SuperRare (RARE) price prediction: What next for the NFT platform?
What is SuperRare (NFT)?
SuperRare (RARE) is a premier non-fungible token (NFT) platform that has collected nearly $90m worth of digital art and $3m in artist royalties paid as of 3 March.
SuperRare was established in 2017 by John Crain, Charles Crain and Johnathan Perkins, who are the CEO, chief technology officer and chief product officer of SuperRare, respectively. They also founded Pixura, the firm that built the crypto collectible technology operating SuperRare.
SuperRare has grown from its 1.0 version to SuperRare 2.0. In the 1.0 version, the core team at SuperRare picked and approved digital artists to mint their works as SuperRare NFTs on a shared smart contract. The 2.0 version changed the process by coming up with web-scale curation, running storefronts independently on the SuperRare platform, and launched sovereign minting contracts for the digital artists to mint, promote and sell their art directly to collectors.
SuperRare market capitalisation
At the time of writing on 3 March, SuperRare had a market capitalisation of $54.997m and a circulating supply of 101.756 million RARE coins. The token’s market capitalisation was obtained by multiplying its volume of circulating supply and the current price of $0.557155, while the circulating supply indicates the number of assets in the cryptocurrency market.
The coin was ranked at #509, according to CoinMarketCap. SuperRare has a maximum supply of 1 billion RARE coins.
What is pushing the SuperRare price?
One may note that the price of SuperRare has edged up over the last seven days, roughly the period Russia invaded Ukraine. In fact, it is key to note that the prices of several other cryptocurrencies such as bitcoin, ethereum and USDT have moved up.
The price of SuperRare was $0.4593 on 24 February, while that on 3 March (at the time of writing) was $0.5146.
A major reason behind recent rises in the value of cryptocurrencies could be the high-value crypto transactions taking place after several countries such as the US, EU, UK, Canada and South Korea banned financial transactions with Russia, placing the country under financial and economic sanctions. Global cryptocurrency exchange Binance announced a donation of $10m to aid the humanitarian crisis in Ukraine on Sunday. It also launched a crypto-first crowdfunding site called Ukraine Emergency Relief Fund to allow the donation of crypto to help provide emergency relief to the war-torn country.
Additionally, artists’ contribution of NFT works also helped raise funds for aiding Ukraine on humanitarian grounds. A group of NFT enthusiasts, artists, online community facilitators, and popular NFT enthusiast Andrew Wang started a relief fund called RELI3F to aid the sale of NFT works and then donate the funds raised to Ukraine. Sales surpassed $1m in less than a minute after the auction went live. RELI3F has already donated about half of the funds raised to three causes that directly accept ethereum: Come Back Alive, local media vetted by the Kyiv Independent and the volunteer medical battalion Hospitallers. The Etherscan transaction histories can be viewed here.
Although the recent uptick in the price of the SuperRare token stemmed from the conflict between Russia and Ukraine, and the large-scale donations made to the Ukrainian government definitely pumped up several cryptocurrency assets, it’s important to keep in mind that crypto prices are heavily reliant on demand and supply, just like any other asset. The dynamics of the coin are affected by real-world events such as the current military conflict between Russia and Ukraine, sanctions on Russian institutions and individuals by several countries, competition, regulation, and several other factors.
Given the latest uptick in the price of SuperRare, let’s take a look at what factors are shaping SuperRare price prediction to note if the token is capable of keeping up its recently found momentum.
SuperRare price analysis: Technical overview
SuperRare touched an all-time high of $3.76 on 11 October 2021. The price of the token since then has declined gradually to hit its current levels.
According to CoinCodex, investor sentiment around the token at present remained neutral at the time of writing. The Fear & Greed Index was also neutral for the token. The cryptocurrency researcher said that SuperRare recorded 53% green days over the last 30 days, with 11.34% price volatility. In addition, CoinCodex also predicted the value of SuperRare will decline by -12.45% and reach $0.478434 by 7 March.
Volatility, which considers the coin’s 30-day price variation, remained at 11.35%, as on 3 March.
The weekly simple moving average (MA) was giving ‘sell’ signals, taking into account a period of 21 days, CoinCodex said. The moving average convergence divergence (MACD) (12, 26) was ‘neutral’ while the relative strength index (RSI) was ‘neutral’ at 38.67. An RSI reading of 30 or below indicates that a security is underbought or undervalued. Values above 70 may indicate that an asset is overbought.
Considering SuperRare key price levels based on previous data, the classical pivot point as on 3 March was $0.565533, with support levels at $0.534949, $0.504498. The strongest support level was at $0.473914.
The token’s resistance levels were at $0.595984, $0.626568 and $0.657018.
SuperRare price prediction: 2022 and beyond
In their SuperRare (RARE) token forecast, algorithm-based price forecasting service Wallet Investor predicted: “RARE is a bad long-term investment”. The site gave a negative RARE price prediction, seeing RARE/USD decline to $0.0447 at the end of 2022 and then a rise to $0.0623 by 27 February 2027.
Another algorithm-based forecasting service, DigitalCoinPrice, gave a more upbeat SuperRare prediction. The site expected the token’s price could reach $0.76 in 2022, $0.85 in 2023, $0.92 in 2024 and $1.16 in 2025. According to DigitalCoinPrice, SuperRare was then expected to decrease to $1.06 in 2026, before rebounding to $1.55 in 2027. The price of the token was predicted to increase to $1.85 in 2028, $2.30 in 2029, $2.57 in 2030 and hit $2.98 in 2031.
SuperRare coin price prediction by Gov Capital predicted the token could fall to $0 in a year from now, that is, by 3 March 2023. The market researcher noted that the token showed a tendency to gain, which was in accordance with the popularity of similar market segments in the reported timeframe of 3 March 2022 to 3 March 2023.
CoinCodex expected the price could plunge 12.45% and reach $0.483473 by 7 March.
Note that algorithm-based forecasters use past price performance for their estimates. Their RARE crypto price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing, and never invest or trade money you cannot afford to lose.
FAQs
Is SuperRare a good investment?
Whether the SuperRare is a suitable investment for you will depend on a number of factors, including your risk tolerance and how much you intend to invest. Always do your own research before investing in any cryptocurrency.
Will SuperRare (RARE) prices go up or down?
SuperRare prices may go down over the period of a year, according to price forecasts by Wallet Investor and Gov Capital. But analysts’ forecasts can be wrong and have been inaccurate in the past. Always do your own research before investing.
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