The NMR coin price surged on Thursday even as other cryptocurrencies recoiled. Numerai rose to a high of $40, which was the highest point since December last year. It has risen by more than 267% from its lowest level this year. This rebound brings its total market cap to more than $163 million.
What is Numerai and why is it rising?
Numerai is a project that is in the data science space. The platform allows developers to build machine learning models that help to predict the performance of the stock market. These models can then be staked with the NMR cryptocurrency to earn rewards based on performance.
Developers in the competition receive a free dataset that is made up of high-quality data that has been cleaned and regularized. Winners also earn rewards. By March this year, the developers had paid out over $40 million to its members.
Numerai, is therefore not a blockchain project like Solana and Ethereum. It is a tournament that is bridging the gap between the stock and crypto market. To participate, members of the tournament are required to buy NMR and stake it. In all, the developers hope to create the next successful hedge fund like Ken Griffin’s Citadel Securities.
The NMR price is rising after the developers announced that they were making progress on 1 million stoked NMR tokens. At the current price, these tokens are valued at over $30 million. It is also rising because of the ongoing pump and dump that is happening in small-cap cryptocurrencies.
NMR price prediction
The Numerai price has been in a strong bullish trend in the past few days as the number of staked token jumps. It soared to a high of $40, which was the highest point since December. As a result, the token managed to move above the important resistance level at $18.95, which was the lowest level in January this year.
The NMR token has jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has soared to the overbought level. Therefore, there is a likelihood that the coin will likely drop to the key support at $18.95.
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