• Tue. Oct 4th, 2022

This little-known crypto token has returned 171% in 2 days with surging volume

ByNdasi Tata

Jul 2, 2022
1643276715812 c38052af 776b 42a4 803d cf0e17f0a1ba
1643276715812 c38052af 776b 42a4 803d cf0e17f0a1ba

  • NMR is the native token of Numeraire and has gained by triple digits in two days

  • Numeraire enables equity trading via the Ethereum blockchain

  • Developers hinted at progress on 1 million stock tokens

Numeraire crypto token NMR/USD has staged a massive rally this week. The cryptocurrency had returned 171.74% in just two days as of press time. The token touched a high of $39.5 on June 30. The token traded at a low of $8 on June 29. The changes in the price highlight the intense volatility the token has faced. 

Numeraire is a software that enables users to trade equities on the Ethereum blockchain. Users can execute trades relying on artificial intelligence and expert predictions via blockchain. Two applications on Numeraire’s platform support different types of traders. The first is “Signals,” an avenue for traders to upload their stock market strategies. The second is the “Tournament,” a weekly competition. Traders submit their trading algorithms on stock markets, allowing others to bet on the potential outcome.

NMR is the native token of Numeraire. The token supports staking on the platform and conducts payments. It also rewards tournament participants. NMRs are also burned whenever participants stake tokens to an incorrect prediction. 

The rise of NMR happened after its developers confirmed progress on 1 million stock NMR tokens. As of press time, the trading volume had surged by double digits in the last 24 hours. It illustrates the growth in investor interest in the crypto token.

 NMR technical analysis

1656705904529 1d1cbd1e 87d0 459e a45e f3be37777c19Source – TradingView

Technically, NMR trades around the $23 support zone, a major decline from the previous day’s high. The 21-day and 14-day moving averages continue to support the price. Despite the high trading volume, the token could crash further below if $23 fails to hold. For now, investors should be aware of a potential token dump. 

Summary

NMR rise is connected to the latest announcement. However, we perceive the sentiment as weak, and investors could be caught in a bull trap.

The post This little-known crypto token has returned 171% in 2 days with surging volume appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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