Why is SUPER Price Surging? SuperVerse Hints At A Major Announcement

SuperVerse’s native governance token, SUPER, emerged as one of the top gainers on Binance this week, with a 20.25% price jump over the last 24 hours. SUPER currently trades at $1.01, up from a daily low of $0.8375.

Driving this rally is a confluence of upcoming announcements teased by the SuperVerse team and a technical breakout from key chart levels as identified by analysts.

Fundamental Trigger: Big Announcements Building Hype

In recent weeks, SuperVerse has ramped up community excitement by partnering with leading Web3 projects, including BEAM, LayerZero, Immutable, and Polygon. The team has also hinted at some major announcements over the next few days.

This building hype and speculation of an impactful reveal soon is acting as the key fundamental catalyst behind SUPER’s ongoing price surge.

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Technical Analysis: Breaking Out With Room to Run

From a price action perspective, popular analyst Captain Faibik points out SUPER breaking out beyond a symmetrical triangle pattern to trigger a 40% rally. With the triangle resistance now in support, he expects the uptrend to continue.

On the other hand, analyst VirtualBacon highlights a potential “double top” pattern on the 1-hour chart after SUPER hit his initial target of $0.93-1.09. He prudently booked some profits, anticipating a pullback to $0.7–0.75 to reload long positions.

Analyzing SUPER’s technical setup on the daily timeframe, the Relative Strength Index (RSI) currently sits at 78. An RSI above 70 typically suggests an asset is in “overbought” territory.

This means traders must be cautious of a potential short-term top and correction. However, it also signals the uptrend still has room left to extend further, likely till the RSI reaches the 80 range.

With strong fundamentals complemented by bullish chart patterns playing out, SuperVerse’s SUPER token makes a compelling opportunity both from a swing trading and long-term investment standpoint.

However, interested traders must remain cautious of overextended RSI readings predicting an imminent correction. Prudent portfolio management calls for scaling out positions while letting profits ride on the core holdings.

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The post Why is SUPER Price Surging? SuperVerse Hints At A Major Announcement appeared first on CaptainAltcoin.