LBRY Credits Double Bottom Formation

LBRY Credits currently finding the support near $1.4 area. This is the level of the previous support established back in April 1st. The current support is also confirmed by 261.8% Fibonacci retracement applied to the corrective wave up after the breakout of the ascending channel. At the same time this support corresponds to the 327.2% Fibonacci channel trendline, that adds extra confidence to the potential trend reversal, if the support will be rejected.

Currently price only produced a spike below the support, but failed to close lower. If it stays above the support, the trend reversal could take place.

But it is important to remember that close below $0.135 might result in further decline and price could reach next support level at 327.2% ($0.11), that corresponds to the lower trendline of the descending channel.

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