It seems odd first burst onto the scene as one of the first nft marketplaces to offer a nft-marketplace-looksrare-sinks-fangs-into-opensea/” rel=”nofollow”>vampire attack on OpenSea and was rewarded greatly as his LOOKS token saw great success. Like the rest of the cryptocurrency market, LOOKS has since succumbed to bearish headwinds, losing over 98% of its bull market highs. However, this may not continue for long as one crypto analyst predicted a massive blowout that could send the price to its previous highs.
LOOKS primed for a parabolic move
in an analysis aware On TradingView, a crypto analyst working carefree on the platform has predicted a meteoric rise in the price of the LOOKS token. The analysis identifies the main indicators that have turned bullish, pointing to a 10,000% price increase.
Firstly, the analyst notes that the price action and RSI resistance breaks point to a possible bullish rally. Then there is also the fact that multiple oscillators have turned towards a positive divergence with the price action that has been recorded. As the analyst explains, this positive divergence continues to strengthen as the period progresses.
The third factor pointing towards this rally is the panic in the cryptocurrency market. Volume has been increasing as investors rushed to return to the market and take advantage of the rising prices. “Every sell-off is met with a huge surge in volume,” the analyst says.
Source: Tradingview.com
A falling wedge pattern using the highest to lowest contact points also supports this theory of a breakout. So while the price is likely to continue falling, there is a greater chance that it will start to rise, the analyst explains.
Furthermore, the analyst identifies the fact that LOOKS is not yet listed on major exchanges such as Binance. As such, this provides a unique opportunity to get into the coin before it hits investors’ radars.
Looks like a rare recovery to new highs
Analysis that was first published on November 22 placed one of the price targets just above the $5.2 level, which would be an initial 5,000% move from the price of $0.097 at that time.
However, given the analyst’s 10,000% upside prediction, there is an expectation that the altcoin will surpass its previous all-time high price of $7. Completing a 10,000% move from here would see the price rise to $9, which would be a new all-time high price.
It seems that a breakout of the LOOKS price on Friday has already begun. The price is already up more than 23% and continues to show bullish trends. However, the analyst has not presented any timeline as to when this 10000% move would be completed.
Token price above $0.09 | Source: LOOKSUSDT on Tradingview.com
Featured image by Seu Dinheiro, chart from Tradingview.com
