|

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. 

LooksRare

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

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

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.

More from Akash Girimath
Share:

Editor's Picks

Ripple bulls eye another breakout with $1.70 in sight

Ripple (XRP) upholds a strong bullish outlook, while consolidating near $1.50 on Tuesday. A 72% rally last week pushed the token to $1.70 before it pulled back to seek support amid possible profit-taking and an overstretched market trend.

Polygon extends rally as bull market discovers steady network growth

Polygon (POL) advances to a steady recovery above $0.1200 on Tuesday for the fifth consecutive day, sustaining its 45% gains from last week. The Polygon network is witnessing steady growth in transaction activity and real economic value.

Crypto Today: Bitcoin soars past $80K as Ethereum and XRP hold gains

Bitcoin (BTC) is trading above $80,000 on Tuesday. This is the highest level the Crypto King has traded since mid-May, underscoring a positive shift in investors' risk-on sentiment, liquidity conditions and the technical outlook.

Bitcoin rally above $80,000 shows signs of overheating 

Bitcoin extends gains, trading above $80,000 at the time of writing on Tuesday following its strongest weekly rise in more than three years. Institutional demand continues to support this rally, with spot ETFs recording positive inflows on Monday.

Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.