KEY TAKEAWAYS
SuperVerse (SUPER) follows a descending resistance trend line.
The SUPER price is attempting to break out from a 140-day resistance.
Will SUPER finally break out, and if so, how much will it continue to increase?
SuperVerse (SUPER) tests a critical resistance level after following a descending resistance trend line for months.
The price has made multiple failed attempts but is again pressing against a 140-day resistance area.
Today’s SUPER price increase was triggered by an Upbit listing, which has caused similar surges in the past few months.
Momentum indicators suggest strength is building, and if the breakout is successful, it could open the door to significant upside potential.
SUPER Attempts Breakout
Since May, the SUPORT price has fallen under a descending resistance trend line, making three unsuccessful breakout attempts.
Even though the price seemed to break down on Sept. 25, falling to a low of $0.48, it regained its footing shortly afterward.
Today, the SUPER price surged by 60% and made another breakout attempt. However, that was unsuccessful, since SUPER failed to close above the trend line, creating a long upper wick (red icon).
The fact that the trend line coincides with the $0.92 area makes it even more challenging to break out, considering that the area has existed for 140 days.
Therefore, a successful breakout could trigger a long-lasting rally, hitting the main resistance area at $1.54.
Momentum indicators support this rally. The Relative Strength Index (RSI) just crossed 70, while the Moving Average Convergence/Divergence (MACD) crossed 0.
The daily time frame analysis suggests a breakout is likely, taking the SUPER price to $1.54.
Bullish SUPER Prediction
The long-term SUPER prediction is also bullish, aligning with the positive one from the daily time frame.
Firstly, the weekly time frame shows a reclaim of the $0.50 horizontal support area after a deviation in April (black circle).
In the weekly time frame, the current resistance area represents the middle of the long-term range, and it is likely to fall after three breakout attempts.
If that happens, the range high will coincide with the 0.618 Fibonacci retracement resistance at $1.55.
The final support for the bullish SUPER prediction comes from the RSI and MACD.
Like the daily time frame, the RSI crossed 50 while the MACD made a bullish cross (black circles).
Hence, a breakout from the $0.90 area is likely, taking the SUPER price to $1.55.
SUPER Breakout Incoming
The SUPER price surged by 60% today, but has not broken out from its main resistance yet.
Readings from the weekly and daily time frames suggest a breakout will occur soon.
If that happens, SUPER could hit a high of $1.55 in October.
