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Loopring Price Analysis: Outflow Surge in LRC Token so Price is Under Retracement Phase Today

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  • The Looping Token seems to be bullish above the uptrend line.
  • Due to the retracement phase, the bulls are taking support at the 100-day SMA.
  • The coin, which is looping with the bitcoin pair, is down 2.5% at 0.000001974 satoshis.

After reversing expenses from the 2022 lows, Looping (LRC) investors keep the asset out of the bear’s sights. Buyers deposit tokens over the currency value scale’s rising line. Following the June spike, the LRC token successfully paved the path for investors.

Buyers have overturned the LRC altcoin’s trend twice in the last 60 days. Meanwhile, buyers continue to dominate the cryptocurrency price. The LRC coin recently broke the downsloping trendline (dotted white) with a strong bullish break. At the time of writing, the LRC token was trading at $0.47 Mark versus the USDT pair.

Amid a higher-highs structure, buyers registered the 45 day high at $0.50 last night. Although buyers are under pressure from the retracement phase; as a result, the market cap of Loopring token slipped below $630 Million last night, down by 2.2%. Moreover, the Loopring token along with the Bitcoin pair is down by 2.5% at 0.00001974 Satoshis. 

ALSO READ – Why Does Twitter Ex-CEO Jack Dorsey Want to ‘End The CCP’?

Today’s Price Closing Will Define the Next Move of LRC

The ADX indicator is increasing higher gradually, indicating the hidden bullish sign for the LRC crypto. Despite this fact, traders saw a decline of 46% in trading volume over the last night.  

At the time, bulls are taking support at the 100-day moving average due to the retracement phase. If bears dump the asset price below this level, then the retracement phase may turn into another sell-off. In addition, Stoch RSI remains in higher territory on the daily price scale. 

Conclusion 

The Loopring token is trading under the retracement phase. However, buyers have managed to keep the asset price above the 100-day moving average since last night because they know a breakdown below this level may attract bears. 

Support level –  $0.40 and $0.30

Resistance level – $0.50 and $1.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

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