26.09.2022
Chicago 12, Melborne City, USA
Business

LBLOCK Adopts Falling Wedge Design to Rise

Lucky Block Price Forecast – August 1

The Lucky Block price forecast is for the coin to find its way out of a building consolidation system by adopting the falling wedge chart pattern.

LBLOCK/USD Long-Term Trend: Bullish (30-Minute Chart)

Key Levels:
Supply Zones: $0.0011780, $0.0011130, $0.0010510
Demand Zones: $0.0010050, $0.00097160, $0.00095460
LBLOCK/USD has recently found it tough to break the $0.00111300 resistance level and has resorted to using the falling wedge chart formation. This has been building since the 26th of July. As a result, the market followed an uptrend for two days. Then it immediately descended in a wavy manner, making consistent lower highs and lower lows.

Lucky Block Market Expectation: LBLOCK/USD Revives Bullishness

LBLOCK was initially following a significant uptrend movement before that was stopped abruptly at the $0.00111300 resistance level. Although the $0.0009716 support is helping to keep up, it has found it hard to go beyond the supply.

The market has not resorted to using a reversal pattern (the falling wedge pattern) to quickly break out of the sideways movement before it becomes prolonged.

The market is now dropping down an expanding wedge, seeking a solid platform to spring up from. The Stochastic Oscillator lines have plunged into an oversold state, waiting for an imminent market rally.

LBLOCK/USD Medium-Term Trend: Bullish (5-minute chart)

While the MACD (Moving Average Convergence Divergence) lines are undulating fairly evenly between the bearish and bullish half of the chart on the 30-minute time frame, it is the same on the 5-minute chart also, up until the 31st of July when the price started falling after touching the upper line of the falling wedge. The MACD line has now dipped significantly below the zero level.
Lucky Block Price Forecast: LBLOCK Adopts a Falling Wedge Design to Push UpHowever, the price has dropped back to the $0.00097160 support level, which is a solid level. Bulls will try to take advantage of the level to gather strength and push the price up for the big break that will violate the $0.00111300 supply level. The Stochastic Oscillator lines, which had fallen into oversold territory, are now rising again.

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