Numeraire (Symbol: NMRUSD) bulls are bracing for a yearly high as its price rises by about 40 percent in the last 24 hours.
The 75th-largest cryptocurrency token rallied to $62.96 during the early Friday session after finding a reasonable weekly support level at near $41. The upside move came in the absence of any immediate fundamental catalysts. Still, traders pointed to the NMR’s fresh pair listings on top exchanges as one of the primary reasons behind its August rally.
Resuming Bull Run
US-based Coinbase and Malta-based Binance took turns in listing Numeraire-enabled pairs on their trading platforms two weeks ago. As NewsBTC earlier reported, NMR’s latest additions to the world’s leading crypto exchanges made the token more liquid and accessible for mainstream traders and investors alike.
Earlier, NMR/USD jumped by around 200 percent on the listing news. As of August 17, the pair was trading at $69.08 before it corrected lower by approximately 40 percent. The period later saw it consolidating sideways, albeit inside a sizeable range.
Numeraire resumes its uptrend after two weeks of consolidation action. Source: TradingView.com
Entering the new week, Numeraire surged by up to 61 percent.
But higher volatility ensured extreme choppiness near the top levels, causing the pair to plunge lower. Nevertheless, NMR maintained its upside bias while anticipating to close above its previous YTD high.
Part of the reason was its ability to stay afloat above its 20-daily exponential moving average. NMR found a higher buying sentiment near the green wave, as shown in the chart above. It utilized the upside bias to log three daily winning streaks back-to-back.
Numeraire Technical Analysis
With little technical guidance on where the NMR price could go next, a Fibonacci retracement graph, coupled with reasonably trustworthy moving averages, attempts to provide a clearer picture.
NMR is eyeing a bullish continuation towards a new YTD high. Source: TradingView.com
A bounce of Numeraire’s weekly support near its 20-WMA has led the price en route to higher levels on the Fib retracement graph above. The cryptocurrency is crossing above them as they appear – and it is no testing $67.89 as its current technical resistance.
A push above it could put traders’ upside target towards 85.81. Meanwhile, a pullback from it means a retest of flipped supports near $53.82, $43.94, and $34.06.
At the same time, the overbought Relative Strength Index further shows that a price correction is due to the downside.
by Yashu Gola on August 28, 2020 at 04:33PM
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