Long accumulation phase on WEEKLY timeframe that finally broke out.
This recent breakout from a long accumulation phase on the weekly timeframe suggests significant potential upside.
Notably, it broke out of a drawn-out weekly descending channel.
Generally, the higher the timeframe of the breakout, the larger the potential move.
We observed a similar scenario with AVAX. We entered AVAX when it was under $10 and caught the mega-pump upwards of $40.
Target: $50
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Why $50?
RARI boasts a maximum supply of 25,000,000 tokens, with nearly half of that already in circulation, totaling 11,578,869. Presently, the market cap stands at $50,000,000. In the dynamic world of NFTs, which gained substantial traction in 2021 and are poised for even greater prominence in the upcoming bull run, RARI stands out. Not merely an NFT platform, RARI has evolved into a Layer3 ETH chain, featuring its own smart contract platform. This development is significant and positions RARI for substantial growth.
A noteworthy aspect that often goes unnoticed is RARI's dual presence on Coinbase, as well as its inclusion in the Coinbase Ventures Portfolio. Historical trends indicate that coins backed by prominent institutions and venture capitalists tend to perform exceptionally well. Given its functional utility and use case, a target of $50 seems plausible. Achieving this mark would elevate the market cap to $500,000,000, a realistic milestone.
It's essential to recognize the scarcity of RARI's token supply, making it susceptible to significant price pumps. While the potential for RARI to surpass $50 exists, this target represents a conservative estimate. It's crucial to acknowledge that we're still in the early stages of RARI's journey, particularly considering that its smart chain has recently launched. Therefore, achieving this long-term target may take months or even years.
Rarible Protocol – open-source and free-to-use infrastructure for building NFT apps and experiences, such as marketplaces, wallets, analytics and more. RARI Chain is a secure and low-cost Ethereum L3 chain that guarantees royalty payments through enforcement on the node level. RARI Foundation and RARI DAO are committed to broadening the NFT use case horizon by creating a creator-centric and fully decentralized robust ecosystem.
RARI has been a fixture on my watchlist for months, and I'm pleased to share that my average entry price was $1.57, a detail I've also shared with my followers.
Why 50? Have you taken into account the market cap?
Coindatahouse
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@marcolopes, yes, this $50 is just a conservative estimate and not supposed to be a final target, but one of the targets. The small market cap, along with a decent max supply makes it possible to go even higher. Sub $50 is the previous high, we should atleast touch the previous high first and then can go higher. There is potentially a ton of sell pressure around sub $50 for those who bought in 2021 and are awaiting to cash out in break even