Numeraire (NMR) crypto drops over 25%. Here’s why
After enjoying a couple of weeks of the extensive run, Numeraire crypto (NMR) on August 1 witnessed losses. Backed by the Ethereum blockchain network, the NMR crypto witnessed a loss of over 25.48% at 6:40 am, according to CoinMarketCap. This unique AI-based prediction platform allows users to make trades using complex data science models.
Acting as a hedge fund, giving the NMR crypto holders the opportunity to stake their NMR tokens every week on a specific prediction model, the main goal of the protocol is to be in the decentralization model of the prediction model. What sets Numeraira apart from others is the fact that it is the first crypto envisioned by a hedge fund, and it rewards its data scientists whose concept does well in the Numerai tournament. The tournament-style infrastructure allows more such participants to be part of the system and be part of the system.
Reason for the fall of the NMR crypt
While market participants were expecting a rally, today’s drop will be a bump in the road. It could be due to the bearish market situation that has resulted in the overall crypto market falling by 1% to reduce the total market cap to $1.09 trillion.
The NMR crypto fell significantly on Monday, which may have resulted in erasing some of the gains it has made over the past two weeks. If one were to look at the charts, it shows a downward trend, with both MACD and RSI falling quite significantly.
Image credit: Trading View
The chart indicates that Numeraire crypto’s signal line is quickly catching up with the MACD line, but is still marginally up, thanks to the gains it had made over the past couple of weeks.
However, the RSI indicates a drop following increased interest. The RSI on August 1 stood at 60.08 during intraday trading.
How is the price of NMR crypto going?
The 187-ranked NMR crypto on Monday traded at $19.70 with a 24-hour trading volume of $30,67,00,951 over the 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 USD 11,59,96,767. and a circulating supply of 58,88,504 NMR coins.
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