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The crypto market continues to experience a significant decline in market value after falling below the $1 trillion level. As of this writing, the crypto market has a total market cap of about $888 billion, down from $3 trillion in November 2021.

The bitcoin price has been spearheading the decline, falling from highs of about $67,800 to the current level of $20,875. 

Although NFTs and Collectibles tokens have not been spared by the downturn in crypto prices, some of the tokens seem to be bouncing back after sinking to new lows earlier this week.

Rarible (RARI/USD)

Community-centred NFT marketplace Rarible’s RARI token spiked more than 50% late on Tuesday after launching a custom community NFT marketplace with Mfers. Although the token price pulled back significantly on Wednesday, it is still trading above its Monday low of about $1.75.

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Technically, traders can target the next rebound at about $2.34, or higher at $2.54. However, if the pullback continues, RARI could find support at about $1.97 before retesting its Monday low of $1.75.

Gari Network (GARI/USD)

The GARI token is the utility token of blockchain-based app Chingari’s Gari Network. The company announced on Tuesday the launch of a new community rewards program, the GARI Mining Program, allowing users of the app to earn GARI tokens when they share, view or engage with video content on the social app. 

Chingari has allocated $12 million to be distributed to community members in form of GARI tokens annually. The announcement prompted a 32% spike in the GARI token price stretching this week’s gains to more than 50%.

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Technically, traders can target extended gains at about $0.84, while $0.81 and $0.79 are crucial support levels. 

Holders of the GARI token can also use it to purchase short video NFTs from the platform. The token has a market cap of more than $38 million, which is more than double Rarible’s $17.8 million.

LooksRare (LOOKS/USD)

LooksRare is a highly incentivized NFT marketplace that launched at the beginning of 2022. The platform offers low transaction fees and rewards its users with LOOKS, its ecosystem token for their trading activity.

The token has plunged since peaking in January during the first phase of its rewards program. It has also been affected by the crypto collapse.

However, LOOKS is up 44% since June 14 and still appears to have room left to run.

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Technically, traders could target extended gains at about $0.25, or higher at $0.27. On the other hand, $0.21 and $0.19 are crucial support zones.

Theta Network (THETA/USD)

Theta Network provides NFT services through Theta Drop. Its NFT marketplace primarily focuses on celebrity and media NFT projects, making it one of the most popular non-fungible token (NFT) platforms for mainstream brands pivoting into Web3.

Its ecosystem toke THETA is up more than 27% since Monday, rallying to trade at $1.22 after bottoming at $0.98 on Monday morning.

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Technically, traders could target profits at about $1.27, or higher at $1.34, while $1.19 and $1.14 are crucial support zones.

The token has a market cap of more than $1.2 billion despite the recent crypto collapse.

Mask Network (MASK/USD)

Mask Network launched as a protocol for sending encrypted messages via social media platforms like Twitter and Facebook. However, it has since pivoted to Web3 with a decentralised payments service allowing users to fund their marketing campaigns.

Users can also leverage the same service to make payments for NFTs and other related products on the blockchain.

The MASK token, which is used as the primary currency within the network spiked 24% on Wednesday after bottoming at about $1.20 earlier in the session.

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Technically, traders can target potential profits at about $1.50, or higher at $1.60. On the other hand, if the MASK token pulls back as some traders swoop to cash out, it could find support at $1.40, or lower at $1.33.