Bitcoins
Journalist
Posted:
Rarible rallied 94.5% in the past 24 hours. CoinMarketCap data showed that the $7.27 million market cap token saw a 20-fold increase in daily trading volume.
The high volume was unable to break the $0.5 resistance, and the price was down to $0.35 at the time of writing.
As the native token of the Rarible NFT platform, Token Terminal data showed that onchain user counts were quite small. The metrics didn’t grow over time, either.
The token holders count has stayed at 24.4k-24.6k over the past year, and the active weekly users have been under 1,000 since April 2023. The platform’s NFT sales volume was also quite small.
Bitcoins Price analysis shows a year-long downtrend for RARI
Source: RARI/USD on TradingView
The bearish structure breaks since November were nothing new. Since January, RARI prices have been trending downward.
The CMF, which briefly climbed above +0.05, had previously climbed past the same benchmark in December 2024.
The OBV’s upward spike reflected the heavy trading volume during the weekend, but was not a sign of bullish confidence. To shift the swing structure, a move above the $0.5 level was needed, but it has not yet come.
Bitcoins Exploring the bullish case
The rally past $0.29, a recent local swing high, was a sign of a bullish internal structure shift. As noted earlier, the swing structure remained bearish. In this case, a revisit to the $0.29 level could see the RARI bounce resume.
This is an unlikely scenario, given the long-term downtrend and the lack of users and demand.
Bitcoins Traders’ call to action — Sell the bounce
Due to the Bitcoin [BTC] bounce to $90k on Monday, many altcoins saw a noticeable uptick in prices after steady losses in recent weeks. This was not the beginning of a recovery, but a bounce that sellers can target.
It was the same for the RARI token. A breakout past $0.5 would be a technical trend reversal, but it is hard to go long after a year of downtrend.
Bitcoins Final Thoughts
- The RARI crypto token saw a sudden price bounce and an immense increase in trading volume.
- After a year-long downtrend, the chances of a long-term trend reversal were slim.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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