Key Takeaways:
- Lovely Inu coin price has crashed nearly 68% since July 26.
- The downtrend occurred despite some bullish announcements.
NEW DELHI (CoinChapter.com) — Lovely Inu coin, the native token of Lovely Inu Finance, witnessed its 5-week bull run come to a screeching halt on July 26. LOVELY INU’s price dropped nearly 68% from July 26’s high of $0.000000472.
On July 31, the Lovely Exchange token extended its losses, dropping nearly 30% to a daily low of $0.000000153 before recovering slightly. Furthermore, the downtrend resulted in LOVELY INU price painting its biggest single-day loss since Aug 9, 2022.
The recent price crash has almost erased Lovely Inu coin’s July gains. Bulls are defending the 100-day EMA (blue wave) dynamic support trendline aggressively.
However, should LOVELY INU price break below the EMA trendline, the Lovely Inu finance token’s price might drop to its 200-day EMA (green wave) support near $0.0000001378.
Moreover, breaching the immediate support level could for the Lovely Inu coin price to drop to the support near $0.000000079 before recovering.
On the other hand, for the Lovely Inu Finance token price starts a recovery rally, LOVELY INU price would need to conquer the 50-day EMA (purple wave) resistance near $0.00000022.
Moreover, breaching and consolidating above the immediate resistance might help the Lovely Exchange token price target the $0.000000272 resistance near the token’s 20-day EMA (red wave) trendline.
The relative strength index for Lovely Inu Coin remained neutral, with a value of 39.89 on the daily charts.
Lovely Inu Finance’s Bullish Cues Have No Impact On LOVELY Prices
Lovely Inu Finance shared an announcement on its anniversary with plans to celebrate the occasion with ten exchange listings beginning July 30.
The firm has released the names of two exchanges on which it will list the Lovely Inu coin – Toobit and Emirex. The names of the remaining exchanges will be revealed soon, the firm noted.
Furthermore, the Lovely Exchange developers shared the firm received an investment of $30 million from a Panama Venture Capital. The firm stated that it has dedicated $10 million from the funds to “Put Orders on our exchange, within [the] $0.00001 to $0.0000091 price range.“
Lovely Inu Finance noted that the team had earlier decided to reveal news of the investment “under wraps” before the recent panic selling forced the firm’s hands.
LOVELY INU hodlers took to X to share their concerns. The token’s community account noted that while sellers were happy on the anniversary, long-term hodlers were distraught after the token price’s recent nosedive.
Moreover, users who suffered losses started calling the project a scam. Other users questioned the team about the reason for the Lovely Inu coin price’s recent crash.
At the moment, it seems profit booking instigated the Lovely Inu coin price’s nosedive. Afterward, panicked investors started to sell to avoid losses, worsening the situation.
