Lokesh Gupta
20-07-2024
In the fast-evolving blockchain gaming sector, Lumber stands out as a new utility token designed to revolutionize the gaming experience.
Biconomy launched LumberJack Game and started trading LUMBER/USDT at 11:30 UTC on July 19, 2024.
The token opened at approximately $0.00001140 and surged to around $0.00002000 within six hours, marking a 75% gain.
After this initial spike, the price has stabilized around $0.00001934.
According to the hourly chart, LUMBER's price is currently above the 20-period SMA, indicating a short-term uptrend.
The RSI is overbought, indicating that the price may need to correct or consolidate before advancing further.
The chart shows a strong upward movement with several large green candles, reflecting strong bullish momentum.
After this rise, the price has settled into a horizontal consolidation phase with smaller candles.
The recent price action seems to have formed a bullish flag pattern, characterized by a sharp rise followed by a period of consolidation.
According to Coingabbar analysis, If the price continues to rise and breaks above $0.00002000, it could move significantly towards $0.00005000.
On the other hand, if profit-taking pushes the price below $0.00001900, it might correct to around $0.00001500, with additional support at $0.00001000.
KEY LEVELS :
RESISTANCE LEVEL : $0.00003000-$0.00005000
SUPPORT LEVEL : $0.00001000-$0.00000500
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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