Introduction

Hey friends! I hope you're well. Welcome to the new update on SuperRare (RARE). In my earlier videos, I discussed how RARE broke out of a significant long-term falling wedge pattern. Today, we'll analyze the latest price movements and trade signals for SuperRare.

Falling Wedge Breakout

If you take a look at the live weekly time frame chart, you’ll see the falling wedge pattern I mentioned previously. Since the breakout, RARE has experienced a pump of approximately 58%. However, it has struggled to break out of a long-term resistance zone ranging from 35 cents to 45 cents. This zone previously acted as a support area, featuring a double bottom formation. After the breakdown in May 2022, this support zone has transformed into a strong resistance area, resulting in several rejections.

Channel Breakout

Recently, we also broke out of another channel, leading to a price pump. On the daily time frame chart, RARE was moving inside this channel for several days before breaking out. In today’s video, we’ll analyze this breakout in more detail.

Trade Signal from August 24, 2024

I shared a trade signal for RARE with my members on August 24, 2024. This setup resulted in an impressive pump of around 18%. The signal was based on a harmonic bullish reversal pattern (AB=CD) that formed on a 4-hour time frame chart with the US dollar pair.

• Trade Setup:
  • Buying Zone: Identified as a strong entry point.
  • Sell Targets: Defined based on technical analysis.
  • Stop Loss: Strategically placed to manage risk.
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  • Click here to visit this signal

Analysis of Live Chart

Now, let’s dive into the live chart of RARE. Since March 8, 2024, the price has been moving within a channel. After breaking out of this channel, the technical target was set at 25 cents. RARE exceeded this target, achieving a 56% increase. However, the price has encountered resistance in the long-term resistance zone of 35 to 45 cents.

Weekly Time Frame Analysis

Looking at the weekly time frame chart, we can see that RARE has successfully broken out of the long-term falling wedge pattern. Despite this, it has yet to hit the target for the breakout from the wedge, which is projected to be between $2.70 and $3.

Conclusion

This concludes our update on SuperRare. I hope you found the analysis helpful! If you did, please hit the like and subscribe to the blog for more updates. For more trading signals, consider joining me as a YouTube member or Patreon member, where I share various trading signals and insights. You can find the link to join as below.

Take care, and goodbye!