- $LINGO’s price consolidates between key SMAs, suggesting possible accumulation and a recovery phase ahead.
- Analyst Quinten Francois targets $0.45, $0.50, and $0.55 as key resistance levels for $LINGO’s potential rally.
- $LINGO’s strong on-chain activity positions it for momentum, especially in bullish market conditions.
Analyst Quinten Francois claims that $LINGO has entered a distinct accumulation zone after a powerful Token Generation Event (TGE). On the 4-hour chart, the cryptocurrency has regained the 20-period Simple Moving Average (SMA), indicating the first upward trend since its correction. With consolidation taking place between the 20- and 50-SMAs, this change represents a milestone in the price movement. Despite the recent downward trend, $LINGO shows signs of potential recovery.
Key Technical Levels to Watch
Quinten Francois identifies key short-term price targets for $LINGO based on current technical analysis. The first resistance level is at $0.45, which aligns with recent price action. This level represents an initial hurdle for the cryptocurrency’s rally. Next, the price target of $0.50 is in line with the 0.5 Fibonacci retracement from the recent peak to the base. Additionally, the $0.55 target coincides with the golden zone, offering a strong risk-to-reward setup for traders.
Source: Quinten
Despite a bearish trend in recent weeks, the cryptocurrency’s potential is highlighted by its high on-chain activity. $LINGO recently became the #1 project on the Base network by on-chain activity, only behind $UNI. Hence, the high engagement levels suggest that $LINGO could continue to gain momentum, especially in bull markets. Historically, projects with strong on-chain activity tend to perform well, and $LINGO’s continued strength supports this notion.
Consolidation Zone and Resistance Levels
$LINGO against USDT on the KuCoin exchange shows the current price consolidation between the 20-SMA at $0.32786 and the 50-SMA at $0.34180. A downward trend remains visible, marked by declining highs and lows, with the price dipping from its peak at $0.57264 to a low of $0.30986. The price has been testing resistance at the $0.40000 level, while support lies near $0.30986.
The market remains in a rectangular consolidation zone, reflecting low volatility and indecision. This phase may represent accumulation or distribution by market participants. Traders are likely waiting for further directional confirmation before committing to a breakout. Hence, the price action remains closely tied to movements around the key support and resistance levels, with potential for future gains once a breakout occurs.
