Numeraire skyrocketed 190% after the NMR token was listed on Coinbase so let’s find out more in the altcoin news today.
NMR, the native token of Numerai is a blockchain-based hedge fund, increased exponentially in the past day. Numeraire skyrocketed a day after Coinbase listed the altcoin in its platform and its USD pair established a year-to-date high at $20.28 rallying close to 190%. The San Francisco based company said they will enable NMR deposits and added that once they secure enough NMR supply in their reserves, the platform will list NMR-USD, NMR-BTC, NMR-EUR pairs in four successive phases: transfer-only, post-only, limit-only and trading. The coinbase listing expects to make the coin as liquid as the top crypto tokens which raise the coin’s appeal before potential new traders and innovators. This explains why the USD pair surged dramatically in the past trading sessions.
The 190% rally seemed excessive since Coinbase Pro played a key role in sending the token upwards. However, the remainder of the bull run came out of speculation and left the token under the risk of dumping. One indicator pointed out to an imminent threat the Relative Strength Indicator jumped right in an overbought territory following the price rally. RSI’s moves above the 70 during the wild upside trend which caused price corrections.
In the meantime, the outlook offered a better insight into where the NMR coin could start its corrective trend. It seems that the cryptocurrency is looking to retest a $62.61 which is a level touched back in January as the traders have to use the top as a means of profit-taking. The correction does not mean the start of a downtrend as the NMR/USD exchange rate will fall back to retest the 20-weekly moving average wave as support. If the pair breaks below the blue lines, a bearish bias will be confirmed.
Numeraire’s latest gains came as a part of the uptrend in the crypto market. The NMR price is trading 726 percent higher on a YTD timeframe. In the meantime, the year-on-year gains are approaching a stunning 1000 percent. NMR remains one of the few blockchain projects that is going higher on catalysts. NMR serves as a backbone of a wide data prediction network that rewards data scientists for predicting the outcome of the hedge fund performances.
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