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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 $668 million.
SuperRare Price Analysis: Bullish Breakout With Potential For Further Gains
The price action of the RARE/USDT on the daily timeframe shows the price moving within a bearish channel for several months, indicating a prolonged period of downward or sideways movement.
However, recently, the price broke out of this bearish channel, forming a parabolic curve, which is a strong indicator of a potential bullish trend.
RAREUSDT Analysis Source: Tradingview
Following the breakout, the price surged significantly, hitting a peak near the 0.4000 level, near the Take profit” zone. This spike in price is accompanied by a sharp increase in trading volume, further validating the strength of the upward move.
Additionally, the Relative Strength Index (RSI) shows an extremely overbought condition at 82.06, suggesting that the asset is overextended and may face a correction or consolidation soon.
A support level of around 0.2500 is identified, which could be a key level to watch if the price is retraced. Given the overbought conditions, a short-term correction towards this support level is possible. However, if the support holds and the bullish momentum continues, the price could attempt another rally, potentially targeting higher levels.
SuperRare Price Prediction
RARE/USDT will likely experience a short-term pullback or consolidation as the market corrects from the RSI overbought conditions. The price could test the support level around 0.2240 if the downturn continues.
However, failure to hold the 0.2240 support might lead to a deeper correction, possibly towards lower support zones around 0.1847.
In a converse case, the bullish momentum may resume if this support holds, leading to another potential rally. The next target could be the previous high, near 0.4244. If bulls breach this level, the price could aim for new highs.
The Meme Games ($MGMES) Presale Raises Over $374k
As SuperRare price bulls continue the bullish momentum, a new meme coin called The Meme Games ($MGMES) is also catching the eye of investors after raising over $374K.
Jacob Bury, a well-known crypto analyst on YouTube, says that $MGMES could skyrocket 10X after its launch.
The Meme Games is an exciting new project that blends the thrill of the Olympics with the playful world of meme coins. It offers crypto enthusiasts the chance to participate in a fun and competitive presale event, where they can win substantial token bonuses.
The concept centers around popular meme characters competing for gold, echoing the spirit of the recently concluded 2024 Olympics.
This is what happens when $TURBO has one too many espresso's. ☕️ #Paris2024 #Crypto #DOGE #BRETT pic.twitter.com/TngVhXoMvE
— The Meme Games (@MemeGames2024) August 8, 2024
Investors back their favourite meme character, who acts as an athlete in this blockchain-based Olympics. When their chosen character wins, backers receive a 25% bonus on their original purchase.
The meme athletes are Dogecoin, Pepe, Dogwifhat, Brett, and Turbo.
As a $MGMES token holder, you can also earn passive income through the project’s staking mechanism, with an impressive annual percentage yield (APY) of 543%.
You can purchase $MGMES tokens now for $0.0093 each. With a price increase coming in less than 6 days, don’t wait too long if you plan to buy.
Buy MGMES here with ETH, BNB, USDT, or a bank card.
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