Loopring (LRC) to Hit a New All-Time High Soon

Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.
  • The new year couldn’t have got off to a worse start for Loopring (LRC). Loopring has been stuck trading in a tight range for the quarter of 2020.
  • The currency started the year at a price point of around $0.21.
  • Loopring’s native token LRC has grown +805% since January 1st. LRC currently trades at $0.190.

This year in crypto managed to cram in more drama than a Telenovela. The new year couldn’t have got off to a worse start for Loopring (LRC). Loopring has been stuck trading in a tight range for the quarter of 2020. Regarding LRC’s performance, the currency started the year at a price point of around $0.21. Unlike other cryptocurrencies, Loopring didn’t undergo any major losses amid the March crash.  

However, by the final week of May, the price of LRC token rose to $0.042 — thereby marking a growth of 95%. Further, the month of June brings some positive momentum for the crypto asset, and the coin started the month at $0.048 and ended the month at $0.074. During the third quarter of 2020, LRC’s value grew from $0.074 to $0.18, thus showcasing a drastic force in the currency’s fortunes. However, over the last couple of months, LRC’s value has continued to rise, with the asset’s average value in August currently hovering just above the $0.16 mark.

Debuted onto the market back In Mid-2017, Loopring (LRC) is an open protocol intended to assist the building of DEX aka Decentralized exchanges. It operates as a set of smart contracts verifying tradeable orders executing on-chain trade settlement while maintaining all order management off-chain. 

Loopring’s native token LRC has grown +805% since January 1st. LRC currently trades at $0.190 and remains down -91.9% from its all-time high achieved in January 2018.

Loopring (LRC) Price Analysis

Tradingview

On the weekly time frame, the weekly candle successfully closed, a bullish spinning top can be a sign that prices are losing momentum and the bulls may be in trouble. $LRC is trading with an RSI of 79 on its monthly chart, an overbought level. The spinning top aligns well with RSI on weekly.

Tradingview

LRC was trading above the uptrend channel and showed heavy resistance to break 20 cents level. Retracement is expected to the previous support of the support channel and consolidate before it takes off and breaks the resistance.

Tradingview

LRC looks really good for the next months as it’s already trading above 100ema ( yellow line) if you look on a weekly time frame ema 20 (red line) already crossed ema (50 blue line) and now it is about to cross ema100. This is a big confirmation for bullish momentum.

Tradingview

Retracement should come in the coming days for Loopring. The expected zone should be 0.14 cents to 0.15 cents but in the worst case strong ema 100 should act as a support.

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