From a very strong entry to the NFT Marketplace scene, the $LOOKS coin has been in a steady decline in the last 24 hours amounting to a 25% drop since its high of $4.75. Is this a trend breakout to the downside or just the market taking a bit of a breather? Let’s look at the facts.
First and foremost, for new readers let’s start with what the $LOOKS cryptocurrency is all about. Only this week Monday, did the LooksRare platform launch, something that NFThly.com reported about at launch but also once the milestone of almost $400 million in sales was reached. It’s been a well-covered, highly anticipated happening in the NFT world. Many see LooksRare as a true competitor for the NFT marketplace throne. Whether that crystal-gazing type of prediction will come to fruition, only time can, and will tell.
The ascend of the $LOOKS coin
Since the first day of trading on the 10th of January, 2022, $LOOKS has seen higher highs and lows steadily until the afternoon on the 13th (Thursday). It’s since created clear downwards momentum, perhaps as traders are cashing in leaving HODLers who a still excited about the outlook of the cryptocurrency, very much including its generous reward system.
The descend of the $LOOKS coin
As visible in the chart below from Coinmarketcap, the coin has seen lower highs and lows since afternoon of January 13th. The trading volume in the last 24-hour trading period has been $196,016,152 which is 37.15% lower than the previous period. That’s telling us the bears are in control, at least when the volume is in a downturn.
The current CoinMarketCap ranking is #2828 for the $LOOKS coin. Also worth noting that the sentiment is mixed in the cryptocurrency markets, which could suggest some buyers are sitting on the sidelines.
While this is certainly not a prophecy of what’s to come nor trading advice (please read this line SEC..), it does not come as a surprise that there is a healthy pullback in the coin price from such a strong start. It’s quite common in the trading industry to talk about ‘breathers’. This could be one of those occasions and perhaps one that $LOOKS bull will look to take advantage of. With an APR (annual percentage rate) of up to 1,143.27% APR (according to LooksRare), it can absolutely be argued that the coin will rebound in the coming days.