Rarible (RARI) Technical Analysis 2021 for Crypto Traders
In Rarible (RARI) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about RARI to analyze the future trend of the cryptocurrency.
Rarible is a creator-focused NFT marketplace and issuing platform that uses the RARI token to empower users actively interacting with the protocol. This platform users can easily create non-fungible tokens (NFTs) for unique digital items such as artwork, in-game items, etc.
The platform provides users with a fully functional marketplace, filtered and categorized to create a simple and easy user experience. Moreover, anyone can create and publish NFTs on the Rarible marketplace.
Rarible (RARI) Current Market Status
According to CoinGecko, the RARI price is trading at $26.79 with a 24-hour trading volume of $13,326,215, at the time of writing. However, RARI has increased by 2.9% in the last 24 hours.
In addition, RARI has a circulating supply of 4,731,476 RARI coins. Currently, RARI trades in HitBTC, ZT, BitWell, BitZ, and Gate.io.
Rarible (RARI) Technical Analysis 2021
Rarible (RARI) holds the 362nd position on CoinGecko right now. The recent development and upgrades might push RARI to reach new heights. Now, let’s deep dive into the RARI technical analysis 2021. The weekly time frame chart of Rarible (RARI) is shown below.
The price action contained between two parallel upward sloping lines is defined as an ascending channel. Higher highs and lower lows distinguish this price pattern. An ascending channel is formed by connecting the swing lows with a lower trend line and the swing highs with an upper channel line.
A breakout above an ascending channel may indicate that the upward trend will continue, whereas a breakdown below an ascending channel may indicate that the trend will change.
Currently, RARI trades in a range of $28.2. If the price breaks the trend line resistance level of $46.57 then it will lead to a further surge up to the $211.30 Level. If the trend reverses to the down side, then it will reach the support level at $8.98.
Rarible (RARI) RSI
The below chart shows the relative strength index (RSI) of RARI.
As shown in the above chart, RSI remains at 53.81. This shows that RARI’s price is neither in an overbought or oversold state. This shows that traders have to trade carefully, however, major price reversal could take place.
Rarible (RARI) RVOL
The below chart shows the Relative Volume of RARI. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.
Currently, the RVOL of RARI lies below the cutoff line which represents the weaker participants in the current trend.
Rarible (RARI) Moving Average
RARI’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.
Currently, RARI is in a bullish state. However, RARI price is closely below 50 MA (short-term), and it is now in between 50 MA and 200 MA. Possibly, RARI can also move above 50 MA and 200 MA (long-term) soon.
Once it moves above 50 MA level, it completely goes to a bullish state. Moreover, there is a high possibility of Trend reversal at any time.
Rarible (RARI) Price Comparison With Bitcoin
The below chart shows the price comparison between RARI and BTC.
From the chart, we can identify the trend of the BTC and RARI is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of RARI also increases or decreases respectively.
Conclusion
With the ongoing developments and upgrades that are taking place within the RARI platform. Rarible has a great future ahead in this crypto market. However, RARI can reach new heights.
Bullish RARI price prediction 2021 is $46.7. As mentioned above, it may reach great heights, however reaching $211.3 is also possible, if investors have decided that RARI is a good investment in 2021.
FAQ
Rarible (RARI) is an NFT marketplace and broadcasting platform focused on creators.
RARI is listed on many cryptocurrency exchanges that include HitBTC, ZT, BitWell, BitZ, and Gate.io.
With the ongoing developments and upgrades within the RARI platform, it has the high possibility of reaching its ATH soon.
Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
The post has appeared first on thenewscrypto.com
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
