The post SuperVerse crypto hits $1B market cap in 30 days: Can SUPER keep its gains? appeared on BitcoinEthereumNews.com.

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. Over the past month, SuperVerse [SUPER] has skyrocketed 60%, aligning with broader market gains. This rally propelled its market capitalization to an impressive $1 billion in just 30 days. Recent movements suggest buyers remain in control, aiming to push the asset to uncharted highs. However, whether this momentum can sustain itself amid potential market headwinds isn’t determined. Decline-rally pattern: What’s next for SUPER? According to the chart, there’s a strong likelihood that SUPER’s upward momentum may pause temporarily as it seeks a key support level where sufficient buy orders could reignite the rally. The Fibonacci retracement tool highlighted the 0.382 level, situated at $1.83, as the nearest support zone. This represented a potential 18.14% drop from the recent peak before a recovery resumes. However, there’s a possibility that the decline could extend further to the 0.5 retracement level, marked by the $1.70 price zone, before an upward continuation. Source: Trading View Analysis from AMBCrypto identified a major factor that may contribute to this potential short-term pullback in SUPER’s price. SuperVerse crypto faces downward pressure Data from Coinglass revealed that on the 8th of December, SUPER recorded its highest daily Exchange Netflow since inception, with $3.93 million worth of the asset added to cryptocurrency exchanges. Exchange Netflow measures the difference between the inflow and outflow of an asset on exchanges. A positive Netflow indicates increased selling activity as assets are moved to exchanges for liquidation. Conversely, a negative Netflow suggests holders are moving assets off exchanges, signaling long-term holding commitments. Source: Coinglass For SUPER, the Netflow is both high and positive, which is a sign of a significant selling activity. This increased sell pressure has…

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Filed under: News - @ December 10, 2024 3:27 am