The price of SuperRare (RARE) continues to show significant growth, reaching $0.2684 in the last 24 hours. A strong weekly increase of 228% has attracted the attention of investors.
Attempt to Overcome Resistance
The SuperRare price is trading in an ascending price channel after posting a series of higher highs and higher lows on the 4-hour chart over the past 24 hours. The crypto is now attempting to convert the resistance level at $0.2718 into support. Closing a 4-hour candle above this mark could provide the technical basis needed for the crypto to rise to the next level at $0.3458. If the price is rejected at the $0.2718 resistance level, SuperRare could test the immediate support level at $0.1979. A break below this key price point might then lead to the altcoin's price falling to as low as $0.1371 in the short term.
On the Verge of a Bullish Flag
A major bullish technical flag is on the verge of being triggered by the MACD indicator on the 4-hour chart. Throughout the past 24 hours, the MACD line has risen towards the MACD Signal line. Should this crossing occur, it could indicate that the SuperRare price has entered a short-term positive trend. Meanwhile, trading activity around the coin has subsided throughout the past 24 hours, evident from the narrowing gap between the upper and lower bands of the Bollinger Bands indicator. Continued band contraction could result in a price squeeze, potentially leading to a breakout or breakdown.
Outlook and Analysis
The SuperRare price is also approaching the upper limit of the aforementioned positive price channel, which is confluent with the upper band of the Bollinger Bands indicator on the 4-hour chart, as well as the $0.2458 resistance level. Together, these factors could form a strong technical barrier that investors and traders will be watching closely.
The SuperRare price continues to show significant growth despite potential hurdles. Investors and traders are closely monitoring technical indicators to determine the future price movement.
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