- A Fibonacci retracement showed where the price of SuperVerse crypto might temporarily dip.
- Caution persists as positive Exchange Netflow highlights the potential for increased sell pressure.
As a seasoned analyst with over two decades of market observation under my belt, I find myself intrigued by the current state of SuperVerse [SUPER]. The meteoric rise it has experienced over the past month has caught my attention, and its recent rally to a $1 billion market cap in just 30 days is nothing short of remarkable.
For approximately a month now, SuperVerse (SUPER) has experienced an astonishing 60% increase, mirroring the broader market’s growth. Consequently, this surge has elevated its total market value to an impressive $1 billion within only 30 days.
Lately, it seems like buyers are steering the ship, with an ambition to take the asset to unprecedented peaks. But, it’s uncertain if this pace will persist in the face of possible market turbulence ahead.
Decline-rally pattern: What’s next for SUPER?
Based on the graph, it seems quite probable that SUPER’s growth might briefly slow down before finding a crucial support point. Once this support is reached, there could be enough buy orders to rekindle the upward trend.
The Fibonacci retracement indicator pointed to the $1.83 area as the closest possible location for a potential support level, which would mark a decline of approximately 18.14% from the latest high point, after which a new upward trend might begin.
As a researcher, I’m indicating a potential scenario where the decline might deepen, possibly reaching the 0.5 retracement level denoted by the $1.70 price point, prior to any signs of an uptrend resuming.
As a researcher delving into the dynamics of the SUPER market, I’ve found a significant element that could potentially trigger a temporary dip in its price based on my analysis from AMBCrypto.
SuperVerse crypto faces downward pressure
According to information from Coinglass, it was noted on December 8th that a significant amount of SUPER, approximately $3.93 million, was transferred into cryptocurrency trading platforms, marking the highest daily Exchange Netflow for this asset since its inception.
Measuring Netflow means determining the gap between the amount entering and leaving an asset on trading platforms. When Netflow is positive, it signifies a rise in selling actions since the assets are being transferred to exchanges for quick disposal.
Instead, when there’s a decrease in Netflow (meaning outgoing transactions exceed incoming ones), it often indicates that asset holders are transferring their assets away from exchanges. This could suggest that they are making long-term holding commitments.
In the case of SUPER, there’s a substantial increase in outgoing transactions (Netflow), and they’re both high and optimistic, indicating intense selling actions. This heavy sell-off has resulted in reduced interest among buyers, causing a drop in demand, which in turn has led to falling prices.
Based on the provided chart, possible areas where support could be located are approximately $1.83 (representing a 0.382 Fibonacci retracement), or possibly around $1.70 (indicating a 0.5 retracement level).
Market remains firmly bullish
At present, the general attitude towards SUPER appears optimistic, with a robust expectation for growth, backed by significant indicators falling within these favorable parameters.
Currently, I’ve noticed an uptick in Open Interest, which is a measure that reflects the outstanding unfilled future contracts. It’s now at a staggering $41.46 million, marking a significant 9.81% increase from earlier figures.
This rise indicates a growing number of investors taking on long positions, suggesting they expect the asset’s value to climb further from its current point, potentially leading to an upward trend.
Read SuperVerse’s [SUPER] Price Prediction 2024–2025
In the last 24 hours, a larger number of short positions (quick liquidations) have been closed compared to long positions (long liquidations), totaling approximately $296,480. This trend puts a slight bearish influence on the market, yet it generally benefits buyers in the long run.
This pattern indicates a preference for holding long investments in the market. If this persists, it’s possible that SUPER might exceed its latest peak levels.
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2024-12-10 02:16