• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Numeraire Jumps 190% on Coinbase Listing News; What’s Next?

Numeraire (NMR), the native token of Numerai – a blockchain-based hedge fund, rose exponentially over the last 24 hours.

Yashu Gola by Yashu Gola
5 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
Numeraire Jumps 190% on Coinbase Listing News; What’s Next?

Numeraire Jumps 190% on Coinbase Listing News; What's Next?

Advertisement
Listen to Article

Numeraire (NMR), the native token of Numerai – a blockchain-based hedge fund, rose exponentially over the last 24 hours.

The NMRUSD exchange rate established a year-to-date high at $20.28 after rallying by close to 190 percent on Wednesday. The pair’s massive upside move came days after the announcement of Coinbase Pro–a US-regulated crypto firm– to list NMR-enabled pairs on its proprietary trading platform.

On Monday, the San Francisco-based company said that it would enable NMR deposits. It added that once they secure a sufficient NMR supply in their reserves, their platform would list NMR-USD, NMR-BTC, NMR-EUR, and NMR-GBP pairs in four successive phases: transfer-only, post-only, limit-only, and full trading.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Numeraire Correction

A Coinbase listing expects to make NMR as liquid as the top cryptocurrency tokens like Bitcoin and Ethereum. That raises the coin’s appeal before potential traders and investors. It explains why NMRUSD surged massively during the trading session Wednesday.

NMR, Numeraire, cryptocurrency, NMRUSD, NMRBTC

Numeraire chart by TradingView.com shows NMRUSD in a pumping move.

But a 190 percent rally appeared excessive at best. While Coinbase Pro may have played a key role in sending the NMR price upward, but the remainder of the bull run came out of pure speculation. That left the token under the risks of a dump.

At least one indicator pointed to the said imminent threat. The Relative Strength Indicator (RSI) jumped into its overbought territory following the Wednesday price rally. In recent history, RSI’s moves above 70 during a wild upside trend caused moderate price corrections, as shown in the daily chart above.

Meanwhile, a weekly outlook offered a better insight over the level from where NMR could begin its corrective trend. So it appears, the cryptocurrency is eyeing a retest of $62.61, a level it last touched in January 2018. Traders might use the top as a mean of profit-taking.

NMR, Numeraire, cryptocurrency, NMRUSD, NMRBTC

Numeraire chart by TradingView.com shows NMRUSD testing a January 2018 resistance level

At the same time, a correction does not necessarily mean the beginning of a downtrend. The NMRUSD exchange rate could fall back only to retest the 20-weekly moving average wave as support. It is only when the pair breaks below the blue level, a bearish bias can be confirmed.

Fundamentals

Numeraire’s latest gains also come as a part of a running uptrend in the cryptocurrency market. NMR price is currently trading 726 percent higher on a YTD timeframe. Meanwhile, its year-on-year gains are approaching a whopping 1,000 percent.

But Numeraire remains one of the few blockchain projects heading higher on concrete catalysts. NMR serves as a backbone of a wide data prediction network that rewards data scientists for accurately predicting the outcome of hedge fund performances.

As a startup, Numeraire has emerged as a credible platform. But nevertheless, it stands overvalued for its own bad.

Tags: cryptocurrencyNMRnmrbtcnmrusdnumeraire
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Uniswap’s UNI

Charted: Uniswap’s UNI Explodes Above $12, Why Dips Remain Attractive

28 mins ago
Ethereum

TA: Ethereum Surges To New ATM, Why ETH Could Rally Further Above $1,500

2 hours ago
Bitcoin

TA: Bitcoin Consolidates Below $33K, Why BTC Could Attempt Bullish Break

4 hours ago
Ethereum

Ethereum is About to Post a Massively Bullish Signal as Bulls Take Charge

12 hours ago
The DeFi Powerhouse That Keeps on Growing

The DeFi Powerhouse That Keeps on Growing

23 hours ago
Ethereum

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.