Supra crypto retraces: What’s next after a 137% surge in 6 hours?

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  • Supra bulls have been quiet over the past 13 hours of trading.
  • The low trading volume during the retracement meant a strong bullish swing is possible in the coming days.

As a seasoned researcher who has witnessed countless market swings, I find myself intrigued by the current state of Supra [SUPRA] crypto. After its remarkable 137% surge within six hours on Bybit, it’s interesting to see the token consolidate above a short-term support zone over the past 13 hours. The psychological round number support at $0.01 is being defended robustly by the bulls, which is a positive sign.

On November 27th, the Supra [SUPRA] cryptocurrency experienced an impressive surge of 137% within just a few hours after it started trading on Bybit exchange. Over the past 13 hours, the token with a market cap of $80.65 million has maintained its position above a temporary support level.

Supra crypto bulls defend the psychological round number support at $0.01

On the 27th of November, a series of Fibonacci retracement lines were drawn based on the impressive surge in the Supra crypto’s value. This rally took the price from $0.00637 to $0.01569.

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For the last 16 hours, SUPRA has held its ground within the range of $0.0105 to $0.012. This interval aligns with a 50% price pullback.

On the 15-minute chart, the Relative Strength Index (RSI) of the token has dipped beneath the neutral 50 level. Moreover, the market trend on this timeframe appears bearish as the token has formed a new lower low at $0.0129.

Over the last 16 hours, the trading volume has been relatively low, indicating minimal selling pressure during Supra crypto’s pullback period. This was a positive sign, however, the recent trading periods have shown a significant increase in selling activity.

In the upcoming period, traders might want to prepare for potential market turbulence. If Supra crypto dips below its current support area, it could potentially drop to around $0.00836 – which represents about 78.6% of its recent downward trend. Such a decline might present an attractive buying opportunity.

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Realistic or not, here’s SUPRA’s market cap in BTC’s terms

Over the last 32 hours, Bitcoin (BTC) has gradually increased in value from approximately $91,000 to around $95,000. The continued rise in Bitcoin might boost SUPRA’s potential for an upward trend.

Yet, these smaller cryptocurrencies, known as altcoins, don’t always follow the broader market trends and might unexpectedly surge (pump) or plummet (dump) independently from Bitcoin and other major digital assets.

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2024-11-28 17:11