The NMR price has retraced some of its gains after a significant surge following Numerai’s investment from JPMorgan Chase.
Summary
- NMR price reached an intraday peak of $19.55 after a stunning 142% rally.
- Numerai has obtained a $500 million investment from JPMorgan.
- Currently, the price is down from recent highs, but technical signals remain positive.
As reported by crypto.news, Numeraire (NMR), the native token of Numerai, surged 142% to an intraday high of $19.55 on August 27, marking its highest point since last December.
This rally confirmed a breakout from a three-month consolidation phase, during which the token fluctuated between $6.50 and $10.
It was also accompanied by a dramatic increase in daily trading volume. Over the past 24 hours, trading volume surged by over 5,000%, with more than $548 million worth of tokens traded.
NMR’s increase followed Numerai’s announcement of a $500 million investment commitment from JPMorgan, more than doubling its assets under management from $450 million.
The support from this investment banking giant adds institutional legitimacy to the San Francisco-based quant hedge fund and may unlock new revenue opportunities.
With a larger capital base, Numerai is positioned to enhance its fee-based earnings, potentially generating greater investor interest in its sustainable business model.
As of the latest update, NMR has retraced some of its earlier gains, settling at $14.64—a typical market reaction following such a steep, short-term rally, as investors may seek to realize profits.
NMR Technical Analysis: Mixed Signals Emerge
On the daily chart, NMR has formed a golden cross, indicating the 50-day simple moving average has crossed above the 200-day SMA—a formation traders generally interpret as a bullish continuation signal.
However, caution is advised in the near term. The Relative Strength Index has reached an overbought level at 80.
While an RSI above 70 doesn’t necessarily indicate an imminent reversal, it often precedes consolidation periods or short-term corrections.
NMR Price Targets and Future Outlook
If bullish momentum persists, the next potential target for NMR could be $22, reflecting a 50% increase from the current price. A decisive movement above this threshold could pave the way for testing the December 2024 high near $26. The cryptocurrency market is witnessing greater institutional adoption, with leading financial entities like JPMorgan seamlessly integrating traditional finance with digital assets. This trend corresponds with broader market dynamics affecting the entire crypto landscape, including well-established cryptocurrencies such as Bitcoin and Ethereum.
Disclosure: This article is not intended as investment advice. The information and materials presented on this page are for educational purposes only.
