LYX Coin Price Prediction: Will the Buyers Bounce Back?

• The LUKSO coin price is currently trading at $6.1555.
• It gained 28.87% since it reached its all-time low.

The LUKSO coin price prediction is bullish as long as it is sustained above the $5.6853 support level. It has shown a significant increase in its value and shows promising growth in the upcoming months.

The LYX coin was price was in a downtrend ever since it created its all-time high of $10.0049. The fall in price halted at $4.7700 after, which it refused to continue the downtrend.

For the last one and a half months, the LYX coin was forming a double bottom pattern. It has recently given the breakout of the pattern supported by the high buying pressure.

The LYX coin has initiated a strong bullish rally and showed a total growth of 28.87%, which is a remarkable multiplication in its value. The LYX price is currently testing the $6.1649 resistance level and is trading below it. Its current trading value is at $6.1555 with a gain of 0.36% in the last 24 hours. 

What are the Technical Indicators Showing on the LYX Daily Chart?

The LYX coin price has recently reclaimed the 50-day EMA with a strong buying force and is currently trading above it. That denotes the price is under the overall control of buyers. However, its price is trading far from the EMA line. It indicates that the price may perform a short-retracement or might consolidate in a narrow range until the EMA line meets.

The relative strength index is at 76.34, which is marked in the over-bought territory. It denotes that the LYX coin price might perform a short-term pullback as it is trading above its intrinsic value.

What’s the Future Hold for the LYX Coin?

The LYX coin has been commencing a bullish rally which seems to be strong as it is supported by high buying volume. It shows the ongoing bullish trend is reliable and is much more likely to hold the upper levels.

The LYX may continue its next phase of bull run after it gives the breakout of the $6.1649 resistance hurdle. This breakout will trigger the buying momentum and its price reach to test its next resistance at $6.8752.

From the seller’s perspective, the breakdown of the $5.6853 will play a crucial part for them. This breakdown may create chaos among the buyers to perform a panic selling, after which the LYX coin price may reach its next support at $5.1968.

Conclusion

The LUKSO coin’s future price prediction is bullish as it shows a promising growth in its value. The overall factors are also in favor of buyers, which could help its price increase in upcoming months. The breakout of the $6.1649 resistance level will surely help the coin price to increase its trading value.

Technical levels

Resistance Levels: $6.1649 and $6.8752

Support Levels: $5.6853 and $5.1968

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.