- Summary:
- SuperRare (RARE) price broke out of a long-term range 11 days ago. However, it has since begun showing signs of choppiness. What is in store?
SuperRare coin (RARE) price has been oscillating in a range over the past six days, having failed to sustain an uptrend following a false breakout on March 20th, 2022. While the crypto market has recorded substantial gains over that period, RARE has been choppy. Nonetheless, it has made a respectable rise from $0.4480 to $0.6738 since March 18th, equivalent to a 50% gain. Notably, RARE made a tremendous single-day gain of 52% on March 20th, contributing substantially to this figure.
Sending mixed signals
While there’s no denying the fact that this is a substantial gain, RARE holders may be concerned that the asset has recorded negative growth in five of the last 11 days. Therefore, this could be indicative of a market in consolidation. Consequently, RARE seems to be in a precarious position and could break out towards the lower side. However, the NFT market has been resilient even when the coin market has been haemorrhaging. Therefore, this forms a strong fundamental basis for SuperRare to grow.
However, with the NFT market having registered an astounding 21,000% growth in 2021, there is growing concern that the market could be in a bubble. Nonetheless, that has not stopped investor interest in the digital art market. For instance, the world’s largest stock market, NYSE, filed a trademark application to establish its own NFT marketplace. This is indicative of a bright market outlook and a strong growth potential.
Furthermore, SuperRare has carved a niche that is likely to keep it on a growth trajectory even as competition grows. Unlike many NFT platforms that accept all kinds of NFTs, including low-grade pieces, SuperRare is more selective. It curates its NFT collection by hand-selecting the artists who can mint NFTs on its platform and ensuring that each item is unique.
RARE Price Prediction
RARE price has been heading sideways, and that is likely to continue, based on the current market momentum. The 20-EMAhas just intersected with the 50-EMA and is struggling to cross above it. This makes a strong case for the coin to find near-term support at $0.6125. The bulls will likely be targeting $0.7360. A break beyond that point could signal a strong uptrend. The MACD is marginally above the signal line, which could help propel the price higher. However, if the price slips to the 10-day support at $0.4993, it will invalidate the bullish outlook.
