NMR Price Heats Up: Can Numeraire Smash Through $18.53 Resistance?

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The Numeraire (NMR) has been exhibiting a bullish trend on the 1-hour chart.

The crypto has seen a fluctuation in closing prices, with the most recent closing at $16.67000. However, the overall trend is positive, suggesting potential growth and returns for investors.

NMR EMAs Point to Strength

The 9 EMA and 20 EMA both exhibit a positive slope, indicating a bullish trend. Over the last five periods, the 9 EMA has risen from $15.99648 to $16.49198, while the 20 EMA has increased from $14.34722 to $15.16574.

That suggests that the short-term momentum is stronger than the long-term momentum, indicating a potential upward trend.

NMR/USD 1-hour chart (Source: GeckoTerminal)

The MACD, a trend-following momentum indicator, shows a slight negative divergence, with the MACD line below the signal line and a negative histogram. This indicates a bearish signal, suggesting a potential price correction. However, the overall trend of the MACD line and signal line is still upward, indicating a bullish trend in the longer term.

The RSI, a momentum oscillator, has been hovering around 65 which is closer to the overbought level. This suggests that NMR might be overvalued and could experience a short-term price correction. However, a high RSI indicates strong buyer interest and can sometimes suggest a strong upward trend as well.

Support and Resistance Levels

The support levels for NMR are $14.66000, $9.28000, and $9.15000. The crypto has been trading well above these levels, showing strong buyer sentiment.

Meanwhile, the resistance level is at $18.53000. If NMR can break through this level, it could trigger a new bullish run.

The NMR/USD pair shows potential for a bullish trend based on the EMA and MACD values. However, the high RSI value and negative divergence in MACD suggest a possible price correction in the short term. Investors should keep an eye on these indicators and make informed decisions accordingly.

Disclaimer: This article is for informational and educational purposes only and should not be taken as financial advice. Trading and investing in cryptocurrencies involve significant risk, and you should conduct your own research or consult with a licensed financial advisor before making any investment decisions. Ecoinimist is not responsible for any financial losses incurred.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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