LooksRare first burst into the scene as one of the first NFT marketplaces to carry a vampire attack on OpenSea and it was rewarded heavily as its LOOKS token enjoyed great success. Just like the rest of the crypto market, the LOOKS has since succumbed to the bearish headwinds, losing over 98% of its bull market highs. However, this might not continue for long as one crypto analyst has predicted a massive burst that could send the price toward its previous highs.
LOOKS Poised For Parabolic Move
In an analysis posted on TradingView, a crypto analyst that goes by without_worries on the platform has predicted a meteoric price rise for the LOOKS token. The analysis identifies major indicators that have turned bullish, pointing to a 10000% increase in price.
First, the analyst notes that the price action and the RSI resistance breakouts point to a potential bull rally. Then there is also the fact that multiple oscillators have turned toward a positive divergence with the price action that has been recorded. As the analyst explains, this positive divergence continues to get stronger with a move up in the timeframe.
The third factor that points toward this rally is the panic in the crypto market. Volume has been on the rise as investors scrambled to get back in the market and take advantage of the rising prices. “Every sell off is met with a large volume increase,” the analyst states.
Source: Tradingview.com
A falling wedge pattern that uses the highest to the lowest touch points also supports this theory of a breakout. So while it is likely that the price could keep falling, there is a higher chance that it will begin to climb, the analyst explains.
Furthermore, the analyst identifies the fact that LOOKS is yet to be listed on major exchanges such as Binance. As such, this provides a unique opportunity to get into the coin before it gets on investors’ radars.
LooksRare Recovery To New Highs
The analysis which was first posted on November 22 put one of the price targets just above the $5.2 level, which would be an initial 5,000% move from the $0.097 price mark at the time.
However, given the analyst’s 10,000% increase prediction, there is the expectation that the altcoin will cross its previous all-time high price of $7. Completing a 10,000% move from here would see the price rise to $9 which would be a new all-time high price.
A breakout seems to have already begun for the LOOKS price by Friday. The price is already over 23% up and continues to show bullish tendencies. However, there is no timeframe presented by the analyst for when this 10000% move would be completed.
Token price above $0.09 | Source: LOOKSUSDT on Tradingview.com
Featured image from Seu Dinheiro, chart from Tradingview.com
Credit: Source link
