Numeraire NMR Just Rallied 40% In A Day: Will It Continue Rising?

The price of the altcoin Numeraire NMR is in the latest cryptocurrencies news as one of the most notable surges recently. Bulls backing this altcoin are bracing for a new yearly high as its price rose by around 40% in the last 24 hours alone.

What is the 75th largest cryptocurrency on the market cap now is an altcoin that rallied to $62.96 during the early Friday session, right after it found a reasonable weekly support level at near $41. The upside move came as many fundamental catalysts were absent, but Numeraire NMR is still growing and its fresh pair listings are one of the biggest catalysts behind the August rally.
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The US-based Coinbase and Malta-based Binance were some of the exchanges that took turns in listing the Numeraire NMR pairs on their platforms two weeks ago. At the time, the Binance news showed that NMR’s latest addition to the leading crypto exchange made the token more liquid and accessible for mainstream traders and investors.

Earlier, the price of NMR/USD jumped by around 200% and today, we can see that it posted new 40% highs. It was trading at $69 before, however, before correcting lower by around 40%. While the price is volatile, we can see big increases from the pair and that is visible on the charts, too.

Entering the new week, the altcoin surged by up to 61% but higher volatility ensured that there is some chopiness near the top levels. This caused the pair to plunge lower, but Numeraire NMR maintained its upside bias while closing above its previous yearly high.

A Fibonacci graph shows that despite the ups and downs in the altcoin news, Numeraire NMR is stable. A bounce has led the price to higher levels. A push now could put traders and their upside targets towards $85.81 which is highly desirable. On the other hand, a retracement would bring back the price to the $53.82, $43.94, and $34.06 as the potential downside levels.

Still, analysts are not worried about declines for this token, mostly because the pair has been strong with its increase. The only worry may be the Relative Strength Index (RSI) which shows that a price correction is due to the downside.