Numeraire (NMR) crypto dips over 25%. Here’s why – Kalkine Media
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Numeraire (NMR) crypto dips over 25%. Here’s why
Manu Shankar is a senior journalist and editor with over 15 years of experience across leading media houses. At Kalkine, he writes on cryptocurrencies and equity markets. He’s passionate about sports and music….
Basudha Das is a business journalist and a climate change and environmental enthusiast with a focus on economy, financial markets, and green measures taken globally. Before joining Kalkine, Basudha worked with top Indian business magazines, newspaper…
After enjoying a couple of weeks of the extensive run, the Numeraire crypto (NMR) on 1 August is witnessing a loss. Backed by the Ethereum blockchain network, the NMR crypto was witnessing a loss of over 25.48% at 6.40 AM, according to CoinMarketCap. This unique AI-based prediction platform allows its users to make trades with complex data science models.
Acting as a hedge fund, it allows the NMR crypto holders the facility to stake their NMR tokens every week on specific predictions model and the main objective of the protocol is being in the decentralisation model in the prediction model. What sets Numeraira apart from others is the fact it’s the first crypto that was envisioned by a hedge fund, and it awards its data scientists whose concept does well in the Numerai tournament. The tournament-style infrastructure allows more such participants to be a part of the system and be a part of the system.
Reason for NMR crypto’s dip
While the market participants were expecting a rally, today’s dip will be a bump in the road. It could be due to the bearish market situation that has resulted in the overall crypto market dipping by 1% to reduce the overall market cap to US$1.09 trillion.
The NMR crypto dipped significantly on Monday, perhaps resulting in wiping off some of the gains it made in the last two weeks. If one were to look at the charts, it shows a declining trend, with both MACD and RSI dipping rather significantly.
Image credit: Trading View
The chart indicates that Numeraire crypto’s signal line is fast catching up with the MACD line but is still marginally up, thanks to the gains it had made over the past couple of weeks.
The RSI, however, is indicating a dip after an increased interest. The RSI on 1 August stood at 60.08 during the intraday trading session.
How is NMR crypto’s price faring?
The 187-ranked NMR crypto on Monday was trading at US$19.70 with a 24-hour trading volume of US$30,67,00,951 over a day, according to CoinMarketCap. While the price was significantly down, the volume was a saving grace for the NMR token with a gain of over 162% with a live market cap of $11,59,96,767 The NMR crypto enjoyed a live market cap of US$13,99,96,166 and a circulating supply of 58,88,504 NMR coin.
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August 1, 2022 at 04:09PM