In the fast-evolving blockchain gaming sector, Lumber stands out as a new utility token designed to revolutionize the gaming experience.
Biconomy launched LumberJack Game and started trading LUMBER/USDT at 11:30 UTC on July 19, 2024.
The token opened at approximately $0.00001140 and surged to around $0.00002000 within six hours, marking a 75% gain.
After this initial spike, the price has stabilized around $0.00001934.
According to the hourly chart, LUMBER's price is currently above the 20-period SMA, indicating a short-term uptrend.
The RSI is overbought, indicating that the price may need to correct or consolidate before advancing further.
The chart shows a strong upward movement with several large green candles, reflecting strong bullish momentum.
After this rise, the price has settled into a horizontal consolidation phase with smaller candles.
The recent price action seems to have formed a bullish flag pattern, characterized by a sharp rise followed by a period of consolidation.
According to Coingabbar analysis, If the price continues to rise and breaks above $0.00002000, it could move significantly towards $0.00005000.
On the other hand, if profit-taking pushes the price below $0.00001900, it might correct to around $0.00001500, with additional support at $0.00001000.
KEY LEVELS :
RESISTANCE LEVEL : $0.00003000-$0.00005000
SUPPORT LEVEL : $0.00001000-$0.00000500
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