Can LOOKS price rally after recent token economic adjustment?
- NFT trading marketplace LooksRare announced the adjustment of its token’s economics.
- Based on the new token economic adjustment, 50% of the platform fees will be used to repurchase LOOKS from the market.
- LOOKS price currently trades at $0.05204 and has the potential to rally another 35%.
LooksRare, an NFT marketplace, announced on September 30 changes to its native token LOOKS’ tokenomics. The BIG LOOKS update could be a catalyst that propels the altcoins higher.
Also read: This altcoin nears the end of its five-month downtrend and could rally 40% soon
LooksRare’s rolls out new changes
LooksRare announced in a recent blog post tokenomics changes to its native token LOOKS. The new update will use 50% of fees to buy back LOOKS from the market. Additionally, 10% of the fees will be earnable as LooksRare Protocol Rewards and 40% will be sent to the Treasury.
LOOKS price lingers
LOOKS price currently trades at $0.05183 and is likely to move higher, considering the recent change to the altcoin’s tokenomics. But from a big-picture perspective, LOOKS continues to move sideways between $0.04490 and $0.07080 levels.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) are both below their respective mean levels, which indicates that the bulls are not ready to push the altcoin higher.
But if LOOKS manages to rally due to a surge in bullish outlook among investors, it could target the upper range at $0.07080.
LOOKS/USDT 1-day chart
On the other hand, if LOOKS price reverses and produces a daily candlestick close below the $0.04490 support level, it would create a lower low and invalidate the bullish thesis.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
