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Numeraire NMR Breakout Analysis – NMR Forming Rising Wedge Pattern with +32% Gains in a Week
The cryptocurrency Numeraire NMR just went up over +32% in the past week. Let’s take a quick look at NMR, price analysis, and possible reasons for the recent breakout.
What is Numeraire?
Numeraire: A Cryptographic Token for Coordinating Machine Intelligence and Preventing Overfitting. (NMR) is a cryptocurrency and operates on the Ethereum platform.
Numeraire Quick Stats
| SYMBOL: | NMR |
| Global rank: | 76 |
| Market cap: | $221,151,628 AUD |
| Current price: | $49.67 AUD |
| All time high price: | $228.14 AUD |
| 1 day: | +24.52% |
| 7 day: | +32.15% |
| 1 year: | +515.33% |
Numeraire Price Analysis
At the time of writing, NMR is ranked 76th cryptocurrency globally and the current price is $49.67 AUD. This is a +32.15% increase since 24 November 2020 (7 days ago) as shown in the chart below.
In the past week, there was a strong rise in Bitcoin, Ethereum, and Ripple. As a result, Numeraire (NMR) also formed strong support near $28.96 before starting a fresh increase against the AUD.
If we see the above 4-hour candle chart, NMR is forming a Rising Wedge pattern and is now currently trading at $49.67 AUD. The next resistance is on the $60.12 AUD price levels which can be broken any time soon if NMR keeps the trend with strong buying.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”
If we zoom out and take a look at the price over the past few days or so, we can see the recent breakout more clearly, the line is almost vertical which looks insane.
What do the Technical indicators say?
The Numeraire NMR TradingView indicators (on the 1 day) mainly indicate NMR as a strong buy, except the Oscillators which indicate NMR as a buy.
So Why did NMR Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up NMR to their portfolio for the next Altcoins rally. It could also be contributed to some of the recent news relating Interview with the CEO of Numeraire @RicharCraib
Recent NMR News & Events:
- 05 September 2020 – Model Diagnostics Update
- 10 September 2020 – Atomars Listing
- 11 September 2020 – OKEx Listing
Where to Buy or Trade Numeraire NMR?
NMR has the highest liquidity on Binance Exchange so that would help for trading NMR/USDT or NMR/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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