Numeraire Price Hits $18 Mark, Here’s Why NMR Price Surged by Nearly 30%!

Key Takeaways:

• Numeraire price surged high after maintaining a consolidated trend below $15 for over a week
• The bulls appear to have procured significant strength due to which a bullish breakout may appear imminent 
• The active address remains largely stagnant but the prices soar with a jump in the development activity 

The Numeraire price is currently rising high, gaining nearly 30% since the early trading hours and trading at $16.6 after marking the intraday high at $18.41. The price has been trading within very narrow regions for quite a long time which appears to have been broken with the recent spike. Meanwhile, the bears are trying hard to restrict the price but the accumulated buying pressure appears to hold the rally elevated for long. 

The NMR price has been rising in the times when the other crypto assets were hovering within a very narrow range. The token has been displaying acute strength by sustaining above the crucial support region that may offer bulls the required boosts to trigger a notable upswing. Moreover, a couple of indicators point to the resurgence of a strong bullish trend which may be later followed by a decent bull run.

Numeraire Technical Overview

Source: Tradingview

• The NMR price recently broke above the descending parallel channel ever since it faced rejection from the yearly highs
• The price sliced through the upper resistance of the channel, but the confirmation of the breakout may be only when the levels sustain above the channel until the day’s close
• The RSI sored high and reached the upper resistance of the channel that flashes the possibility of a bearish pullback
• Besides, ADX, which determines the strength of the rally, displayed a bullish divergence which indicates the token is slowly gaining value
• Therefore, even though the price may face a minor bearish action, the bulls may quickly rise the levels, triggering a notable rebound

Additional Read: Ethereum Price Prediction

Numeraire On-Chain Overview

Numeraire Development Activity

Development Activity | Source: Santiment

A token’s development activity is simply the overall progress of the project as tracked on GitHub. The number of commits presented is used to calculate activity. These may be either raising queries, offering suggestions, or recording new upgrades or features of the project. It suggests the overall involvement of the development team and their intention to offer a strong, decentralized, and workable product. 

The development activity at Numeraire is surging from average levels to as high as 0.66, indicating the team is quite confident about the business proposition and is likely to ship new features. Although it does not have a direct impact on the value of the crypto, market participants are likely to become bullish on the token with mounting confidence in the project. 

Numeraire Social Dominance

Social Dominance | Source: Santiment

Social dominance shows the share of the discussions in the crypto space with regard to the token. It compares the social volume and data which are nothing but the searches/discussions regarding the crypto with the social volume of the top 100 cryptos according to the market capitalization. The rise or drop of social dominance is considered against the data of the top 100 tokens. 

The social dominance of Numeraire has been rising high beyond 0.018% after hovering between 0% and 0.011%. This indicates that the social volume of the token has risen compared to that of the top 100 tokens. The number of messages or posts that discuss this token has soared compared to the messages or posts discussing the other tokens. 

Numeraire Daily Active Address

Daily Active Address | Source: Santiment

The demand and the popularity of the crypto are dependent on the user activity over the platform. The rise or drop in the daily active address directly impacts the value of the token as it refers to the rise or drop in the user activity. Hence, all the addresses are considered, regardless of whether, it is a buy, a sell, or a swap address but only once per day. 

The DAA of NMR has been plunging ever since it marked highs around 400 to 410 daily active addresses in the first few weeks of 2022. The levels were maintained below 100 till now, but the recent upswing soared the DAA levels to 180 at the moment, indicating more interest in the market participants over the crypto. 

Numeraire Supply on Exchanges versus Supply Held by Top Address 

Supply on Exchanges versus Supply Held by Top Addresses | Source: Santiment

The supply on the exchanges is nothing but the balance reserve of the token on all the consolidated exchanges. Besides, the supply on the top address can be considered whale addresses as they hold 1% of the circulation. These levels are further compared with the total tokens in circulation, which may indicate the share of the tokens locked in exchanges and the top 100 addresses. 

Both levels have been trading in parallel since the beginning of the second quarter. The share of supply on exchanges is around 7%, while the top 100 addresses hold 70.24% of the total circulation. 

Read More: Bitcoin Price Prediction

Conclusion

The Numeraire price experienced a fine upswing in the early trading hours while the daily active address remained relatively low. Hence, one cannot expect huge participation from market participants. Besides, the whales also maintain a stagnant trend, which indicates they are neither buying nor selling the token but holding for longer gains. 

Values as on May 26, 2023.