Rari governance token surges 26% amid market consolidation
Despite the prevalent consolidation observed across the market, the Rari governance token (RGT) has rallied by over 26% in the last 24 hours. The recent upsurge comes after the asset traded within a range for the most of last month.
RGT is up 26.27%, which ranks 788 on CoinMarketCap (CMC), and has witnessed higher gains over the past 24 hours than the majority of mainstream assets on the top 100 list.
Notably, bitcoin (BTC) is seeing a meager 0.45% increase. This impressive rally has skyrocketed the token to a two-month high of $0.76.
The rari governance token’s bullish momentum picked up at the start of July, per CMC data, following an observable spike in its value on July 2. This spike was preceded by an extensive consolidation that continued throughout June. The market-wide rally in June provided minimal support for the asset.
Notably, RGT dropped from a high of $1.39 in April after an explosive rally. The asset continued to face declines from that point until it plummeted to the $0.3 territory on June 7. RGT consolidated within this range throughout June until its latest price surge.
Capitalizing on the latest rally, the token skyrocketed to a high of $0.9496 yesterday before witnessing resistance at the price point. All efforts to reclaim the $1 price proved futile as the bears mounted a formidable defense. The last time RGT saw $1 was in May.
Despite the opposition at the $0.9 zone, the asset has hedged against any declines below the $0.7 territory, seeking to leverage it as a launchpad for another rally to retest $1.Â
At its current price of $0.7668, RGT is 1,497%, up from its all-time low of $0.048 observed in March. However, the token is down over 98% from its peak value of $68 – a price it attained during the bull run in late 2021.
The recent rally has been fueled by a renewal of interest among investors, as evidenced by RGT’s trading volume. Volume for the asset has seen a notable uptick, increasing by 55% over the last 24 hours to over $214,000.
