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- 1 Loopring price prediction suggests LRC crypto might show a sharp bounce in December.
- 2 LRC price struggles to break out of the 200-day EMA.
- 3 Loopring crypto is showing initial signs of a bullish trend reversal.
Loopring price prediction suggests that bulls are active and LRC crypto may show a sharp rise in December. It took support near the $0.1962 level and reversed upward indicating a strong presence of buyers at the lower levels.
In mid-October, the LRC price broke out of the higher range of a three-month-long consolidation. It triggered the rally and the price began to recover by forming fresh day highs.
Meanwhile, buyers tried to push the price above the 200-day EMA to turn the positional trend in an upward direction. But it lost its momentum and witnessed a minor sell-off.
LRC price reversed down and retested the breakout level. Luckily, the buyers were active and succeeded in defending the $0.2000 support.
At present, the Loopring price continues the recovery, and buyers seem to be returning back to the track.
Currently, the LRC/USDT pair is trading at $0.2162 with a one-day decrease of -0.23%. In the last 24 hours, the trading volume declined by 26.77% and the volume to market cap stands at 4.80%.
The chart structure of the LRC/BTC pair is in a downtrend which shows divergence with the USDT pair. Therefore, the bulls seem active in the USDT pair as compared to the BTC pair.
Will Loopring Price Break the 5-Month High?
Loopring price is in the recovery phase and buyers look more aggressive as compared to sellers.
The previous rally in LRC crypto seems reliable because it was supported by a high buying volume. So, any short-term sell-off toward the support may get easily absorbed by buyers.
On the higher side, $0.2487 is acting as an immediate hurdle for the bulls. If the buyers succeed in breaking the hurdle, then the next phase of the rally will be triggered. However, if the price faces rejection, then it may spend time in a wide range of consolidation.
Will LRC Price Follow the Direction of Crypto Leaders?
LRC price is forming a bullish hammer candle on the weekly time frame chart. It shows the strength and the confidence of the bulls.
Moreover, the crypto leaders BTC and ETH are performing well. So, it indirectly improves the crypto market sentiment and positively impacts the price of Loopring.
The RSI at 51 slopes upward indicating that bullish momentum might continue and more scope of upside is open.
Conclusion
Loopring price prediction suggests a rise in the short-term as well as in the long-term. The chart structure of the LRC crypto looks bullish so more upward momentum is possible.
The analysis suggests that Loopring crypto is in bulls’ grip and may hit a new swing high in December.
Technical Levels
- Resistance levels: $0.2487 and $0.2803
- Support levels: $0.1962 and $0.1586
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
