LooksRare (LOOKS) displays resilience as altcoin market braces for a retreat

LooksRare’s LOOKS price has attracted investor attention with its current outlook. The altcoin gained nearly 12% within the past ten hours. Moreover, the crypto shows signals of extending its upsurges even as the altcoin market braces for bearishness.

LooksRare defies broad market sentiment

The altcoin rally has cooled, and most alts saw notable declines in the past three days. Further, the marketplace expects bearish momentum as a significant $650 million token unlock event.

🚀📉 The altcoin rally takes a pause! A whopping $650M in token unlocks are on the horizon, potentially impacting the crypto market. Keep your eyes peeled, investors!#CryptoNews #Altcoin #MarketWatch 🌐💰 pic.twitter.com/9pzvdFU7Jq

— Solicy (@solicydotnet) November 28, 2023

Flooding the crypto market with massive token unlocks generally triggers price dips as increased supply magnifies selling pressure.

LOOKS price targets higher levels

LOOKS price recorded massive uptrends between 21 and 24 November, surging nearly 100%. The altcoin’s outlook mirrored broad market sentiment as the upside steam cooled, dropping the coin to $0.101.

While most alts search for stable footing, LOOKS has rebounded and seems ready to fly higher. It traded bullishly at $0.1171 at press time.

Continued bullishness would push LooksRare price to $0.123, and converting this area into support can catalyze enormous upswings to $0.202,

On-chain indicators support LOOKS price recovery

Volume surge and massive increase in active addresses support the token’s price rally. These metrics show interest from sidelined investors.

Also, the increase in whale transactions worth over $100K amid the latest retracement highlights dip-buying activities.

The monthly MVRV indicators, which track losses or profits for investors that bought LOOKS within the previous 30 days, have dipped to zero from 42%. That shows enthusiasts have taken profits, and the altcoin could be safe for another accumulation.

While LOOKS price maintains a bullish stance, the altcoin remains sensitive to broad market developments. Bitcoin plunges will likely catalyze declines for LooksRare. Thus, enthusiasts should check what the overall market has to complement LooksRare’s current bullishness.

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