Bitcoin
BTC$65 423.69

-1.35%

Ethereum
ETH$3 429.98

-4.52%

Tether
USDT$1.000044

0.06%

Binance Coin
BNB$594.61

-1.93%

Solana
SOL$135.08

-8.99%

USD Coin
USDC$1.000152

0.01%

Numeraire (NMR): Probably the Most Underrated Altcoin


June 2020

Not all altcoins that are ranked below the top 50 have the price action chart that is reminiscent of a dead man’s cardiogram. Numeraire (NMR) is actually the one that displays very distinctive signs of revival after a correction that lasted for almost two years. Although the coin appears to have been lying in hiding for the entirety of the last year - it didn’t emerge on the radars of that many traders and analysts - it had been juicing up and making preparation for a big move that has immediately put NMR in the limelight.

Firstly, take a moment to appreciate the gains which this unpopularized cryptocurrency has been putting up for many months now, performing marvelously against USD and the two most important cryptocurrencies.

The astonishing feature regarding Numeraire is that its prime time just so happens to coincide with the biggest market crash of the last three years. The chart below shows how NMR went from rags to riches in the middle of March, right when nearly all cryptocurrencies, including Bitcoin and Ethereum, have been trying to regain their composure after the COVID-19 blow. Numeraire had been trying to lock horns with BTC during the month that preceded the collapse, but it was not until after it that NMR had really put the pedal to the metal, leaving both dominant coins to bite the dust.

NMR/BTC/ETH year-to-date chart

The same applies to the neighboring currencies, DigixDao (DGD) and KuCoin Shares (KCS) - after spending some time lurking in the shadows, Numeraire shot up like a cannonball and made 200% gains in just a month.

NMR/DGD/KCS comparison chart

Obviously, these graphs provide sufficient enough reason to consider getting engaged in NMR trading, but the question that needs to be answered right now is whether it would be practical to enter a long position now or wait for a pullback and then get involved in this market. Or maybe this bull rally has already run out of steam?

Numeraire needs to cool off


After several weeks of ceaseless pumping, NMR has penetrated the long-standing secondary downtrend resistance quite decisively - it happened at the price level of $24 - after a three-week period of testing and failing. The present upside impulse is very powerful as Numeraire appears to be striving to close the week above the current $34.4, or even make an attempt at the first serious resistance at $37, which was the last major lower high from the past two years.

1-week NMR/USD chart

But even if Numeraire does make a little extra push to the upside, we reckon that it won’t be able to go past $37 due to the following reasons:

To summarize, there are three major resistance levels ahead of Numeraire: $37.8, $43.4, and $45.2, the first of which might be tested in the next couple of days. Since the oscillators, and other indicators, show that the market is overheated, we expect the retracement to as low as $23.7, to test the resistance, after which the uptrend will persist.

Author: Alex Paulson for Crypto-Rating.com

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 15 $65 423.69 -1.35% -4.07% $1 289 746 438 847 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.2% 23 $3 429.98 -4.52% -4.68% $419 407 502 849 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000044 0.06% 0.04% $112 557 594 906 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 86% 25 $594.61 -1.93% -4.93% $87 755 290 405 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 79.2% 42 $135.08 -8.99% -13.74% $62 377 468 585 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 3 $1.000152 0.01% 0.01% $32 548 974 650 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.6% 31 $0.491101 0.81% 0.47% $27 290 716 733 XRP 7 days price change
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11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.8% 94 $0.000018 -12.40% -20.09% $10 615 248 696 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 59 $26.34 -10.87% -17.78% $10 362 409 683 AVAX 7 days price change
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14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 91.6% 1 $65 413.97 -1.45% -4.15% $10 023 757 318 WBTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.8% 9 $0.114218 -2.83% -2.92% $9 985 272 047 WTRX 7 days price change

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