The price of the Rarible token has increased, however, profits may be limited

by Max Nevskyi

2 years ago

The price of the Rarible token (RARI) recently experienced a sharp surge, becoming one of the most dynamically growing cryptocurrencies on the market. The token reached $4.50, doubling in the last 24 hours, leading to an increase in the company's overall market capitalization to over $80 million.

Despite a challenging period for the NFT industry, cryptocurrencies continue to show growth. Market analysis indicates that NFT sales volume over the past 30 days increased by 15% to reach $1.4 billion. However, the number of NFT buyers decreased by 0.5%, and the total number of transactions decreased by more than 33.70%. Pandora, NodeMonkes, CryptoPunks, and Bored Ape Yacht Club are among the most popular NFTs during this period.

Rarible, one of the leading NFT platforms in the market, is also experiencing challenging times. Data shows that trading volume on the platform increased by 17% over the past 30 days to reach $261,000, but the overall sales volume decreased to 385. The ecosystem registered 258 buyers and 177 sellers. However, trading volume on the platform reached $1.62 million, which is 9.17% higher compared to the previous month, with over 3,770 traders in the ecosystem.

The rise in RARI price is attributed to active trading among traders. The token has become one of the most discussed on key social media platforms such as StockTwits and Reddit. The trading volume of the token in the last 24 hours exceeded $33 million, significantly surpassing the previous day's figures.

Analysis of the RARI chart from TradingView shows that the token's price reached a parabolic rise on Monday, continuing the recent upward trend. Surpassing the key resistance point at $2.40, the highest point in January this year, Rarible remains above all moving averages, and the MACD indicator is above the neutral point. However, there is speculation that the token's price may soon decline due to profit-taking. In such a scenario, the next important milestone to watch would be at $2.50, and exceeding this week's peak at $4.51 would indicate further growth potential.

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