On July 20th, #LumberJack (LUMBER) made its trading debut, peaking at $0.00005442 yesterday.
Since its low of $0.00001931, $LUMBER has surged over 180% in the past two days, reaching a high of approximately $0.000005442.
The recent price action has formed a bullish flag pattern, characterized by a sharp ascent followed by a period of consolidation.
On the hourly chart, $LUMBER began trading flat, formed a marubozu candle after six hours, then consolidated before creating another bullish candle.
LUMBER surpassed the psychological level of $0.00005000, reaching a new high of $0.00005442.
However, the bulls couldn't sustain this level, and the price dropped back below $0.00005000.
The token is currently in a consolidation phase, poised for its next move.
The RSI is above 80, signaling overbought conditions, while the MACD remains in the positive zone.
According to Coingabbar analysis, A breakout above the $0.00005000 resistance with strong volume could target the next resistance at $0.00010000.
Conversely, If the price fails to sustain above $0.00004500, it may retrace to support levels at $0.00003000 and $0.00001900.
KEY LEVELS :
RESISTANCE LEVEL : $0.00007000-$0.00010000
SUPPORT LEVEL : $0.00003000-$0.00001900
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
