Supra bulls have been relatively quiet in the past 13 hours of trading, following a rapid 137% rally in under six hours on the 27th of November when the token began trading on the Bybit exchange. With a market cap of $80.65 million, Supra crypto has been consolidating above a short-term support zone.
The psychological round number support at $0.01 has been crucial for Supra crypto bulls, as they have defended this level amidst market fluctuations. A Fibonacci retracement analysis based on the recent rally showed a range from $0.00637 to $0.01569. Over the past 16 hours, Supra has held strong in the $0.0105-$0.012 demand zone, which aligns with the 50% retracement level.
However, indicators like the RSI falling below 50 on the 15-minute timeframe and a bearish market structure with a new lower low below $0.0129 suggest some bearish pressure. Despite this, the low trading volume during the retracement phase indicates a potential for a strong bullish swing in the coming days, although a spike in selling volume has been observed in recent trading sessions.
Traders should brace for increased volatility in the near future, with a potential move below the demand zone possibly leading Supra crypto to the 78.6% retracement level at $0.00836. This dip could present a buying opportunity for those looking to enter the market at a lower price point.
In terms of Bitcoin’s impact on Supra’s performance, the leading cryptocurrency has been steadily climbing from $91k to $95k over the past 32 hours. A continued upward trend for Bitcoin could positively influence Supra’s chances of a rally, although small cap coins like Supra may not always move in sync with the broader market.
As always, it’s essential to exercise caution and conduct thorough research before making any financial decisions. The information presented here is not intended as financial advice and reflects only the writer’s opinion.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.