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Numeraire Price Spikes 109% Amid $500M JP Morgan Deal - Bulls Eye $25

Highlights:

  • The Numeraire price is 109% to $16, as its trading volume skyrockets to 11,470%.
  • The recent surge comes as JP Morgan is investing a whopping $500M in Numerai, a data-driven decentralized hedge fund.
  • NMR bulls target $22-$25 level as the recent $500 million deal could give NMR a significant boost.

The Numeraire price is boasting significant gains, soaring 109% in a day to $16.82. The trading volume has exploded by over 11,470% to $784 million, indicating intense market activity. NMR is now up 103% in a week and 78% in a month, suggesting intense hype in the community. 

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The recent surge comes as JP Morgan is investing a whopping $500M in Numerai, a data-driven decentralized hedge fund. This giant support means that traditional financial institutions have become comfortable with the idea that the power of distributed intelligence can be leveraged to inform investment decisions. This collaboration reaffirms the growing recognition of decentralized finance (DeFi) as a powerful tool for reshaping asset management.

Numerai is exploring a new dynamic where artificial intelligence models to predict market movements have been crowdsourced. Such a unique platform enables data scientists to enter a competition. They can experiment and optimize their models, contributing to the creation of trading strategies that do not rely on traditional market analysis.

Numerai and its trading volumes have been rapidly ascending due to the growing interest in decentralized asset management. According to recent market trade volume data, NMR’s trading volume has increased by 12,176% to $4.08 billion. This rise indicates intense market activity among traders and investors.

NMR Derivatives Data. Source: CoinGlass

The open interest of the token has increased by 1,178% to $112.95 million. Moreover, many of them are betting that the price will continue to rise. NMR’s long-to-short ratio is at 1.0276, showing a highly bullish position held by traders.

Numeraire price Spikes Out in a Parabolic Curve

The 4-hour chart timeframe shows that the Numeraire price has been consolidating within the $7.67 and $9.88 levels. This consolidation may have served as an accumulation period, as of August 26, the token experienced a significant rally. The key zones are at $9.13 and $8.82, bolstering the bullish grip in the market.

Numeraire price
NRM/USD 4-hr chart: TradingView

According to the technical indicators, the Relative Strength Index (RSI) stands at 75.09, indicating strong buying pressure. However, traders should be cautious as this position may call for a healthy correction soon.

NMR Poised for a Short Pullback Before a Rally

Numeraire’s recent $500 million deal could give NMR a significant boost, especially in the AI-crypto competition. Some analysts believe this could help push NMR to the $19.81 high. If NMR breaks that level with strong trading volume, it could rally toward $22-$25. However, the overbought conditions could cause a pullback towards $14 support zone. In the short term, caution is needed as the price is moving in a parabolic curve. A drop below $14 could lead to deeper downside, while a break above $19 might suggest a bullish trend. 

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