LRC Price Analysis: LRC is testing the resistance of the bearish channel

• LRC Token Price has been bullish over the last few trading sessions as it tests the resistance
• The token has been dominated by the bears for around the last three months on the daily chart
• The coin is consolidating after a brief bullish momentum on the hourly chart

LRC Token Price is testing the resistance zone of the bearish channel after a bearish dominance of more than two months on the daily chart. The coin has long-term support at $ 0.66. The coin has seen a fair increase in the average volumes during the last few days compared to the rest of the days over the last couple of months. It remains to be seen over the next few trading sessions on the daily chart if the coin is able to break the resistance zone.

LRC Token Price has hit a short-term resistance zone on the hourly chart at $ 1.15. The coin has been on a bullish channel over the last week and is in a consolidation phase at the moment. The coin may consolidate in the zone between $ 1.04 and $ 1.15 over the next few trading hours. Traders must lookout for opportunities at the resistance and support zones before placing any trades. The volumes have been coming in steadily for the token indicating the strength of the price point.

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Conclusion:

LRC Token is testing the resistance zone of the bearish channel which has been around for close to three months. The coin may continue in the zone going by the current momentum on the hourly chart.

Support: $ 0.825

Resistance: $ 1.15

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.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.