SuperRare is bottoming up after dropping 92 percent from October 2021 peaks. In late March 2022, there were hints of strength as the token rallies, more than doubling from 2022 lows.
The RARE price peaked at $5 on October 11, 2021, before dropping to as low as $0.40 in January 2022. However, the recovery of March 12 could be the base for another leg up in the next few months.
With a solid foundation set as per the development in the daily and weekly chart, RARE prospects look positive and may rebound strongly in Q2 2022.
Although NFTs command billions, the SuperRare token is under strong selling pressure as per candlestick arrangement in price charts.
For instance, RARE collapsed 92 percent from Q4 2021 peaks to as low as $0.41. By late Q1 2022, RARE prices were still under consolidation before the sharp leg up on March 11, 2022, lifting the token above critical resistance levels to $1.
RARE prices are now solid above the 20-day moving average and appear to be bottoming up, propelled by decent trading volumes pointing to traders’ participation.
SuperRare Price Prediction on the Daily Chart
Before the sharp spike of March 12, RARE prices were in a clear downtrend. However, the coin found support at around $0.45, making higher lows for the first time after an extended period of lower lows. There is also a double bottom with a neckline at approximately $0.86—marking a clear resistance level.
The upsurge of March 12 lifted RARE above $0.86 to new multi-week highs of $1, setting the foundation for another 50 percent price expansion to $1.47—or better in the days or weeks ahead.
Besides the double bottom, RARE prices are also trending above the descending channel in a bullish breakout pattern. Specifically, the channel’s upper boundary is the same level as the first important resistance at $0.86. Therefore, since RARE prices are trading above this critical confluence, it is sufficient evidence that RARE buyers are in control, paving the road for a possible leg up towards $1.45 where buyers can sell, realizing a profit.
Conversely, if there are unexpected developments forcing RARE below the green support zone, it would be a clear signal of a prolonged bearish market as the token dumps to new all-time lows.
The RSI line is above the 70 level in the overbought territory. The RSI line rapid extension matches with the sharp expansion of RARE prices in the third week of March 2022.
The signal line is above the MACD line, suggesting that buyers are in control and RARE prices could continue rising in the medium to long term.
SuperRare Chart Key Levels
Based on the formation in the daily chart, the $0.86 support level is an essential and immediate reaction line. For the uptrend to be valid and buyers take complete control of events, every dip near this line may present loading opportunities for aggressive traders.
Sustained expansion in line with gains of the third week of March 2022 could also see RARE rise to $1.47. This is a buy target that also coincides with the November 2021 support level.
An unexpected RARE price dumps below $0.46. The support zone would indicate a shift in fortune for SuperRare bulls as the token slides to new 2022 lows in a possible extended bear run.
SuperRare Price Predictions on Social Media
SuperRare has attracted digital artists and is also decentralized and would eventually be governed by a DAO. They continue to add new spaces, which is massive for RARE in the long haul.
The NFT marketplace resolves pain points in the space and is ranked highly by analysts. Besides, the project has a huge social media following, pointing to popularity. The SuperRare DAO and RARE release is a huge selling point for the project, accelerating growth in the future.
Will the RARE price go up?
NFTs are projected to command hundreds of billions in trading volumes as the technology is integrated with blockchain gaming, metaverse, DeFi, and more. SuperRare is a top leading NFT marketplace, decentralized and powered by RARE. With swelling NFT trading volumes, RARE will likely rise with the tide, even surging 5X to peaks.
Is RARE going to crash?
The RARE price might be down 92 percent from October 2021 all-time highs, but there are hints of strength. NFTs are here to stay, and SuperRare is already facilitating millions in trading volumes as a top marketplace. The downtrend was primarily due to a correcting crypto market that weighed heavily on RARE, explaining the contraction. As long as RARE prices are above $0.46, buyers are in the driving seat, and the odds of a crash are low.
Can RARE reach $5?
Based on the project’s fundamentals, RARE prices can expand to all-time highs at $5. By late March 2022, RARE prices rose 150 percent from $0.40 to $1, breaking above the descending channel and other critical liquidation lines. Backed by a vibrant community and talented and experienced team, RARE could quickly surge to $5 and even reach new all-time highs in 2022 as NFTs find widespread adoption.
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