LOOKS - Goblin town or bottom formation?

Asset covered: LooksRare (LOOKS)

Chart: https://app.santiment.net/s/dz__irC9

Metrics: Price, Supply on Exchanges, Weighted Sentiment, Network Growth, Active Addresses (1hr)

Price

LOOKS' price continues to show little to no strength in the current market conditions (as opposed to initial price action). LOOKS is now down by 50% since the FUD around how the LooksRare team been exiting their WETH (Team has addressed this.).

While majors were rallying at the start of the month, LOOKS continued to slide and found a temporary bottom at $1.80 on 15th Feb.

It recovered a little but currently remains highly correlated to how majors perform - a slight down move from majors saw us revisiting $1.80 today.

Whether it'll hold this crucial support is really determined by the majors/macro environment now (at least until it can prove to us it holds its own ground).

Supply on Exchanges

LOOKS supply on exchanges took a sharp dip during the recent bottom on 15th Feb and is now almost near ATL. This might suggest that some parties accumulated LOOKS at the bottom.

Looking at the staking contract, there was also an increase by 13M LOOKS since 15th Feb. It's highly likely that what left the exchanges, went towards the staking contract.

One example of a whale that accumulated LOOKS and sent it to the staking contract is 3AC (One of the big funds in the space).

3AC is now down 10% since they started staking. Are they wrong or is the market wrong?

Network Growth

Network Growth continues to slide as new crowd interest in LOOKS dwindle.

Active Addresses (1hr)

Active Addresses (1hr) saw its highest spike cluster in the past week as price dipped to $1.80.

However, we are not seeing a similar cluster forming as we dip towards $1.80 again today.

Weighted Sentiment

Weighted sentiment's been relatively consistent in providing huge warning signs where a local top is nearing. Everytime it enters in to the zone (as marked in chart), price topples shortly after.

We are currently not in the zone yet and overall sentiment is in the negative.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.