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- Loopring crypto price recovered 20% from the recent lows at $0.1855 and broke out previous week high at $0.2189
- LRC price showing initial signs of short term reversal by forming higher high candles but the confirmation is still awaited.
Loopring crypto price is trading with the mild bullish cues and buyers are attempting to reverse the short term trend in the favor of bulls but the confirmation is awaited. As of now, The pair of LRC/USDT is trading at $0.2227 with the intraday gains of 2.58% and 24 hour volume to market ratio stood at 0.1129
Will LRC be able to sustain above 50 day EMA?
On a daily time frame, LRC crypto prices are in a strong downtrend and slipping down while forming lower low swings shows the bears dominance on higher levels. In the past couple of months LRC prices consolidated in narrow range between $0.2200 to $0.2793 with a bearish bias and sadly in the mid of December, bear took the control and prices break down the lower range support with as deep bearish candle which triggered the negative sentiment and prices hit a yearly low at $0.1855.
Later, LRC prices had recovered 20% approx from the recent lows and were attempting to break out of the 50 day EMA (yellow line) hurdle which will further decide the direction of the short term trend. Surprisingly, If bulls succeed to trade above 50 day EMA the short term trend may reverse in the favor of bulls and LRC may rise towards its next hurdle at $0.2793 and $0.3209. However, if prices failed to hold the 50 day EMA, the sellers might use this opportunity to create fresh short positions.
On the lower side $0.1854 will act as a savior for bulls and if prices drop below the $0.1584 LRC prices may see more downside towards $0.1500 level. The MACD had generated positive crossover but the upwards seems doubtful and the RSI at 59 sloping upwards denotes prices may enter overbought territory soon.
Summary
Loopring crypto prices have shown some positive momentum and buyers are expecting the price to sustain above 50 day EMA in coming sessions. However, if prices failed to hold the 50 day EMA, the sellers might use this opportunity to create fresh short positions. As per technical analysis, traders must wait and watch for the price confirmation before creating any positions.
Technical levels
Resistance levels : $1.800 and $2.215
Support levels : $0.870 and $0.406
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
