SuperRare (RARE) has seen a price increase, surging by 367% in just one week. According to an analysis by crypto analyst Zen, this bullish move could signal a reversal from a downtrend.
However, Zen warns that traders should closely watch specific price zones to determine the sustainability of this upward momentum.
RARE has demonstrated strong bullish momentum, reversing the downtrend that has previously dominated its price movement. The current spike, which brought the price near $0.30, demonstrates a shift in mood.
However, as with any rapid price increase, the potential for volatility remains high. The key resistance level at $0.3050 could be a critical point where sellers may re-enter the market, potentially stalling further upward movement.
$RARE pumped by 367% in one Week Looks like a good start to reverse from downtrend.Most interesting zones to buy the dips are ~0.19 and ~0.13-0.12First zone will be touched in any case, but hard to predict if there will be a quick bullish bounce, or just a small one,… pic.twitter.com/HWFgTHOFUa
— Zen (@WiseAnalyze) August 19, 2024
Key Support and Resistance Levels to Watch
Zen’s analysis pinpoints several crucial support and resistance levels that traders should monitor. On the upside, resistance levels are identified at $0.3050, with upper resistance zones ranging from $0.3476 to $0.3900. These levels will be crucial in determining whether the current bullish trend can extend further.
On the downside, key support levels include $0.2397, which is near the current price. The next support level, around $0.1930, is noted by Zen as a potential dip-buying zone. This level aligns with the tweet’s mention as a possible area of interest for buyers.
Additionally, a secondary support zone exists between $0.1380 and $0.1250, where a deeper correction could present another buying opportunity.
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Volume and Future Scenarios
The surge in SuperRare’s price has been accompanied by a notable increase in trading volume, which supports the bullish move. However, this also raises caution as heightened volume can lead to increased volatility.
Zen suggests that a pullback to the $0.19 level is plausible, where a quick bullish bounce could signal continued upward momentum. Conversely, if the price fails to hold this level, the next key support zone around $0.13 to $0.12 could come into play, potentially providing a strong accumulation area for long-term buyers.
At press time, RARE trades at $0.2363, reflecting a 15.12% dip over the last day. Despite this dip, RARE has still achieved a 173.92% increase over the past week, according to CoinGecko. This sharp rise in price shows the potential for further gains, but also the need for careful monitoring of key levels.
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