Lucky Block Price Forecast: LBLOCK Is Set to Break Upward as It Approaches Tip of Wedge

Lucky Block Price Forecast – August 11

The Lucky Block price forecast is for the market to aggressively break out from a falling wedge pattern after accumulation for up to a week.

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

Key Levels:
Supply Zones: $0.00071000, $0.00076050, $0.00078000
Demand Zones: $0.00056000, $0.00060000, $0.00066610

Lucky Block is poised to break out from a falling wedge pattern after tapering through it for up to a week. The wedge is a bit tilted downward, as the name suggests. Therefore, while still within the wedge pattern, the price has dropped to the $0.0005860 support level. This should be the lowest price level before the market breaks out to the upside.

Lucky Block Market Expectation: LBLOCK/USD Revives Bullishness

On the 4th of August, the market found great difficulty in breaking down the $0.00087930 resistance level. This then led to a drop in price and a slump below the MA period 100 (Moving Average).

The bears strengthened their hold on the market by plunging it even more. But the buyers were already using the situation to their advantage by shaping the market into the form of a falling wedge.

The plan is for LBLOCK to leverage the falling wedge to cause a reversal to the upside of the market. The Stochastic Oscillator lines are well into the oversold region, which means we can expect an imminent rise.

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

The 5-minute chart shows that as soon as the candles touch down at the $0.0005860 support level, downward pressure is abated and the price begins sideways trending. This shows that the market respects the structure of the falling wedge and has adjusted to it accordingly.

The Stochastic Oscillator line has already begun rising upward. The coin is set to run its final cycle before a breakout. The MA period 100 will have to be broken as well as the upper border of the falling wedge. Once all barriers are broken, the buyers will aggressively try to reach the former resistance level at $0.00087930 and beyond.

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