Looks rare first arrived on the scene as one of the first NFT marketplaces with a vampire attack on OpenSea and it was heavily rewarded as the LOOKS token saw great success. Like the rest of the crypto market, LOOKS has since succumbed to bearish headwinds, losing more than 98% of its bull market highs. However, this may not stay that way for long as a crypto analyst has predicted a massive blowout that could send the price to its previous highs.
LOOKS ready for a parabolic move
In an analysis Posted on TradingView, a crypto analyst who visits the platform without any worries has predicted a rapid price increase for the LOOKS token. The analysis identifies key indicators that have turned bullish, pointing to a 10,000% price increase.
First, the analyst notes that the price action and breakouts of RSI resistance indicate a potential bull rally. Then there is also the fact that multiple oscillators have moved into positive divergence with the price action that has been recorded. As the analyst explains, this positive divergence becomes increasingly stronger as the time frame increases.
The third factor pointing towards this rally is the panic in the crypto market. Volume has increased as investors scrambled to get back into the market and take advantage of rising prices. “Every sell-off is accompanied by a large increase in volume,” says the analyst.
Source: Tradingview.com
A falling wedge pattern using the highest to lowest contact points also supports this theory of a breakout. So while it is likely that the price could continue to fall, it is more likely that the price will rise, the analyst explains.
Furthermore, the analyst notes the fact that LOOKS has yet to be listed on major exchanges such as Binance. As such, this offers a unique opportunity to get into the coin before it hits investors’ radar.
Looks rare recovery to new highs
The analysis, first published on November 22, placed one of the price targets just above the $5.2 level, which would be an initial move of 5,000% from the then price of $0.097.
However, given the analyst’s forecast of a 10,000% increase, there is an expectation that the altcoin will surpass its previous all-time high price of $7. If a 10,000% move is completed from here, the price would rise to $9, which would be a new all-time price.
A breakout appears to have already started for the LOOKS price on Friday. The price is already up over 23% and continues to show bullish trends. However, the analyst does not provide a time frame for when this 10,000% step would be complete.
Token price above $0.09 | Source: LOOKSUSDT on Tradingview.com
Featured image of Seu Dinheiro, chart from Tradingview.com
