LOGX’s Cup and Handle Pattern Points to $0.125: Resistance and Breakout Levels Explained

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Crypto Traders are Still Bullish for September

  • LOGX formed a distinct Cup and Handle pattern, indicating bullish momentum with resistance at $0.062.
  • The breakout projection for LOGX is set at $0.125 based on technical measurements from the chart pattern.
  • A successful breakout could lead to increased trading volume and potential bullish continuation in the market.

The crypto market recently saw LOGX chart a prominent Cup and Handle pattern. This technical formation, known for signaling bullish momentum, has drawn attention. Analysts now expect a breakout that could propel the token’s price toward $0.125.

Understanding the Cup and Handle Pattern

The Cup and Handle pattern is a widely identified chart formation in technical analysis. It consists of a rounded cup followed by a slight downward handle. The cup reflects a gradual decline and recovery in price, while the handle indicates consolidation before a potential upward move. In LOGX’s case, the formation has been distinctly visible, marking a strong foundation for bullish continuation.

According to the CryptoBullet chart, LOGX forms a clear cup and handle pattern during the daily timeframe. The cup shows a rounded decline and recovery, while the handle exhibits minor retracements below the resistance zone at approximately $0.062. Price action indicates an attempted breakout from the resistance level as the target from the breakout aligns with $0.125.

Source: CryptoBullet(X)

Breakout Projections and Target

LOGX exhibited steady recovery after forming the rounded base of the cup. Following this, the handle took shape with minor retracements, which are characteristic of this pattern. This consolidation often occurs as traders await further market direction. LOGX’s structure suggests readiness for a breakout above the handle’s resistance.

The breakout level for LOGX aligns with the upper boundary of the handle. Upon crossing this resistance, technical analysis places the target at $0.125. This projection derives from measuring the depth of the cup and adding it to the breakout point. If LOGX’s breakout materializes, it could indicate growing interest in the token. Breakouts from Cup and Handle formations often lead to increased trading activity and volume. 

The post LOGX’s Cup and Handle Pattern Points to $0.125: Resistance and Breakout Levels Explained appeared first on Crypto News Land.

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