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Lagrange Price Jumps 24% as Breakout Signals Bullish Momentum
The cryptocurrency markets have witnessed a surge in the value of Lagrange (LA) token, with a whopping 24% daily gain. This sudden rise has sparked interest among investors and analysts alike, prompting an examination of what factors are driving this uptrend.
Buyback sentiment and increasing access to LA through exchange listings are two primary drivers behind this market momentum. The recent listing on Toobit, which took place on August 1st, played a significant role in boosting trading volume past $2.1 million. This influx of buying pressure has resulted in the token’s price jumping above key resistance levels.
From a technical standpoint, LA’s price has broken through its 7-day SMA at $0.366 and the 30-day EMA at $0.376, marking significant milestones. The Relative Strength Index (RSI) now sits at 73.6, indicating strong bullish momentum without entering extreme overbought territory.
Moreover, the Moving Average Convergence Divergence (MACD) histogram has flipped positive for the first time since July, reinforcing this trend reversal signal. Furthermore, the price pierced through its August 15 high of $0.44, now serving as immediate support. If LA can sustain above this level, it may create a pathway to more substantial gains aimed at the 127.2% Fibonacci extension at $0.464 and potentially even $0.511.
On the flip side, any failure to hold above $0.44 could prompt a pullback towards $0.37, the previous breakout zone.
Source: coinpedia.org
