Superbid’s Technical Analysis -17_05
A brief update on SuperBid’s latest price action
SuperBid- a social auction app has really taken the crypto world by a surprise. This three months old project founded by Patrick Gajda and Wojciech Sobczuk has only just began -as the alpha version of the application is said to be introduced before the end of month — the price action of the SuperBid token was quite unexpected to say the least. Let’s dive in and take a look at Superbid’s price chart and make some future predictions.
First ever breakout
In february when SuperBid was making its first baby steps the biggest concern of early investors was the big gap between tokens in circulation and those in team wallet. This is when Superbid’s team decided to burn over 660mln tokens leaving the total token amount at 102mln and then further locking up 80mln tokens with the monthly vesting schedule.
Token price rose over 475% from 0.13$ to almost 0.8$ and then consolidated for a couple days back to 0.25$.
Superbid’s CTO Wojciech Sobczuk comes up with 400% APY staking
To gain even more community trust and make sure that the early SuperBid adopters are rewarded for sticking with the team and their project the CTO Wojciech Sobczuk came up with peculiar, one of a kind staking solution — he didn’t want any of Superbid holders to pay fees for staking their tokens. That’s why he develeoped an off-chain solution where your tokens stay in your wallet and after signing your it to the staking panel you are rewarded for simply not selling — aka HOLDing them. On the top of that the team announced that for the first month the rewards will be as high as 400% which made the price surge astronomically.
After the great news the price rose up another 400% reaching almost 2$. Soon after that still an undervalued project at marketcap around 30mln$ got its first organic recognision and by being promoted by a couple of instagram influencers token price once again rose by 500% topping at around 10.5$ per token.
Enormous Gas fees and token price consolidation
After latest Ethereum parabolic price rise the gas fees for swaping Ethereum for Superbid were unacceptably high( almost 300$ for one swap) it became almost impossible for an average retail investor to afford the transaction. Furthermore with the beggining of may the staking rewards were reduced to 160%APY to prevent longer term token dilution. The combination of those two made some investors take profits and set the price chart onto consolidation path.
SuperBid’s price prediction
SuperBid is still a small market cap project so when predicting the price we should use the technical analysis tools with caution. Nevertheless we can use the chart history and apply what we have seen in the past to try to predict the future.
In the short Superbid’s history we have had three quite scary consolidation periods, each one (including the one we have now) pulling the price back around 60%. Each time soon after the bottom came in the price bounced back reaching the all time highs.
In the case that the bottom is already in at 4.3$ which seems probable as it closes the gaps from the previous consolidation period and makes the price pull back around 60% form ATH which was mentioned ealier the chart might be ready to breakout again.
With the new listing on bitcoin.com exchange with new SuperBid/USDT pair, bridge to BSC blockchain, litteral moon misions, onboarding new influencers, 160% APY staking and alpha app version coming in the near future it makes a strong case for SuperBid’s price to breakout once again soon. In the past we have been following the fibonacci extensions as our resistance levels. If the breakout is really what awaits us around the corner — we might see SuperBid’s price around 14.2$ the coming weeks.
One last thought— if the SuperBid’s team were to beat Elon Musk and put SuperBid token on the surface of the Moon before Dogecoin will SuperBid’s token price spike to moon as well?
