- Supra bulls have been quiet over the past 13 hours of trading.
- The low trading volume during the retracement meant a strong bullish swing is possible in the coming days.
Supra [SUPRA] crypto rallied by 137% in under six hours on the 27th of November, the day it began trading on the Bybit exchange. In the past 13 hours, the $80.65 million market cap token has consolidated above a short-term support zone.
Supra crypto bulls defend the psychological round number support at $0.01
Source: SUPRA/USDT on TradingView
A set of Fibonacci retracement levels were plotted based on the rally Supra crypto saw on the 27th of November. This move reached from $0.00637 to $0.01569.
Over the past 16 hours SUPRA has defended the $0.0105-$0.012 demand zone, which coincided with the 50% retracement level.
However, the RSI of the token has fallen below neutral 50 on the 15-minute timeframe. Additionally, the market structure on this timeframe is also bearish, since the token made a new lower low below $0.0129.
The trading volume has been low in the past 16 hours, which suggested that the selling pressure during Supra crypto’s retracement phase was low. This was an encouraging sign, but the past few trading sessions saw a spike in selling volume.
Traders should expect volatility to increase in the coming days. A move below the outlined demand zone would likely take Supra crypto to the 78.6% retracement level at $0.00836. Such a dip can offer a buying opportunity.
Realistic or not, here’s SUPRA’s market cap in BTC’s terms
Bitcoin [BTC] has slowly climbed higher from the $91k mark to reach $95k over the past 32 hours. Sustained upward momentum for BTC could aid SUPRA’s chances of a rally.
However, these small cap coins do not always move in tandem with the rest of the market and can decide to pump or dump out of sync with Bitcoin or the other large cap assets.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
