RARE prices are down by over five per cent in today’s trading session, a continuation of a long-term bearish trend that has resulted in the cryptocurrency losing more than 43 per cent in April. The rare platform has been among the success stories of the NFT industry. Today, the platform boasts over $90 million digital art collection. In addition, the platform has also paid over $3 million in royalties to its artists.
However, even with the latest success story of the RARE platform, the NFT project has come under scrutiny in recent months. This includes the sale of Jack Dorsey’s first tweet as an NFT. Initially, the art project from Dorsey cost over $2.9 million. However, when the time came for the buyer to resale the NFT project, the Tweet failed to meet his asking price.
In fact, the buyer lost almost the entire $2.9 million portfolio as most bids were below $10,000. As a result, the question of price persistence in the NFT industry was brought to the forefront of how NFTs are valued. The idea that the NFT could have lost such an amount in a few months became a point of ridicule for NFTs non-believers. However, the fiasco looks to have had no impact on platforms such as RARE, which have traded relatively stable in the markets.
Despite dropping 43 per cent from its April price highs, the past few days have seen RARE price trading relatively stable. The cryptocurrency is still in a bearish move and recently broke out of the 4-hour descending channel. However, the past few candles are showing signs that the price may return inside the channel.
Therefore, I expect the RARE price to rise in the next few trading session. There is a high likelihood of the prices trading above $0.6. Although RARE has not traded above $1 since March 20, 2022, there is a high likelihood that the current bullish trend that is forming can push it past the dollar mark.
This post was last modified on %s = human-readable time difference 18:34