SuperVerse’s token, SUPER, surged over 17% in the past day, driven by the upcoming launch of a new Web3 action game on its platform.
The surge has spotlighted SuperVerse (SUPER) as the top-performing cryptocurrency among the top 300 digital assets by market value and elevated its price from $0.731 to $0.855.
This is the highest the token has been since June 13, with its market capitalization leaping to $385 million, positioning it as the 153rd largest digital asset globally, according to CoinGecko data.
SuperVerse (formerly SuperFarm) is a decentralized autonomous organization that connects blockchain game developers and players. Its native token, SUPER, is used for governance, fundraising, payments, and transactions within blockchain-based games across multiple blockchains, facilitated by its LayerZero infrastructure.
A key factor behind SUPER’s recent rally is the upcoming release of a new web3 public game on the SuperVerse platform, launching on Sep. 12. The combat-focused territorial warfare game, offering 30 million tokens in rewards, has sparked bullish sentiment around SUPER as the launch date approaches.
Another factor driving SUPER’s price is the recent growth of TON Station, a web3 gaming platform by SuperVerse on The Open Network (TON) blockchain, which has now exceeded 6.3 million users.
The renewed optimism led to a 330% increase in trading volume within 24 hours, boosting the bullish momentum for SUPER.
Data from Coinglass shows that SUPER’s daily open interest jumped by 147%, reaching $28 million at the time of writing. This, along with an increase in trading volume, indicates heightened investor activity, potentially contributing to the token’s continued rally.
SuperVerse’s price has broken above the upper Bollinger Band, which is currently at $0.8338, with the price standing at $0.8551. This breakout suggests strong bullish momentum, as the token has surpassed the typical resistance provided by the upper band.
Notably, SUPER has also moved above the 50-day Exponential Moving Average, with the Relative Strength Index nearing overbought territory. However, with the price moving above the upper Bollinger Band, further upward movement is possible, particularly if the strong buying interest persists.
If the upward trend continues, traders should watch for a breakout above $0.90 with strong volume which could push the token toward $1.00. However, caution is warranted due to the overbought RSI, as this could lead to a potential pullback or consolidation phase. In case of a reversal, the middle Bollinger Band at $0.70 may act as the first support level.