RARE price has dropped by more than 1.5 per cent in today’s trading session. Despite showing signs of a strong bullish move, many anticipated it would continue today after RARE gained nine per cent yesterday.
The SuperRare platform, whose governance token is for its decentralised autonomous organisation (DAO) is RARE, is known for curating NFT arts from a selected number of artists and displaying it on their platform. The platform has taken a mainstream route to reach its users in the past few months. The recent announcement of a gallery 417 West Broadway in SoHo, New York, which is due for opening on May 19, is one of the marketing strategies the platform is taking. The gallery will feature 15 SuperRare NFT artists. Such market moves are likely to see the markets move upside. There is also a likelihood that more investors are likely to be reached through these galleries. The platform growth is also evident in the past few months, as it is now regarded as among the main competitors to platforms such as OpenSea, Coinbase NFT and Foundation.
RARE Price Prediction
The chart below shows RARE prices have been trading within a support and resistance market structure since January 17, 2022. In today’s trading session, the chart shows the prices have dropped by more than 1.5 per cent. This is despite a strong bullish move yesterday that resulted in a price surge of 9 per cent.
The chart also shows that both the Williams Alligator and the RSI indicators are very bearish. In the case of the RSI indicator, although there is a small bullish divergence, the reading is still near the oversold region. This means that the bearish trend is still strong.
Therefore, I expect the RARE price to continue falling using the indicators and past price action. There is a high likelihood that the prices will hit the $0.42 support level. There is also a very high likelihood of the prices dropping past the support level and forming new price lows that have not been reached for months.