- SUPER breaks through the $1.11 resistance, but the overbought RSI signals a possible near-term pullback.
- Increasing social dominance and open interest indicate continued momentum, but the MVRV ratio comes with risks.
Super fresh [SUPER] has captured investors’ attention by surging 11.62% over the past 24 hours to trade at $1.39 at the time of writing.
With a market cap of $677.28 million and a 54% spike in trading volume, the token is showing strong momentum.
The question remains: can this bullish run push SUPER past the key resistance levels, triggering a broader rally in the crypto space?
Bullish indicators appear
SUPER has broken through its recent resistance at $1.11 and is heading towards the $1.39 mark. Bollinger Bands indicate growing volatility, suggesting SUPER could be poised for further price movements.
The next major hurdle is at USD 1.60, which if breached could open the door for a rally towards USD 1.80 and higher.
However, it is important to note that at the time of writing, the RSI was at 78.05, indicating that SUPER was in overbought territory.
Consequently, there could be short-term selling pressure as investors looked to take profits. Therefore, while the trend remains bullish, traders should be cautious of possible pullbacks before the next surge.
Source: TradingView
THIS supports SUPER’s growth
Moreover, SUPER’s social dominance has increased to 0.167%, indicating that it is becoming a trending topic on social media platforms.
This increase in attention from the crypto community can often correlate with further price movements. As the hype increases, more retail investors are likely to enter the market, potentially driving up the price.
However, social dominance alone may not be enough to maintain momentum. Therefore, investors should keep an eye on social trends to gauge whether SUPER can maintain the newfound attention.
Source: Santiment
The MVRV ratio signals potential risks
Another critical metric to consider is SUPER’s MVRV ratio, which has increased to 376.87%. This means that many holders are sitting on significant unrealized gains, which could lead to selling pressure.
Consequently, SUPER could undergo a short-term correction before resuming the uptrend.
Source: Santiment
Institutional involvement
Additionally, Open Interest for SUPER increased 18.97% to $25.40 million. This increase suggested that institutional players may be showing more interest in the token.
These capital inflows could provide the necessary support for a sustained recovery, even if short-term corrections occur.
Source: Coinglass
Read Super fresh [SUPER] Price forecast 2024–2025
While SUPER’s current momentum is promising, its elevated MVRV ratio and overbought RSI indicate potential pullback.
However, increasing social dominance and growing open interest could trigger a breakout above $1.59, potentially heralding the next phase of the bull run.
