The SuperRare price has plunged 13% in the last 24 hours to trade at $0.2449 as of 3:25 a.m. EST on a 30% drop in trading volume to $668 million.
SuperRare Price Analysis: Bullish Breakout With Potential For Further Gains
The price action of the RARE/USDT on the daily timeframe shows the price moving within a bearish channel for several months, indicating a prolonged period of downward or sideways movement.
However, recently, the price broke out of this bearish channel, forming a parabolic curve, which is a strong indicator of a potential bullish trend.
RAREUSDT Analysis Source: Tradingview
Following the breakout, the price surged significantly, hitting a peak near the 0.4000 level, near the Take profit” zone. This spike in price is accompanied by a sharp increase in trading volume, further validating the strength of the upward move.
Additionally, the Relative Strength Index (RSI) shows an extremely overbought condition at 82.06, suggesting that the asset is overextended and may face a correction or consolidation soon.
A support level of around 0.2500 is identified, which could be a key level to watch if the price is retraced. Given the overbought conditions, a short-term correction towards this support level is possible. However, if the support holds and the bullish momentum continues, the price could attempt another rally, potentially targeting higher levels.
SuperRare Price Prediction
RARE/USDT will likely experience a short-term pullback or consolidation as the market corrects from the RSI overbought conditions. The price could test the support level around 0.2240 if the downturn continues.
However, failure to hold the 0.2240 support might lead to a deeper correction, possibly towards lower support zones around 0.1847.
In a converse case, the bullish momentum may resume if this support holds, leading to another potential rally. The next target could be the previous high, near 0.4244. If bulls breach this level, the price could aim for new highs.
