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- Loopring (LRC) price is currently trading in the supply zone.
- The current LRC price is $0.366 (press time) with a change in 24-hour trading volume of 15.26%.
LRC price, after taking support from the price of $0.260, broke out of its bearish trend, making an inverted head and shoulder-like pattern and a huge bullish engulfing candle. After breaking its resistance around the price of $0.275, it made an extremely bullish move and gained 32 percent of its value. Although after taking resistance from the price of $0.359 Loopring price took a bearish correction of 15 percent and made a higher low and broke out of its previous downtrend at the same time.
LRC Price Facing Critical Resistance in the Supply Zone (1 Day Time frame)
After breaking out of its bear trend, LRC price changed its movement in the bulls’ favor by making higher-highs and higher-lows instead of lower-highs and lower-lows. As of now LRC price is currently taking support from the $0.3194 and is making a bullish rally of 16 percent. It is facing critical resistance from the price of $0.374 while also making a spinning top candlestick pattern at the demand zone. The spinning top candlestick pattern is often found at the end of a trend signaling its reversal as it shows that the buyers or sellers are hesitating in supporting the price.
Technical Analysis on (1 Day Timeframe)
The RSI line is currently near the median line although the making of a downward RSI curve is suggesting that it might soon take a reversal if it successfully crosses below the 14 SMA. The current RSI value is 53.41, just above the 14 SMA which is currently at 54.01 points. The RSI line is currently above the median line moving with the price action. To confirm the reversal, RSI will also have to cross below the 14 SMA.
Conclusion
LRC price is currently trading at the price of $0.366, seeing a jump of 7.21 percent in the last 24 hours. There was also a 15 percent increase in volume. After giving an increase of 11 percent, LRC price is facing severe resistance at $0.374 which is also acting as its major resistance as the price has taken rejection from this price point multiple times. If it takes rejection from this point successfully then price can take a bearish correction of more than 10 percent.
Technical levels –
Support – $0.3320 and $0.319
Resistance – $0.359 and $0.374
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.
