RARE Price Prediction: RARE In A Range, But Is A Breakout Possible?

SuperRare coin (RARE) price has been oscillating in a range over the past six days, having failed to sustain an uptrend following a false breakout on March 20th, 2022. While the crypto market has recorded substantial gains over that period, RARE has been choppy. Nonetheless, it has made a respectable rise from $0.4480 to $0.6738 since March 18th, equivalent to a 50% gain. Notably, RARE made a tremendous single-day gain of 52% on March 20th, contributing substantially to this figure.

Sending mixed signals

While there’s no denying the fact that this is a substantial gain, RARE holders may be concerned that the asset has recorded negative growth in five of the last 11 days. Therefore, this could be indicative of a market in consolidation. Consequently, RARE seems to be in a precarious position and could break out towards the lower side. However, the NFT market has been resilient even when the coin market has been haemorrhaging. Therefore, this forms a strong fundamental basis for SuperRare to grow.

However, with the NFT market having registered an astounding 21,000% growth in 2021, there is growing concern that the market could be in a bubble. Nonetheless, that has not stopped investor interest in the digital art market. For instance, the world’s largest stock market, NYSE, filed a trademark application to establish its own NFT marketplace. This is indicative of a bright market outlook and a strong growth potential.

Furthermore, SuperRare has carved a niche that is likely to keep it on a growth trajectory even as competition grows. Unlike many NFT platforms that accept all kinds of NFTs, including low-grade pieces, SuperRare is more selective. It curates its NFT collection by hand-selecting the artists who can mint NFTs on its platform and ensuring that each item is unique.