Lucky Block Market Forecast: LBlock/USD Approaches a Strong Reversal Point

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Lucky Block Market Forecast – February 2

The Lucky Block market forecast is an imminent reversal as price approaches a strong key level at $0.0009490


LBLOCK/USD Long-term Trend: Bullish (Daily Chart)

Key levels:
Supply Levels: $0.0015300, $0.0019700, $0.0022000
Demand Levels: $0.0009490, $0.0012400, $0.0013700
Lucky Block Market Forecast: LBLOCK/USD Approaches a strong reversal pointLBLOCK/USD has dropped once again as it slides down a trendline. The market can be seen making consistently lower lows and lower highs as it slides downward. This makes previous support levels turn into resistance. Nevertheless, the bulls are storing up momentum at the $0.0009490 key level. The current continuous drop in the market is edging it ever closer to the major reversal level.


Lucky Block Market Forecast: What to expect from LBlock?

Lucky Block has gradually been influenced by the bears as it rose. It first met strong resistance at $0.001970 on the 28th of January. This caused a swift decline in the market. LBlock kept dropping till it reached the strong support level at $0.0009490.

Bulls waited until the price touched the support level before swooping in and pushing the market higher. Lucky Block, therefore, violated several key levels, including the $0.001970 price level where it dropped earlier.

However, on reaching a key level at $0.002200, the bears resumed their influence and entered into a tussle with the bulls. This led to consolidation for two days, after which the price began to succumb to bearish influence. Since then, the price has plunged 44% to $0.00122380. However, buyers can be confident of a strong support level lying ahead at $0.0009490. The dip of the Relative Strength Index into an oversold status means a simple trigger will push the price up.


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

On the 5-minutes chart, the bears have been pushing the market strongly and the price has now broken below the confluence zone of the downtrend line and the $0.0012400 level. Like the 30-minute chart, the EMA period 50 (Exponential Moving Average) remains above the market to show bearishness.
Lucky Block Market Forecast: LBLOCK/USD Approaches a strong reversal pointHowever, likewise, the RSI indicator is deep in the oversold region, showing the bulls will take over the market anytime soon. LBlock is expected to bounce off $0.0009490 and range for a while before pushing up to the $0.0012400 key level.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.