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Loopring Price Analysis: Is LRC Waiting For ETH To Pump?

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Loopring Price Analysis
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  • Loopring is currently sustaining above the support zone.Meanwhile,the asset price has seen a gain of 3% in the intraday session.
  • LRC technical indicators are currently favoring the consolidated trend. LRC/BTC pair has seen a pump of 2% in the past 24 hours.

Loopring builds protocols and user facing products for the future of finance. It is an Ethereum based crypto currency token. There are several disadvantages of the current exchanges and Loopring is trying to alleviate these disadvantages. Loopring goal is to combine centralized order matching with decentralized on blockchain order settlement into a hybridized product that will take the best aspects of both the exchanges. The ROI of the asset is 629% which has benefitted various investors.The current supply of the asset is 1.34Billion.

The total volume of the LRC has seen an upside of 12% in the past 24 hours. The current market cap of the asset is $471,787,147 and is currently ranked 78th in the CMC. The volume to market cap ratio of the asset suggests a consolidated trend in price.

Technical Indicators Are Not In Favor Of Bulls

                                   Source: LRC/USDT by Trading view

The weekly technical chart of the LRC suggests a consolidated price for upcoming weeks. On coming to the daily chart the asset price is near $0.35. The asset price is currently trading below the 50 and 100 Daily Moving Average.If the asset price crosses above 100 DMA then a strong upside momentum can be seen. The upside momentum of the LRC can see a halt near the value of $0.48. The downside trend of the asset price can see a halt near $0.25.

RSI: RSI of the LRC is currently near 40 suggesting a consolidated trend in price. There is a positive slope formation in the RSI suggesting an upside momentum. The overall sentiment of the RSI is bullish.

Conclusion

Loopring is one of the biggest exchange who has seen a strong surge of volume in the recent time. The asset price is currently in a consolidation and can see a new high in the future.

Technical Levels

Major Support:$0.25-$0.28

Major Resistance: $0.45-$0.48

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.

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