Can LYX Crypto Turn Around Or Keep Falling?

LUKSO crypto asset optimized by 0.69% in market value and optimized by 39.21% in trading volume in the last 24 hours, data from CoinMarketCap shows. Its market value is $234,109,059 and its trading volume is $791,394. There are 30,535,907 LYX assets in circulation.

The LUKSO crypto showed advancement in price around November 2023, as the price rose from $5.500 to $11.800 fabulously and spent some time near the supply zone in an attempt to surge over it.

However, the LYX crypto demonstrated a decline as the price sank from a vital supply level of around $11.800 on the chart.

In the downtrend, it tried to sustain at the $8.600 level but sellers dominated buyers and formed continuous B-o-S streaks below.

Now, the LUKSO crypto is close to a big fall as it meets the resistance level and nosedives toward the demand zone from the current support zone.

The price action in LYX assets is displaying bearishness and a falling tendency as it plunges below major trend 20 and 50-Day EMA bands, reliant on the sellers’ surge the price leg could stretch downward more as well.

The technical oscillators in LUKSO crypto asset are displaying bearish characteristics as MACD shows a bearish crossover with a broad histogram width. Besides, the MACD line is at -0.4526, the signal line is at -0.3734, and the histogram is at -0.0792.

The RSI is falling smoothly and taking rejection from the 14-SMA smoothened line, implying that the LYX price is losing momentum and could mark new depths.

On overall analysis, the LUKSO crypto asset is expressing bearish behavior and shows it has the opportunity to fall further. Furthermore, its previous price structure shows that it has attained bad performance in the last week, and month by 4.51%, and 21.87% respectively, implying a stable downward direction.

The crypto experienced a decline of 1.28% in the last 24 hours, with the CMP at $7.8396.

Therefore, if the LYX crypto price fails to stay above the $7.4917 level, it could decline further. However, if the demand for the LUKSO remains high, the asset price could bounce back as well from the current level. The next goal for the price is to reach $10.00 after crossing $8.600.

Summary

The price action in LYX assets is displaying bearishness and as it plunges below the 20 and 50-Day EMAs.

Its previous price structure shows that it has attained bad performance in the last week, and month. Therefore, if the LYX crypto price fails to stay above the $7.4917 level, it could decline further.

Technical Levels

Support Levels: $7.4917

Resistance Levels: $8.6000

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.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.