Despite the prevailing consolidation observed across the market, Rari governance token (RGT) has gained more than 26% in the last 24 hours. The latest rally comes after the asset has been trading in a range for most of the past month.
RGT stock is up 26.27%, ranks 788 on CoinMarketCap (CMC), and has seen higher gains over the past 24 hours than most of the major assets in the Top 100 list.
Notably, Bitcoin (BTC) is seeing a slight increase of 0.45%. This amazing rally took it to a two-month high of $0.76.
The governance token’s bullish momentum picked up at the beginning of July, according to CMC data, after a significant appreciation in its value on July 2. This rally was preceded by a large scale consolidation that continued throughout the month of June. The rally across the market in June provided a slight support to the asset.
Notably, RGT fell from its April high of $1.39 after a sharp rally. The asset continued to experience declines from that point until it fell to the $0.3 region on June 7. RGT has been consolidating within this range throughout June until the recent price rally.
Taking advantage of the recent rally, the coin rose to a high of $0.9496 yesterday before seeing resistance at the price point. All efforts to restore the price of the dollar proved futile as the bears put up a massive defense. The last time RGT saw $1 was in May.
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Despite opposition at $0.9, the asset hedged against any dips below $0.7, seeking to capitalize on it as a springboard for another rally to retest $1.
At its current price of $0.7668, the RGT is 1,497%, up from an all-time low of $0.048 in March. However, the token is down more than 98% from its peak value of $68 — the price it made during its bull run in late 2021.
The recent rally has been driven by renewed interest among investors, as evidenced by RGT’s trading volume. The volume of the asset has seen a significant increase, increasing by 55% over the past 24 hours to more than $214,000.