League of Kingdoms Arena: Could LOKA Outshine Bone ShibaSwap with 140% Upsurge?

Updated: 15 August 2023

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League of Kingdoms Arena token LOKA has traded between two critical levels in a horizontal price movement. The technical setup shows that the LOKA price is ready for a lift once specific barriers are broken. Find out how this is possible.

LOKA Price Could Make 140% Move Upwards

League of Kingdoms Arena price action was defined by an extended downtrend between April 12 and June 15, when it dropped 67% to trade below $0.2. Since then, the price action has been defined by a sideways movement, with the $0.215 level providing support and $0.268 acting as resistance.

There was an attempt at recovery on July 4 when LOKA tried to escape from this range, but it turned out to be a fakeout. The price recoiled back into the zone oscillating around the 50-day Simple Moving Average (SMA).

When writing, the gaming token sits on immediate support from the 50-day and 100-day SMAs around the $0.24 demand zone. Increased buying at this level could see the price climb to produce a daily candlestick close above the upper limit of the range at $0.268.

A decisive move above this level would confirm an upward breakout, with the first line of resistance arising from the 200-day SMA at $0.278. The next barrier would emerge from the $0.30 psychological level, which the League of Kingdoms Arena bulls must overcome to reach the significant supply zone around $0.35.

In highly ambitious cases, the LOKA price rise above the said level to collect the demand side liquidity above it to revisit the %0.55 range high. This would bring the total gains to 142% from the current price.

LOKA/USD Daily Chart

LOKA Price Chart - August 15 — TradingView Chart: LOKA/USD

The upward movement of the Stochastic RSI supported the positive narrative for LOKA. This trend-following oscillating indicator was positioned positively, and its value at 70 suggested that there were more buyers than sellers in the market. Therefore, the prevailing market conditions favored the upside.

On the downside, a daily candlestick close below the two SMAs at $0.24 would signal the inability of the buyers to push the price higher. The play-to-earn token may drop to seek solace from the lower range limit at $0.215 in such a case. Losing this foothold would trigger massive sell orders that could see LOKA drop toward the $0.15 supply zone.

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LOKA Alternatives

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