After losing a massive 18.2% of its value three days ago, RARE price is fighting to stay above $0.60. RARE has gained 1.17% over the past seven days despite its recent slump. However, the bulls will likely be targeting $0.70 to build the momentum for a sustained uptrend. RARE has traded below $0.70 for the past two weeks, and a move above that level could signal a meaningful breakout.
There have been speculations that the NFT boom has peaked and that a market burst is imminent. However, the latest troubling news is that Jack Dorsey’s first Tweet, NFT attracted only $6,200 as the highest bid against an initial selling price of $2.9 million.
The picture gets even more disturbing considering that the NFT owner had listed it for $48 million, expecting to make the most out of a perceived strong market. That the NFT missed its target by over 99% could be pointing to a cooling market. Therefore, this may have created new headwinds for the NFT market and SuperRare.
Despite the gloomy picture in some quarters, some analysts believe that “social NFTs” like BAYC and SuperRare could provide the next growth path for the sector. Nonetheless, two factors could help catalyze bullishness. First, NFTs have remained resilient in a prolonged crypto market slump. Secondly, NFTs are finding new use cases in GameFi, which could sustain increased user interest.
RARE price is sending mixed signals and could be headed for a choppy session. The MACD is below the signal line, which points to a weak momentum. This could send the price to $0.60 for support. At this point, the bulls could try to propel the price to $0.68, beyond which it could hit $0.70. However, a slip down to $0.58 will have breached a critical psychological support, which could see RARE price hit $0.54. If that happens, it will invalidate the bullish view of a $0.70 target.
This post was last modified on %s = human-readable time difference 13:11