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- 1 Loopring price recovered around 47% from the recent swing low at $0.2559.
- 2 LRC price sustained above 200 day EMA – the uptrend will continue.
- 3 Loopring Price prediction suggests an uptrend; LRC price may rally to $1.000.
Loopring price has recovered around 47% from the recent swing low at $0.2559 and is forming a bullish trend reversal pattern. LRC price has succeeded in regaining the 50- and 200- day EMA showcasing bullish strength and indicates that the uptrend may continue. However, both the EMAs are sloping sideways, indicating Loopring crypto might enter into a short term consolidation phase.
Loopring price is currently trading at $0.3640 (at press time) with an intraday rise of 1.5% and 24 hour volume to market cap stand at 0.152. The pair of LRC /BTC is trading at $0.00001321 with an intraday rise of 2.80%. At the beginning of January, LRC price took a U- turn from the demand zone and displayed signs of a trend reversal. Later, Loopring crypto managed to push the price above the 50 day EMA confirming a bullish trend reversal. Loopring price rallied around 120% by forming higher high swings and also broke out of the 200 day EMA.
Loopring crypto witnessed a massive spike in the buying volume and the price followed the same direction indicating genuine buying. However, in mid February, the rally halted at $0.4952 by forming a bearish rejection candle indicating that profit booking has started. Therefore, $0.5000 will act as a strong hurdle in the coming days. Slowly and steadily, LRC price started declining by forming lower lows and slipped below the 200 day EMA which invited further selloff. However, since last week the situation has again changed and the bulls are coming back on track.
Will Looping Price Continue Uptrend?
Loopring price prediction is highly bullish for the long term and may reach $1.000 if prices are able to hold above the EMAs. Loopring crypto bulls tried to give a golden EMA crossover but did not succeed. The recent rally in LRC price halted near the EMA which is acting as a resistance but the probability of continuing the upward momentum is high.
Will LRC Price Retest the Previous High?
Technical analysis suggests that LRC price is in a bullish grip and that more upside rally is possible which can take prices to the $0.5000 mark. Essentially, for Loopring crypto the technical indicators favor bulls and the price action is headed in the same direction. The MACD has generated a positive crossover indicating upward momentum to continue for some more time. The RSI at 57 sloping North indicates the strength of bulls and that more room for upside is open.
Conclusion
Loopring price had shown sharp recovery of around 47%, maintaining the upward momentum. Technical analysis suggests LRC price is in bullish grip and the probability of retesting the $0.5000 mark is high.
Technical levels
Resistance levels : $0.5000 and $0.6000
Support levels : $0.2552 and $0.1869
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
