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- 1 The LYX crypto showcased a selloff and has slipped below $9 in the last session.
- 2 The bears looked strong and had thrown back buyers on the back foot.
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
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
