LRC Technical Analysis: Will Buyers Retain Control To Reach $1.5?

Key technical points:

Past Performance of LRC

LRC coin price shows a remarkable, bullish recovery of 85% in the last two weeks resulting in the 200-day EMA breakout at the $1.15 resistance zone. However, the sellers overtake trend control near $1.20, resulting in a morning star pattern and a downfall of 11%. 

Source-Tradingview

LRC Technical Analysis 

LRC prices showcase the rounding bottom breakout with the neckline at the $1.15 resistance zone. The recent reversal comes as the retest of the rounding bottom breakout, but the increased selling momentum warns of price succumbing under the neckline.

The crucial daily EMAs (50, 100, and 200-days) maintain a bearish alignment as the price retest the 200-day EMA breakout. However, the reversal delays the bullish crossover of the 100 and 200-day EMAs.

RSI Indicator: The RSI slope shows a sharp reversal from the overbought territory to crossing below the 14-day average line.

MACD Indicator: The MACD and signal lines maintain a wide bullish spread as they surpass the zero value mark. However, the falling trend in bullish histograms and the fast line resurrects the bearish crossover threat.

In a nutshell, the LRC technical analysis stresses the 200-day EMA fallout possibility.

Upcoming Trend 

The LRC coin price experiences a rise in the underlying selling pressure as the prices retest the 200-day EMA breakout. However, a lower price rejection from the trend-defining EMA could help the buyers regain trend control.

Support Levels: $1 and $0.90

Resistance Levels: $1.30 and $1.5