LooksRare Soars More than 10%, Looks For Further Upside

By Rekha chauhan
January 20, 2022 Updated January 20, 2022
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LooksRare continue to rise since its launch with 129% returns for traders. Thursday’s is not an exception with a new high at $6.85. The volume rose to $296,919,196 recording more than 150% gains in the past 24-hour day.

  • LooksRare looks unstoppable, inches higher to scale up new highs.
  • An NFT marketplace endorses buying and selling of digital art using LOOKS tokens.
  • LooksRare outperformed OpenSea by more than 100% since its launch.

LooksRare set eyes on OpenSea

OpenSea is the world’s first and largest NFT marketplace. Now, LooksRare is becoming a threat to the position of OpenSea in the world of the digital marketplace. The latest NFT platform has already out-formed rival OpenSea in terms of volume.  LooksRare received over $3.4 billion in Etheruem received in a single week. Furthermore, in some cases, the NFT platform successfully outperformed OpenSea by more than 100%.

LooksRare Approach refers as “Vampire attack”: Arcane Research

So what is this “Vampire attack”?

Well, it is the strategy to target the already established user base of OpenSea, luring them in with an airdrop. The airdrop targeted those who had at least 3 ETH in trading volume on OpenSea over a six-month period. After identifying the category, users were awarded $LOOKS tokens after they listed an NFT on the LooksRare platform.

Source: trading view

Talking about the technical aspect, on the 4-hour chart the token’s price has been on the Bull run since its listing. The price remains steady above the 20 DMA with no signs of reversals.

The daily Relative Strength Index (RSI) and the MACD (Moving Average Convergence Divergence) both oscillators intact their bullish momentum. This gives the bulls enough encouragement to keep their heads up.

 

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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