- The LRC token price struggles to rise above the resistance zone near the $3.6 mark in the 4-hour chart.
- The LRC/BTC pair trades at 0.00005597 BTC with a rise of 6.04%.
- The 24 -hours volume of the token is $2.12 Billion, indicating a 2% loss.
The LRC token price gains bullish momentum near the $2.37 mark resulting in a price jump of more than 40% in the past week. Moreover, the price action now indicates the formation of a rounding bottom pattern, However, a reversal may delay the breakout with the cup and handle pattern formation.
However, the support trendline in action, in the 4-hour chart indicates a solid bullish momentum and can shortly result in a bull run above the $3.6 mark.
The LRC price shows a rising bullish trend as the price breaks above all of the crucial EMAs 20, 50, 100, and 100 in the 4-hour chart. Moreover, the token price shows a rising bullish momentum; however, the pivot point indicates resistance levels at the $4 and $4.45 mark if the price shows a bull run. Moreover, on the flip side, the support level is at $3 and the $2.5 mark.
Will The LRC Token Price Give A Bearish Reversal?
As we have already mentioned, the LRC Token gaining bullish momentum and the rise in bullish candles indicates a strong possibility of the breakout. However, traders with bearish can find safe entry points at the fallout of the support trendline.
The RSI indicator indicates a rise for underlying bullishness as the slope sustains above the 50% mark.
Conclusion: From a technical perspective, the LRC token indicates a rising bullish trend, and therefore to catch a better directional move, the crypto traders have to wait till the price breaks out from the crucial level of $3.6.
Support – $3 and $2.5
Resistance – $4 and $4.45