SuperRare (RARE) price has plunged 13% in the last 24 hours, trading at $0.2449 as of 3:25 a.m. EST amid a 30% drop in trading volume to $668 million.
SuperRare Price Analysis
The daily RARE/USDT chart shows the price moving within a bearish channel for several months, indicating a prolonged period of downward or sideways movement. Recently, the price broke out of this bearish channel, forming a parabolic curve, which is a strong indicator of a potential bullish trend. Following the breakout, the price surged significantly, hitting a peak near the 0.4000 level. This spike in price is accompanied by a sharp increase in trading volume, further validating the strength of the upward move. The Relative Strength Index (RSI) shows an extremely overbought condition at 82.06, suggesting that the asset is overextended and may face a correction or consolidation soon.
SuperRare Price Prediction
RARE/USDT will likely experience a short-term pullback or consolidation as the market corrects from the RSI overbought conditions. The price could test the support level around 0.2240 if the downturn continues. However, failure to hold the 0.2240 support might lead to a deeper correction, possibly towards support zones around 0.1847. Conversely, if this support holds, the bullish momentum may resume, leading to another potential rally. The next target could be the previous high, near 0.4244. If bulls breach this level, the price could aim for new highs.
The Rise of New Meme Coin The Meme Games
As SuperRare price bulls continue to gain strength, a new meme coin called The Meme Games ($MGMES) is also catching the eye of investors, having raised over $374K in its presale. The Meme Games offers crypto enthusiasts the chance to participate in a fun and competitive event, where they can win substantial token bonuses.
The price of SuperRare has faced a sharp decline, but there is potential for further gains if key support levels hold. Simultaneously, the new meme coin The Meme Games is rapidly gaining popularity among investors.
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