A dormant altcoin became the center of attention of crypto enthusiasts as the LCX price surged 52% this week. This price action caught many bears off guard as nobody was expecting such an old cryptocurrency to have such an astronomical surge.
As the exact cause behind the pump is still not clear, it can be just an act of whale manipulation. Many big wallets often pump such dormant coins in order to unload their bags at higher prices.
Furthermore, no major shift in the bearish market structure of LCX crypto is observed as the price failed to close above its $0.068 resistance. This is quite extraordinary for a digital asset which has surged almost 68% this month.
The latest exchange data shows that LCX is trading at an average price of $0.0653 on digital exchanges. There is not a substantial increase in its trading volume, as only $77,000 worth of coins have traded in the past 24 hrs.
For LCX price prediction to gain a bullish outlook, it needs to break out and hold above $0.068 in the weekly timeframe.
