- LRC token price is trading above the supply zone as it broke out of the small range on a daily time frame.
- The LRC token price is forming a symmetrical triangle pattern over a 4-hour time frame.
- The pair of LRC/BTC I streaming at the price level of 0.00001945 with an increase of 1.29% in the last 24 hours.
The LRC token price as per the price action is trading above the supply zone. Recently, the overall bullish momentum in the cryptocurrency market has affected the LRC token price as it broke the small range in the past few days. The LRC token price has started forming higher high and higher low formations after the breakout of the supply zone. The breakout of the supply zone was with a big bullish candlestick pattern. As a result, the breakout has been sustained. Currently, the token price is now retracing as it retests the breakout zone. Once the token price successfully retests the breakout zone, it can be seen moving up rapidly. At present, the LRC token price is trading above the 50 and 100 Moving Average as it broke it during the recent bullishness. Moving towards the token price can be seen resting at these MAs. The LRC token price is trading at the upper band of the Bollinger band indicator, as it bounced off the demand zone. Volumes increased as the token price broke the supply zone. Volatility is bound to increase and therefore investors should remain cautious.
The LRC token price is forming a symmetrical triangle pattern in a 4-hour time frame
Average Directional Movement Index: ADX has been continuously rising as the token price broke an important supply zone of $0.45. As of now, the token price is trading above this important demand zone. The breakout zone is now acting as a strong demand zone. At present, the token price is trading at $0.473700. ADX curve has dipped out of the 25 mark.
Supertrend: The LRC token price rose above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trend sell line which triggered the buy signal. As of now the LRC token is trading above the super trend buy signal line. Going forward this line could act as a strong support zone.
Relative Strength Index: RSI curve is trading at the price of 59.72 as the token nears the supply area on an hourly time frame. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a daily time frame as the token shows bullishness in the higher time frame. The LRC token price can be seen moving when it breaks out of the small range and the RSI curve moves higher.
CONCLUSION: LRC token price is bullish as it broke the important supply zone during the last trading week. As of now, the LRC token price is resting at the supply zone turner demand zone. In a lower time frame, the LRC token price is consolidating. Therefore, for the LRC token price to move higher, it needs to break the symmetrical triangle pattern.
SUPPORT: $0.42 and $0.43
RESISTANCE: $0.50 and $0.52
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.