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- 1 Its market capitalization is 219.87 Million, and its 24-hour trading volume on all exchanges is 763.21 K.
- 2 The technical parameters for the LYX crypto are confirming the bullish outlook.
LUKSO is a layer-1 blockchain co-founded by Fabian Vogenstellar and Marjorie Hernandez. It holds the 252nd rank on CoinMarketCap in terms of market cap.
The LUKSO price took support from the lower support levels, exhibiting the bulls’ strong perspective to turn the trend and bring the price wheel into their possession.
The price action on the daily chart shows a sign of resurgence as the price has made a bullish hammer candle at the pivotal level of around $6.10 on the chart.
Furthermore, the past price action in the last three months showed a rally from $5.0 to $11.5. That showed 147% growth in the price performance. These scenarios for the asset exhibit bullish features and hint that it can reach higher levels.
At the top level, around $11.5, the price entered the supply region and started to decline, which later ended up in a declining wedge. After this fall, the sellers faced rejection from the support at $6.10, as buyers reshowed their presence on the daily chart.
Can the LUKSO Crypto Price Advance Exponentially?
At the time of publishing, the cryptocurrency is experiencing a bold surge of 3.54% in price in the last 24 hours and currently trading at $7.2004. Its market capitalization is 219.87 Million, and 24-hour trading volume on all exchanges is 763.21 K.
Now, it seems like the LYX crypto is on the verge of a stunning breakout as it gathers momentum to burst the ceiling and fly higher and higher from the current base zone.
Therefore, if the demand for the LUKSO crypto surges abruptly, its price could bounce back firmly from the current support level. The next goal for the price could be to reach $10.0, and in-between resistance would be $8.90.
The LYX crypto asset is about to rise steadily and strongly as it remains above the vital support and approaches the major 20-day and 50-day EMA bands from below. Those conditions on the chart indicate the bullish strength.
In the same way, the LUKSO token is showing bullish momentum as MACD tools show convergence in both lines. That means the histogram is decreasing and will turn green from red in upcoming sessions. MACD is at -0.5194, the signal line is at -0.4800, and the histogram is at -0.0392.
Equally, the RSI is rising steadily as it has cut 14-SMA from below and is trying to approach the overbought territory. This scenario indicates that the LYX crypto is no longer losing steam and can continue climbing higher.
On the other hand, if the crypto price fails to stay above the $6.10 level, it could decline further and reach the demand zone.
Summary
The price action shows a bullish pattern, known as a falling wedge pattern, and a breakout is anticipated over the daily chart. The technical parameters for the LYX crypto also confirm the bullish outlook.
Technical Levels
Support Levels: $6.10
Resistance Levels: $8.90
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
