SUPER rallies over 17%, breaking key resistance ahead of a new SuperVerse game launch

SuperVerse’s token, SUPER, has surged by over 17% in the past day following the launch of a new Web3 action game on its platform.

This surge has pushed SuperVerse (SUPER) forward as the best-performing cryptocurrency among the top 300 digital assets by market cap, pushing its price from $0.731 to $0.855.

According to CoinGecko data, the token’s market value rose to $385 million, its highest level since June 13, making it the 153rd largest digital asset globally.

SuperVerse (formerly SuperFarm) is a decentralized autonomous organization that connects blockchain game developers and gamers. Its native token, SUPER, is used for governance, fundraising, payments, and transactions within blockchain-based games across multiple blockchains facilitated by the LayerZero infrastructure.

The most important factor behind SUPER’s recent rise is the launch of a new web3 public game on the SuperVerse platform, which will be released on September 12. The war-focused regional battle royale, offering a bounty of 30 million coins, has generated a bullish sentiment around SUPER as its launch date approaches.

Another factor that increased the price of SUPER was the recent growth of TON Station, the web3 game platform on SuperVerse’s The Open Network (TON) blockchain, and the number of users exceeding 6.3 million.

Renewed optimism has fueled bullish momentum for SUPER, leading to a 330% increase in trading volume in 24 hours.

Data from Coinglass shows SUPER’s daily open interest has increased by 147% to $28 million at press time. This, along with the increase in trading volume, suggests increased investor activity and could contribute to the token’s continued rise.

The price of SuperVerse has broken above the upper Bollinger Band, currently at $0.8338, with the price at $0.8551. This breakout suggests strong bullish momentum as the token surpasses the typical resistance provided by the upper band.

Of note, SUPER also broke above the 50-day Exponential Moving Average and the Relative Strength Index approached the overbought territory. However, with the price breaking above the upper Bollinger Band, further upside is possible, especially if strong buying interest persists.

If the uptrend continues, traders should watch for a break above $0.90 on strong volume that could push the token towards $1.00. However, caution should be exercised due to the overbought RSI as this could lead to a potential pullback or consolidation phase. In the event of a reversal, the middle Bollinger Band at $0.70 could act as the first support level.