Within a short span of six hours on November 27th, Supra [SUPRA] cryptocurrency witnessed a remarkable 137% surge soon after it commenced trading on the Bybit exchange. Since then, this token with a market capitalization of $80.65 million has maintained stability above a support level in the last 13 hours.
Support Holds Strong at the $0.01 Psychological Level for Supra Crypto Bulls
After the surge on November 27th, a series of Fibonacci retracement levels were applied to analyze the movement of Supra crypto, ranging from $0.00637 to $0.01569.
During the past 16 hours, SUPRA has successfully defended the range of $0.0105-$0.012, which aligns with the 50% retracement level.
Nevertheless, the Relative Strength Index (RSI) for the token has slipped below the neutral 50 level on the 15-minute timeframe. Moreover, the market trend on this timeframe appears bearish after Supra crypto recorded a new lower low below $0.0129.
Although trading volume has been relatively low in the last 16 hours, hinting at reduced selling pressure during Supra crypto’s correction phase—a positive sign—the recent trading sessions have witnessed a surge in selling volume.
Traders should anticipate heightened volatility in the upcoming days. A dip below the highlighted support range could potentially lead Supra crypto towards the 78.6% retracement level at $0.00836, presenting a potential buying opportunity.
Bitcoin [BTC] has gradually risen from $91,000 to $95,000 in the past 32 hours. Continued positive momentum for BTC could bolster the chances of a rally for SUPRA.
However, smaller market cap coins like these do not always move uniformly with the broader market and may experience independent price surges or drops in contrast to Bitcoin or other large-cap assets.
Disclaimer: The views expressed do not constitute financial, investment, trading, or any other forms of advice and are based solely on the writer’s perspective.