Technical analysis by JSAL about Symbol RARE: Buy recommendation (8/17/2024)

The RARE token, native to the SuperRare NFT platform, has experienced a significant surge, increasing over 170% in the past 7 days and over 75% in the past 24 hours, reaching a price level of $0.18 on leading crypto exchanges. This uptrend has made RARE the daily top gainer on exchanges like Binance, Bybit, Coinbase, and Gate.io, where its futures open interest has also risen by over 200% in 24 hours. Despite being down 95% from its all-time high of $3.79 in October 2021, the current momentum suggests potential for further price action. SuperRare, established in 2018, has become a leading NFT and digital art platform, facilitating over $300 million in sales and providing $180 million in earnings to artists. It supports a sustainable creative ecosystem through perpetual artist royalties and uses blockchain technology to decentralize the art market. The RARE token plays a central role in SuperRare's ecosystem, serving as a currency, a means for staking and reputation building, and the governance token for RareDAO.---------On our long term TA metrics, this is massively shifting based on long term data. Net + volume has surged 300% -- an unusual behavior hinting of long term positioning by buyers.A series of price growth is expected from here on.Spotted at 0.20A rare bargain sale at this current price zone.TAYOR.preppin for another +50% move in a few hours. tradingview.com/x/NotV02hk/+20% after the last update an hour ago.