LUTO Price Analysis: LUTO Token Price Trades in Oversold Territory, Is A Bear Squeeze Incoming?

The LUTO CASH project is focused on solving the issues and inefficiencies with a lack of trust between players, service providers, and developers as first, and other bottlenecks like poor user experience, multiple intermediaries, and unimaginable house edge. LUTO CASH offers a fully decentralized gaming platform in the form of a fair and modern gambling system, unlike traditional and centralized gambling models.

What Is Luto Cash?

LUTO CASH is a first of its kind decentralized gaming platform designed for the gambling and esports industry, which allows gamers to play anonymously with autonomous operation. As a DeFi powered platform, LUTO CASH brings the most sought-after decentralized games and features while incorporating classic game rules.

The first game of the LUTO CASH project is currently at its proof-of-concept [PoC] stage, which is enough to demonstrate the possibilities platform. Subsequent games on the LUTO CASH platform will run on mobile and web browser devices without the need for app download.

According to the project white paper, the LUTO CASH platform is said to release new games every month where the $LUTO token will be used to pay for assets on the platform with zero transaction fees with fast and secure execution. 

The LUTO token has a total supply of 100,000,000 LUTO and it currently trades on the Pancake Swap decentralized exchange.

Read on as we analyze the intraday price chart of the LUTO/USD.

LUTO Token 4HR Chart Analysis

The 4HR time frame view shows the LUTO/USD entering a bearish trend after the LUTO price failed to breach the 30 September ’21 00:00 high.

The LUTO price exploded after exiting the RSI [8] level-25 for the fourth time, only this time is different. The price surged beyond the previous bearish resistance levels on its way up, closing above the 0.0080 resistance.

Following a breakdown of inside bar support, the LUTO/USD exchange rate slumped into a descending triangle chart pattern. However, a recent price plunge below the descending triangle support hints that we could be witnessing a bear squeeze formation as the RSI [8] prints readings above level-25.

Like the famous quote, sell when others are greedy and buy when they are fearful. The recent LUTO price as revealed by the relative strength index shows huge fear in the crypto-asset like it did on 08 October 16:00.

LUTO Intraday Levels

• Spot rate: 0.00288274
• Mid–Term Trend [H4]: Strong Bullish
• Volatility: High
• Support: $0.00154275, $0.00261629
• Resistance:  $0.00623601, $0.00996219, $0.01158608