As top coins struggle with sell-off pressure, the price of Numeraire (NMR) has pared recent gains as it dropped 25% in the past 24 hours.
Like the rest of the cryptocurrency market that has witnessed meteoric gains in the past few days, NMR has dumped as traders lock in gains.
Numeraire price hovered around $16.36 at the time of writing, down as Bitcoin struggled and Ethereum dipped under $4,400.
The release of PCE inflation data on Friday, which showed prices rose in July compared to June and at highs seen in early 2025, pushed stocks down. Cryptocurrencies were slipping amid this overall outlook.
Numeraire, the ERC-20 token powering Numerai’s AI-driven hedge fund platform, recently shot to highs above $22.80.
The token’s meteoric rise, which included a 150% spike in a week, benefited largely from news of a $500 million investment from JPMorgan Asset Management.
The institutional backing doubled Numerai’s assets under management to nearly $1 billion, boosting NMR’s profile and drawing significant trader interest. NMR price pushed from lows of $8.11 to a multi-month high of $22.87 across major exchanges.
Daily trading volume also peaked as bullish sentiment dominated.
However, traders keen to lock in profits have contributed to a 25% price drop, with sellers eyeing more below the $16 level. Notably, the reversal has coincided with a 64% decline in trading volume, now at $340 million.
This is positive for the token as selling pressure isn’t elevated, but also signals reduced market participation from buy the dip players.
With NMR now trading at $16.36, technical indicators suggest a bearish setup that could lead to further declines.
The token has broken below the $18.60 upper Bollinger Band, and the Relative Strength Index (RSI) below the neutral line indicates weakening momentum.
On the daily chart, NMR faces immediate support at $15, a level where the recent breakout candle formed.
If this support fails, the next key level is $14.57, with a deeper drop potentially testing $10.50, as forecasted by some analysts for September 2025.
Resistance is now at $18, with a stronger barrier at $20, a psychological level that aligns with late 2024 highs.
A break above $18 could signal a reversal, but the current bearish trend, coupled with declining volume, suggests caution.
The broader market sentiment and Numerai’s ability to leverage JPMorgan’s investment for sustained growth will be critical.
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