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LooksRare

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$LOOKS Daily ChartI still believe LOOKSRARE is a platform that can have incremental and organic user growth and ultimately become an NFT marketplace with 30%+ market share. I really like the changes the developers have been doing, and how active they are, and OpenSea continues to shit the bed in diverse ways (e.g recent hack). If the traditional markets and the crypto market are in fact going through a bullish divergence then I find this daily chart to look quite good for $LOOKS to start retaking some key levels (first break 2.12 and leave this range).
FTX:LOOKSUSD
by longhopium
1
Extended Rally by BTC Could Push LooksRare to New ATHLooksRare may be the first token to introduce a business model that distributes 100% of its primary revenue source, a 2% market fee, to the token holders that participate in their staking program. Accordingly, we need to adjust the methodology used to determine its value. But how? First, look at the expected returns that attract investors to the staking mechanism deployed on Ethereum 2.0. Annual rates vary so I will use a standardized rate of 6%. ETH 2.0 attracts token holders to their staking program by returning 6% of the quantity of ETH staked. ETH is a low-risk project in the crypto space and investors expect the value of ETH to rise during the staking period. LooksRare has a similar mechanism which also distributes ETH (WETH). However, the LooksRare project has a higher risk profile due to the infancy of the project. Competition will be vigorous for the NFT resale marketplace going forward. The development team will have to take advantage of this short-term competitive advantage to expand the capabilities of the platform and reach new ecosystems. Implementing a layer-2 solution on MATIC or Arbitrum to address gas fees may be critical to their long-term success. Considering this uncertainty, 18% would be a reasonable rate to expect from a project with a higher risk profile. Now that we have a reasonable rate of return, how do we value this project? Simple, we estimate the revenue range generated from market fees, divide this by the total token supply, and calculate the value of each token given an expected return of 18%. Excluding the first 15 days of sales, the lowest 30-day amount was 18,600 WETH. The highest 30-day amount was 79,000 WETH. This calculates to a conservative valuation between $4.19 to $17.80 per token and an average of $13.09 per token. The valuations assume that all tokens will receive WETH. This will never be the case and will increase the return for those that do. Either way, this token is highly undervalued and may see a significant increase in price as more investors become familiar with this intriguing project. Be cautious of price movements for Bitcoin. If this current BTC rally reverses direction, LooksRare will lose value at a higher rate than BTC according to my comparison of their respective RSI values. A lower price is a great opportunity to pick up more tokens while you can. Feel free to leave any comments or questions.
FTX:LOOKSUSDLong
by Hackfin
3
Looks Rare May be on Verge of BreakoutFor new tokens like LOOKS, I tend to take a cautious approach when identifying a point of entry. Especially after the beating it has taken recently. As you can see from the chart, the price has moved above the descending channel on the 4 hour chart. To affirm my analysis I also noted the following: I created a custom indicator that compares the current symbols RSI to the relative strength of the market (Bitcoin). As you can see from this plot, the RSI for LOOKS is coming back in line with that of Bitcoin. This indicates that the selling pressure has diminished. On the 1 hour and 2 hour charts, this indicator has exceeding Bitcoin which indicates that the increase in price, as a percentage, has exceeded Bitcoin. The Looks Rare site recently cancelled it's liquidity program through Uniswap v2 distributing a massive amount of tokens to liquidity providers. In addition, they also implemented stage 2 of their staking program which cuts the staking rewards distributed by one-half. We should expect less pressure on the sales price due to these changes. Overall, this presents us with a good entry point for LOOKS assuming it is a token you are interested in. I expect the price to reach levels in excess of $4.00 within the next month.
FTX:LOOKSUSDLong
by Hackfin
3
LOOKS RARE: Looking prepped for an explosive move upWith LOOKS being a rather new asset, the 4h chart seems to be the most high term timeframe that's sensibly usable, so that's what I'm basing this off of: Momentum: Multiple drives bullish divergence on wave trend and RSI Stochs have curved upward from lows and stand erect Volatility: Volatility extremely low Trend Multiple higher highs and higher lows With LOOKS being rather low-cap, this seems to be a good opportunity for a long that can move up rather quickly. The red line is my best guess for where the first significant resistance and then support level would be. It's not as obvious that it will indeed curve up again after finding support, but the immediately upcoming move is likely to be up.
FTX:LOOKSPERPLong
by larsmrtns