- The RSI line moving in the overbought region
- The LRC/BTC pair was trading at 0.00002212 BTC, a 6.97% gain
- The daily trading volume of The LRC token is $3.6 billion, indicating a 9.58% loss
As mentioned in my previous article on looping, The LRC token displayed an excellent rally in its chart when the price completed its Cup and handle pattern of the daily time frame chart. So far, the price has made a high of $1.71, which is also the new ATH for the LRC token. Today, the technical chart indicates a daily Doji candle in the LRC/USD chart, which would suggest a possibility of a minor retracement.
Concerning the EMAs. The sudden rally of the LRC token has left all the crucial EMAs (20, 50, 100 and, 200) way behind, indicating a strong uptrend in this token.
The RSI value of 89 suggests a bullish sentiment within the LRC token. However, this also indicates that the token has reached the overbought zone.
The LRC Token In The 4-hour Time Frame Chart
In this lower time frame chart, the LRC token indicated a slight pullback to the $1.31 mark and tried to bounce back from this level, providing a bullish engulfing candle. However, the price didn’t offer a proper follow-up, and instead, it gave a pullback showing a strong bearish candle.
Moreover, the token price is obtaining strong dynamic support from the 9 EMA line, which would also provide an early signal if the initiates a retracement phase. The Current price of the LRC token is $1.37, with intraday gains of 4.35%
Conclusion: From a technical perspective, the overall trend for LRC token is strongly bullish, However, as mentioned above, the token price may enter into a minor retracement phase, and therefore the token traders can mark the major support levels on this chart that could help the price continue its rally.
Support – $1.4
Resistance $1.71