LRC/USDT: On key support waiting for bullish reversal 

Brian Leclere - 13 June 2022 - APP LRC MARKET_MINDS MEDIUM_TERM

—- Mid-term Analysis for the next coming 4 weeks to 3 months – Daily on Daily Chart (LOG)——-

LRC/USDT: On key support waiting for bullish reversal

Context
– The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets LRC (Layer 2) suffered about negative global market situation
– LRC is expected to show some bullish pre-signal soon (looking at 50% area on RSI or divergence)

Market configuration

– Graphical Elements :
Graphical Resistance = 0,7220 & 430
Graphical Support = 0,0710

– Mathematical Indicators:
EMA ( Exp Moving averages) are still capping the market at 0,7220 = Bearish
RSI indicator (below) is below trend line and 50%, bouncing off key support but no divergence = Bearish /Neutral

– Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target C (B) is set at = 0,3260
Fibonacci resistance of the wave in progress = 0,7220
Fibonacci support of the wave C (B)(max extension) = 0,23
Fibonacci Bullish Target = 1,1220

Conclusion

Preferred case => Regarding the mid-term element, LRC is expecting to do a bullish reversal from the area we are now. However the lack of bullish element from mathematical indicator is still showing a potential last downleg risk to max 0,23 before going up to 0;7220 and 1,1260

Alternative cases => Breaking 0,23 a significant drop will open the door towards close 0,0710 = crash

Source: LRC/USDT: On key support waiting for bullish reversal for BINANCE:LRCUSDT by JeanJean1983

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