition. It has seen an ROI of 91% since its inception. 

Technical Indicators Projects A Correction On NMR Price

Source:Trading view
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The weekly technical chart of NMR showcases a bullish momentum. On coming to the daily chart, the price is showing signs of a correction from the bullish run. NMR price is trading above 50 and 100 Moving Average. The 50MA price is at $45.03, making it temporary support for the coin. The coin’s resistance on the upside will be at $$76, and on the downside, it will see a bounce back from $60. Numeraire has broken the double top resistance in the daily time frame. If the price crosses above $76, then a robust bullish momentum can be seen. NMR price can see uptrend above $80 in the upcoming days.

RSI(Bullish): It is currently trailing at 72.61, showcasing its presence in the overbought zone. There is positive slope formation in RSI, which suggests a bullish momentum.The overall sentiment of the RSI is bullish.

Conclusion

NMR price projects an uptrend for a short period. NMR price can reach up to $100 until the end of this bull season. The NMR/BTC pair can also see a bullish move. An Investor should do their due diligence before investing.

Technical Levels

Major Support:$60

Major Resistance:$76

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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