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- 1 Loopring price prediction is bearish for January 2024 and suggests more decline may be visible.
- 2 LRC price fell 11.88% in the last trading session and hit a low at $0.2075.
- 3 Buyers of Loopring struggle to hold the price above the 50-day EMA.
Loopring price prediction favors the bears and suggests more downfall is possible in the short term. It faced rejection from the $0.3500 and witnessed a sharp sell-off from the higher levels.
LRC price reversed down and showed initial signs of a short-term correction. If the price falls further, it will be clear that the trend of this crypto has reversed in the downward direction.
The 50-day EMA is trying to provide support and halt the correction but sellers look aggressive and likely to win the battle.
In the last session, LRC crypto price fell 11.88% and hit a low of $0.2075. However, the price showed a minor recovery and closed at $0.02656 from its low. The bounce back looks temporary and lacks genuine buying and it may face difficulty to hold the higher levels.
The volatility in this crypto has also surged which indirectly increases the probability of fake moves. So, short-term traders must need to be careful and build a position with a strict risk management plan. Currently, the LRC/USDT pair is trading at $0.2686 with an intraday rise of 1.13%.
Loopring Price Analysis: Will it Test the Year 2023 Low?
Loopring price turned bearish and raised concern for the long-term investors. The positive momentum has taken a halt and the price is heading for correction.
As long as the token price trades below the $0.3176 level, the sellers will remain active, and short-term bounce may get sold off.
The chart structure of LRC shows the dominance of bears. So, it is better to avoid building longs until any reliable signs of bounce back do not appear. The analysis suggests that the recent downfall looks genuine so bears may try to pull the price to the Year 2023 low.
Bitcoin Fall Invites Decline in LRC
LRC price got dumped by smart money which triggered the panic sell-off. Moreover, the crypto leaders like Bitcoin and Ethereum price are reversing down. So, it negatively impacts the price of LRC and other altcoins.
The RSI at 46 slopes down, indicating weakness and more decline will push the RSI to oversold territory. The MACD displayed a negative crossover and a histogram forming red bars indicates bearish momentum might continue.
Conclusion
Loopring price prediction has turned bearish for the current month. The chart pattern suggests that sellers look aggressive so more decline may be visible. The analysis says LRC is inside the bear’s grip so they may try to pull the price down to yearly lows.
Technical levels
- Resistance levels: $0.3176 and $0.3599
- Support levels: $0.2005 and $0.1585
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.
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.
