SuperVerse Price Drops 5.4% as Market Awaits New Web3 Game Launch

The Superverse price plunged 5.4% in the last 24 hours to trade at $0.8836 as of 5:18 a.m. EST, thanks to a 59% surge in trading volume to $95 million. The market cap is now at $399 million.

SuperVerse (formerly SuperFarm) is a decentralized autonomous organization (DAO) that connects blockchain game developers and players. Its native token, SUPER, plays a key role in governance, fundraising, payments, and transactions within blockchain-based games across multiple blockchains, supported by its LayerZero infrastructure.

One of the major factors behind the recent surge in SUPER’s price is the upcoming launch of a new web3 public game on the SuperVerse platform, scheduled for release on September 12. This combat-focused, territorial warfare game is set to offer 30 million tokens in rewards, generating bullish sentiment as the launch approaches.

Only THE BEST of Web3 gaming is in one place – SuperVerse! ⚡️

With:
– Built-in reach
– Decentralized governance
– And future vision of our own chain

We’re on a mission to drive mass adoption and redefine the industry pic.twitter.com/4qInV51pBO

— SuperVerse (@SuperVerse) September 12, 2024

Another driving force behind SUPER’s price growth is the expansion of TON Station, a web3 gaming platform by SuperVerse on The Open Network (TON) blockchain, which has now surpassed 6.3 million users.

This renewed optimism has resulted in a 330% increase in trading volume within 24 hours, significantly boosting SUPER’s bullish momentum.

Additionally, data from Coinglass shows that daily open interest in SUPER has surged by 147%, reaching $28 million at the time of writing. The rising open interest and trading volume suggest growing investor activity, which may further fuel the token’s rally.

Superverse Statistics

• Superverse price: $0.8836
• Market cap: $399 million
• Trading volume: $95 million
• Circulating supply: 451 million
• Total supply: 999 million

Superverse Price May Continue the Uptrend

The SUPER/USDT price action focuses on a bullish “cup and handle” pattern, which often indicates a potential breakout to the upside. The cup formation, beginning in early July and completing in mid-August, is followed by a small downward retracement, forming the handle in late August and early September.

The handle dips toward the $0.70-$0.75 range, marking the final consolidation before an upward breakout.

The breakout above the neckline, positioned around $0.89-$0.90, has already occurred, signaling bullish momentum. However, the price has pulled back slightly to the $0.85-$0.90 range, suggesting a potential neckline retest as new support. If this level holds, it could confirm the continuation of the bullish trend.

Technical Indicators Signal Bullish Trend Continuation

The moving averages further support this outlook. The 50-day simple moving average (SMA), sitting at $0.8892, is slightly above the current price, while the 200-day SMA is lower at $0.6372. The recent move above the 50-day SMA reflects the growing strength of the upward trend. If the 50-day SMA crosses above the 200-day SMA, forming a “golden cross,” it would reinforce the bullish sentiment.

The Relative Strength Index (RSI) is currently at 63.12, indicating that while the asset is in bullish territory, it is not yet overbought. This suggests there is room for further upward movement before the rally slows.

A clear risk-reward scenario emerges from the chart. The potential reward zone lies in the $1.05-$1.10 range, while the risk is a fallback to the $0.70-$0.75 level, corresponding to the handle’s low. For traders, this indicates a favorable opportunity for gains, though a breakdown of support at the neckline could lead to a deeper pullback.