Numeraire (NMR) and DAOMaker (DAO) Technical Analysis: What to Expect?

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Numeraire may be recovering following last week’s gains, but NMR/USDT is far from $50. On the other hand, DAOMaker bulls will suffer if DAO/USDT crumbles below $2.

Numeraire (NMR)

Reliant on Ethereum, this platform is helpful for data scientists who can, without limits, build machine learning models. NMR is its primary token.

Past Performance of NMR

Buyers are unyielding in their quest to spring back and be on their feet.

From the daily chart, the middle BB clips bullish attempts. Still, there are efforts to build on last week’s gains.

Thus far, NMR prices are up seven percent, buoyed by rising trading volumes and improving sentiment.

Day-Ahead and what to Expect

From a top-down analysis of the daily chart, NMR/USDT is trading within a bear breakout pattern.

The middle BB is a liquidating line that NMR buyers have failed to overcome despite buoyant traders.

There is a three-bar bullish reversal pattern as NMR prices bounce off from $26.

In the short-to-medium term, buyers seem to be in the driving seat.

NMR/USDT Technical Analysis

NMR Price Daily Chart for July 6

The close above $35 hasn’t been confirmed even after June 30 bullish engulfing pattern reversing June 21 and 22 losses.

As such, while May 19 draw-down influences price action, aggressive NMR bulls may find buying opportunities above $28 and target $50—June 2021 highs.

DAOMaker (DAO)

The DeFi protocol is a SAAS, allowing projects to crowd-fund in vetted, community-approved startups.

Past Performance of DAO

May and June 2021 losses were deep.

At the time of writing, DAO is stable, is within a tight range as visible in the daily chart, finding support on the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.

The 20-day moving average remains the primary selling line, preventing buyers from building upside momentum.

Day-Ahead and what to Expect

How DAO/USDT prices react between $2—the main support line—and $2.5—last week’s high—would shape the medium-term trajectory.

Ideally, DAO traders can wait for a clear trend to form.

That will mean either a close above $2.5 or a dump below $2 and the 78.6 percent Fibonacci retracement level towards H1 2021 lows.

DAO/USDT Technical Analysis

DAO Price Daily Chart for July 6

DAO prices are flat-lining within a tight range.

Although losses are deep, $2 has been a reliable support level. Buyers may commit if DAO/USDT surge above the middle BB with rising trading volumes.

In that case, DAO may rise to $3.5 but turn to be bloodshed if $2 collapses.

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