Rally is a crypto ecosystem that uses crypto token rewards to create a community around a business or message. The community is rewarded for their participation with crypto tokens. These tokens can be used to purchase goods and services within the Rally ecosystem, or traded on exchanges for other cryptocurrencies. Rally network allows groups, creators, and communities to create and launch their own tokens. This is an innovative way to fund and grow a community around a project or business.
The Rally network is still in its early stages, but the growth potential is huge. The team behind Rally has created a system that is easy to use and has the potential to change the way businesses and communities interact. If Rally can continue to grow and attract more users, the price of the tokens will increase. But, what is the price prediction for RLY? Let’s find out!
RLY Crypto Price Prediction
Technical AnalysisÂ
The daily chart shows RLY is in a strong downtrend. The decline worsened when the crypto bear cycle began earlier this year. Since then, RLY has remained below the 50 and 100 EMAs on the daily chart and this shows that the bears are in control of the market.
The MACD and RSI are both bearish, which further confirms that the downtrend is likely to continue. The price peaked at $0.45 earlier this year, falling short of the $0.5 mark. This shows that there is strong resistance at this level. After breaking multiple support levels, RLY has now traded down to $0.03. From a technical standpoint, RLY needs to break key levels of resistance before a trend reversal is confirmed. Ideally, its price should break above the 100 EMA on the daily time frame. Again, current market analysis suggests that crypto is likely to continue falling in the near term.
Fundamental Analysis
The Rally network allows groups, creators, and communities to create and launch their own tokens. This is a unique selling point that could help the platform to grow. The Rally token is a governance token that is used to power the Rally ecosystem. Members of a community can create their tokens on the Rally ecosystem and earn rewards weekly. The maximum supply of RLY is 15 billion coins. This is a large supply, which means that it will take a long time for the price to increase significantly.
Like most governance tokens, RLY is often seen as a risky investment as there is a lot of uncertainty about its potential. Its price is also highly correlated with the success of the Rally platform.
Final Thoughts on RLY Crypto Price Prediction
The price of RLY is likely to continue falling in the near term as the crypto bear market continues. However, the long-term outlook for Rally is positive as the platform has a lot of potentials. If Rally can attract more users and grow its ecosystem, the price of RLY could rise significantly in the future. For now, we recommend that investors wait for a better buying opportunity before adding this crypto to their portfolio.