LUKSO (LYX) crypto witnessed selling pressure and has retested its crucial support zone of $8.50. Moreover, the price action shows the lower low sequences, and the token slips below the round mark of $9. Furthermore, the token has delivered a massive selloff from the highs of $12 and eroded over 27% of gains this week.
The LYX token price slipped below the significant moving averages and revealed a trend reversal in the recent sessions. The token has fled its neckline of $9, the neutral region, and is entering into the bearish region depicting the bears’ dominance. Furthermore, the selling pressure was intense, and the token fell below $8.50 and retested at $8 soon.
The cryptocurrency price was $8.49 at press time, with an intraday drop of 8.12%, showing bearishness. Moreover, the trading volume increased by 26.10% to $239,199, highlighting the low investor interest. The pair of LYX/BTC was noted at 0.000207 BTC, and the market cap is $137.74 Million. Analysts are neutral and suggest the token will continue to face selloff and may retest $8 soon.
LYX on Daily Charts Reveals Selling Pressure
The LYX token underwent a trend reversal on the daily charts and noted selling pressure from the top of $12 in the last sessions. Moreover, the price action caught bearish engulfing candlestick, and sellers have reflected their potency, which has led to a sharp throwback. The token has breached the 38.2% Fib zone and may soon retest the 23.6% zone near $8.
The RSI curve noted a sharp decline from the highs and arrived at the oversold region, depicting a negative crossover on the charts. Moreover, the MACD indicator shows a bearish crossover, and red bars on the histogram suggest the token may face underperformance in the following sessions.
LYX On Hourly Charts Exhibits Rounding Top Formation
A rounding top formation was displayed on the hourly charts, and a breakdown candle was detected below the crucial support zone of $8.60. Moreover, the price action demonstrates a correction from the highs of $12 and indicates sellers’ dominance in the last weeks. Furthermore, the token has breached the neckline of $8.60 and noted a breakdown in the previous session. If the token slips below $8.50, the correction may exceed $8 in the following sessions.
Summary
The price of LUKSO token (LYX) descended below its crucial support zone of $9 and experienced a selloff in the last sessions. Moreover, the trend is vulnerable, and sellers might push the down move toward $8 in the following sessions. Additionally, the three black crows pattern was revealed near the highs, a sign of the sellers’ strength.
Technical Levels
Support Levels: $8.00 and $7.30
Resistance Levels: $9 and $10
