Will NFTs Experience Another Bull Run? Analyst Predicts Price Surge
The crypto market has been on an upward trajectory, with Ethereum leading the charge. This has also led to a spike in sales volume in the global NFT market. Renowned on-chain data analyst Crypto Kaleo predicts that this surge in NFT coin prices could indicate another NFT bull run.
Not fading this $APE breakout. Up until the last month, BLUR and LOOKS have both traded in lockstep with APE. NFTs are starting to pick up some momentum. I see it as only a matter of time before APE catches up.
Send it.
Long it with me here ➡️ https://t.co/32dHnZJdnq pic.twitter.com/fiEGtFToCM
— K A L E O (@CryptoKaleo) November 25, 2023
The Rise and Fall of NFTs Explained
In 2021, the global non-fungible token (NFT) market experienced a bullish trend, with NFT collections selling for millions of dollars. However, towards the end of the year, there were signs of growth slowing down.
NFTs are crypto assets that represent digital items such as images or videos. During the bull run, their prices rose rapidly, allowing speculators to profit by quickly buying and selling them. The art world also cashed in on this trend, with auction houses selling NFTs for millions of dollars.
Unfortunately, the NFT market has suffered a brutal downturn in recent months. According to on-chain analytics firm DappGambl, 95% of NFT collections are now nearly worthless. Many NFTs have lost over 80% of their value.
NFT Coins Signal a Potential Bull Run
However, there are signs of recovery in the NFT market. Crypto analyst Kaleo has identified three NFT coins that could indicate an upcoming bull run:
1. $BLUR
BLUR is the governance token for Blur, an NFT marketplace and lending platform for advanced traders. Its price has surged 320% in recent weeks.
2. $LOOKS
LOOKS is the utility token for LookRare, a community-focused marketplace for Ethereum-based NFTs. Its price has increased by 235%.
3. ApeCoin ‘APE’
APE is the native token of the APE ecosystem, which includes popular NFT collections like Bored Ape Yacht Club and Mutant Ape Yacht Club. While its price hasn’t skyrocketed like BLUR and LOOKS, it has risen by 65% and is expected to continue climbing.
Kaleo believes that once APE breaks a certain resistance level, its price will skyrocket. This recent surge in NFT coin prices suggests that another NFT bull run is on the horizon.
Hot Take: NFTs Poised for a Comeback
The recent spike in NFT coin prices indicates a potential bull run for the NFT market. With coins like BLUR, LOOKS, and ApeCoin showing significant price increases, it’s clear that interest in NFTs is picking up momentum. While the market experienced a downturn, there are signs of recovery, and experts like Crypto Kaleo predict another surge in the coming weeks or months. If you’re considering investing in NFTs, now might be a good time to pay attention to these promising coins.
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