NMR price skyrockets 140% after JPMorgan backing, how high can it go?

NMR price has reduced part of its profit after a towering rally after Numerai had made an investment from bank giant JPMorgan.

According to data from crypto.news, Numeraire (NMR), the native token of the crowdsourced quant hedge fund Numerai, with 142% to an intraday highlight of $ 19.55 on 27 August, which marks the highest level since December last year.

Today’s rally also confirmed an outbreak of a three -month consolidation phase, with the token being traded within a narrow range between $ 6.50 and $ 10.

It also coincided with a huge increase in daily trading volume. In the last 24 hours, the daily trade volume rose by more than 5,000% when traders exchanged more than $ 548 million in tokens.

NMR’s profit followed the recent announcement of Numerai that it had obtained an investment spending of $ 500 million from JPMorgan. The deal has more than doubled with the Numerai assets under management, which was previously $ 450 million.

The support of the Giant Investment Banking adds a low institutional credibility to the San Francisco-based Quant Hedge Fund and may unlock new income flows.

With a larger pool of capital under management, Numerai is the revenue -based income, which could stimulate the investor’s interest in its long -term business model.

At the time of the press, NMR reduced some of his earlier profit, dropped to $ 14.64, a typical market reaction after such a sharp, short -term rally, because investors probably moved to increase profit.

NMR Technical Analysis: Mixed signals are emerging

NMR has attached a Golden Cross to the daily graph, with the 50-day simple advancing average crossing above the 200-day SMA, a formation that is usually interpreted by traders as a bullish continuation signal.

However, caution is justified in the short term. The relative strength index has reached an overbough territory at the age of 80.

Although a RSI above 70 does not necessarily indicate an imminent reversal, it is often preceded by periods of consolidation or short -term correction.

NMR -Price goals and future prospects

If Bullish Momentum remains intact, the next potential goal for NMR is at $ 22, which represents a profit of 50% of the current price level. A decisive outbreak above that level could open the door for a retest of the High in December 2024 near $ 26. The cryptocurrency market has experienced increased institutional acceptance, whereby large financial institutions such as JPMorgan are paramount in traditional financial integration with digital assets. This trend is in line with a wider market dynamics that influences the entire crypto ecosystem, including established cryptocurrencies such as Bitcoin and Ethereum.