- LooksRare on a bullish channel on the charts
- The coin has a coefficient of 0.84 when the pearson rank correlation was tested
- MACD shows weakness over the next few trading sessions for the coin
LooksRare has been trading in a range-bound fashion over the past couple of weeks on the 4-hour chart. The coin has been on a bullish channel over the past week on the chart. The coin had tested the resistance zone of the channel and is currently in a downward trend heading towards the support zone of the channel. The coin had earlier formed resistance at $ 7.10.The Moving Average Convergence Divergence (MACD) indicator indicates a bearish momentum with declining size of the bullish histograms and the averages taking a negative slope.
LooksRare has been on a bullish trend over the last few days on the hourly chart. The coin has a Pearson rank coefficient of $ 0.84 when the Pearson rank correlation was regressed indicating strong bullish momentum. The coin has tested the resistance zone of the regression channel and is currently heading towards the support zone. The MACD indicator indicates bearishness for the coin with the bearish histograms increasing in size.
Conclusion:
LooksRare is on a bullish channel on the hourly chart. This trend looks set to continue over the next few trading sessions and traders need to look out for directional changes as the coin reaches the resistance and support zones of the bullish channel.
Support: $ 3.10
Resistance: $ 7.10
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.