SuperRare price is winning on the charts today, as it has surged 30%, with the RARE/USD trading at $0.2765. The noticeable price movement is accompanied by its 24-hour trading volume, which has pumped 95% to $477 million. The Rare token is up 247% in a week and 351% in a year, gaining a spot amongst the fastest-growing tokens in the crypto market.
According to IntoTheBlock data, about 50% of holders are in profit, while only 46% face unrealized losses. However, investors and traders should exercise caution when buying RARE despite the market recovery prospects.
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On the other hand, a well-known analyst, JavonTM1, has taken to the X platform, mentioning that “With the breakout target at $2.12938, prices can be poised for another +648% upside from here to reach it.” He has added that these may only be the early stages of an even greater run as prices hold broken out of a larger resisting trend!
$RARE (SuperRare) has recently shown monumental strength but this may only be the early stages of an even greater run as prices hold broken out of a larger resisting trend!
With the breakout target at $2.12938, prices can be poised for another +648% upside from here to reach… https://t.co/PidG6JUrtk pic.twitter.com/jQbiEJyPvu
— JAVON⚡️MARKS (@JavonTM1) August 21, 2024
SuperRare Statistical Data
Based on CoinmarketCap data:
- RARE price now – $0.2765
- RARE market cap – $195 million
- RARE total supply – 1 billion
- RARE circulating supply – 709 million
- RARE ranking – #197
SuperRare Price Breaks Out of a Consolidation Phase
After a prolonged period of consolidation, RARE has gone ballistic, soaring 30%, before facing resistance at $0.3666. The SuperRare holds above key bullish indicators on the daily chart, starting with the 50-day Simple Moving Average (EMA) (green) and the 200-day SMA(blue). In this case, the $0.1003 and $0.1240 act as immediate support keys, suggesting that the bulls are in control.
Moreover, the Relative Strength Index (RSI) cautions traders of a potential correction. After climbing from support at the mid-line (50), the RSI jumped into the overbought area, almost hitting a 90-level strength before retreating to 81. Traders won’t have to worry about sudden pullbacks with the RSI above 70, but this position also means a correction is imminent.
The Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture with a buy signal. This call to traders to consider buying RARE manifested with the MACD line in blue, crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.
RARE Price Outlook
In the daily chart analysis above, the RARE bulls are in control, tilting the odds toward the buyers. Meanwhile, based on Welles Wilder’s interpretation of the RSI, an asset is only ripe for selling once the RSI crosses below the 70 threshold. Until then, traders may consider leaving their orders open, save for those looking to take new positions on RARE. It might be prudent to keenly watch out for the RSI’s rejection from the overbought region and carefully time the reversal to avoid the bull trap.
While the RARE/USD pair is currently experiencing a powerful uptrend, the technical indicators suggest that this move may need to pause or retrace before any further significant gains. A pullback to the $0.2044 to $0.1441 support range could provide a level ground for a renewed advance. However, if the current momentum continues unchecked, the market could push higher before such a correction occurs.
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