Brief Analysis ——RARE
Today we selected 3 NFT-related tokens which have listed on Binance. They are APE, RARE and BNX.
RARE is one of the most famous NFT marketplace. But Its token performance in 2023 is not terrible. The rise at the beginning of 2023 only covered the loss after the FTX event in 2022, and then the price began a long-term fall. There are many upward pin-bars during the fall. The bulls was weak, and the rebound was low. In early June, the price fell below the 2023 low. The rise that started in mid-June was still weak, but the good thing is that RARE did not fall after the rebound, but continued to fluctuate for nearly a month. Recently, the price has approached the lower rail of the range (green dotted line), trading volume has gradually shrunk, and the power of bears has decayed.
Conclusion: Mostly fluctuation, and the probability of falling is greater than that of rising. The gap between bulls and bears is narrow. However, RARE remains bearish on a large scale, so we retain the possibility that the price will continue to fall after the fluctuation. We set resistance level at 0.09 and support level at 0.06.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
RARE is one of the most famous NFT marketplace. But Its token performance in 2023 is not terrible. The rise at the beginning of 2023 only covered the loss after the FTX event in 2022, and then the price began a long-term fall. There are many upward pin-bars during the fall. The bulls was weak, and the rebound was low. In early June, the price fell below the 2023 low. The rise that started in mid-June was still weak, but the good thing is that RARE did not fall after the rebound, but continued to fluctuate for nearly a month. Recently, the price has approached the lower rail of the range (green dotted line), trading volume has gradually shrunk, and the power of bears has decayed.
Conclusion: Mostly fluctuation, and the probability of falling is greater than that of rising. The gap between bulls and bears is narrow. However, RARE remains bearish on a large scale, so we retain the possibility that the price will continue to fall after the fluctuation. We set resistance level at 0.09 and support level at 0.06.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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