- SUI retested $2.23 neckline support in a Cup and Handle pattern.
- A bounce from $2.23 could lead to significant price gains.
- SUI’s bullish trend depends on holding above the $2.23 support.
LCX price has broken out of the long and descending trendline and is currently testing a significant horizontal resistance level. This event has awoken new market interest after many consecutive months of downward pressure.
As per the 12 hours chart given by World of Charts, LCX is currently priced at around $0.092. The asset is now facing immediate resistance in the zone around $0.094, which has been tested several times earlier. Besides the fact that it made its breakout above the trendline, the price also closed above the short-term moving averages, suggesting increased momentum.
Price Projection Suggests 62% Upsward Potential
Technical analysis projects an upward target of $0.15, leading to a potential rally of 62.61% from the current levels. The breakout structure appears pretty strong, especially after multiple rejectings around the horizontal resistance line.
Also, LCX’s volume profile would support the bullish sentiment as it coincides with the increasing buying pressure around breakout levels. Hence, traders are carefully watching whether the asset can remain above the breakout zone for confirmation.
Market Condition and Factors on Risk Management
So the wider overall crypto market shows a slight rebound this week and adds to the bullish trend lately. This macro-positive support can further help LCX’s continuation as long as the above-mentioned sentiment lasts. However, if it breaks down, say, under the $0.088-$0.090 range, this setup would be invalidated.
Therefore, risk-protection practices become critical because price rejections at resistance tend to produce short-term pullbacks. The breakout candle on the chart also coincides with higher-than-average volume, giving greater credence to the bullish case.
Traders Eye Next Target at the $0.15 Mark
If this horizontal resistance turns into support, the next technical target is about the $0.15 mark. That area matches support zones in the past, predominantly from January, now doubled as potential resistance. Hence, a successful retest of the breakout level could set the stage for some strong upside follow-through. Furthermore, a new higher high above $0 would further reaffirm the overall trend reversal.
Community and Analyst Reaction Gathers Momentum
Market watchers like World Of Charts have stated that this dual breakout adds to LCX’s current bullish story for the future. They noted that this technical move could begin attracting additional market participants if the resistance flip holds. In addition, various analysts are following the coin’s volume and candlestick behavior at critical levels for breakout validation. Social activity surrounding LCX has increased since traders have begun looking for altcoin setups following Bitcoin’s recent consolidation.
Broader Outlook Dependent on Market Status
While short-term prospects appear bullish, the market condition will still be very important. So traders are also watching macro indicators like Bitcoin dominance and stablecoin flows so they can support directional bias. If the cryptocurrencies are relatively stable, this breakout of LCX can provide a path for heading into the continuous uptrend.
