By January 23, 2022, the LCX price is expected to rise by 31.89%, reaching $ 0.172208, according to a CoinCodex price prediction. Our technical indicators suggest the present sentiment is Bearish while the Fear & Greed Index is displaying Extreme Fear. Over the last 30 days, LCX recorded 11/30 (37%) green days with 17.35% price volatility. The time to buy LCX is not right now, based on our forecast.
In order to predict where the LCX market is likely to go in the future, LCX merchants use a wide range of instruments. These instruments can roughly be divided into indicators and chart patterns. When making an attempt to foretell the LCX worth, merchants additionally attempt to establish essential help and resistance ranges, which may give a sign of when a downtrend is more likely to decelerate and when an uptrend is more likely to stall.
LCX Price Prediction Indicators
Moving averages are among the most popular LCX price prediction tools. As the name suggests, a moving average provides the average closing price for LCX over a selected time period. For example, a 12-day simple moving average for LCX is a sum of LCX’s closing prices over the last 12 days which is then divided by 12. In addition to the simple moving average (SMA), traders also use the exponential moving average (EMA). The EMA gives more weight to more recent prices, and therefore reacts more quickly to recent price action.
50-day, 100-day and 200-day moving averages are among the most commonly used indicators to identify important resistance and support levels. If the LCX price moves above any of these averages, it is generally seen as a bullish sign for LCX. Conversely, a drop below an important moving average is usually a sign of weakness in the LCX market.
Traders also like to use the RSI and Fibonacci retracement level indicators to try and ascertain the future direction of the LCX price.
How to read LCX charts and predict price movements?
Most traders use candlestick charts, as they provide more information than a simple line chart. Traders can view candlesticks that represent the price action of LCX with different granularity – for example, you could choose a 5-minute candlestick chart for extremely short-term price action or choose a weekly candlestick chart to identify long-terms trends. 1-hour, 4-hour and 1-day candlestick charts are among the most popular.
Let’s use a 1-hour candlestick chart as an example. The chart is divided into “candles” that give us information about LCX’s price action in 1-hour chunks. Each candlestick will display LCX’s opening price, closing price, as well as the highest and lowest prices that LCX reached within the 1-hour period. It’s also important to pay attention to the color of the candle – a green candle means that the closing price was higher than the opening price, while a red candle tells us the opposite. Some charts will use hollow and filled candlestick bodies instead of colors to represent the same thing.
What affects the price of LCX?
Just like with any other asset, the price action of LCX is driven by supply and demand. These dynamics can be influenced by fundamental events such as LCX halvings. Regulations, adoption by companies and governments, cryptocurrency exchange hacks, and other real-world events can also affect the price of LCX.
When trying to make an LCX forecast, many traders also try to monitor the activity of LCX “whales”, which are entities and individuals that control large amounts of LCX. Since the LCX market is relatively small compared to traditional markets, “whales” can single-handedly have a big influence on LCX’s price movements.
Bullish and bearish price prediction patterns
Some traders try to identify candlestick patterns to try and get an edge over the competition. Some candlestick formations are seen as likely to forecast bullish price action, while others are seen as bearish.
Here are some of the most commonly followed bullish candlestick patterns:
- Hammer
- Bullish Engulfing
- Piercing Line
- Morning Star
- Three White Soldiers
Here are some common bearish candlestick patterns:
- Bearish Harami
- Dark Cloud Cover
- Evening Star
- Shooting Star
- Hanging Man
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