Loopring Price Analysis:- The price is at an all-time high but now the bears are trying to push the price down, will the bulls keep the bullish trend going?

• The trading volume of LRC token in the last 24-hours at the time of writing this article -40%
• The price of LRC/BTC and LRC/ETH at the time of writing this article is 0.00005058 BTC and 0.0006928 ETH, respectively
• The price is at an all-time high at $3.29

Long term view:- 

After a very bullish run, we can see the price at the all-time high of $3.29, and still, we can see the bulls are not giving up, but now we can see the pressure from bears as the candle is making a huge wick. Let’s have a look at the technical indicator to see if the trend will remain bullish or the bears are coming into the play. 

Firstly, we can see the MACD, which is showing green histograms as the MACD line is above the signal line, and there is no sign that the lines will change their direction soon, but with a massive volume, they can change their direction. In addition to that, we can see the RSI, which is in the overbought zone of 70 near 91, and the RSI line is changing its direction and soon start heading towards the neutral zone as now the tokens are overbought now the traders with profit will begin to sell the token. Lastly, we can see the Moving average as the 20MA is above the 50MA and the 50MA is above the 100MA, which is a bullish sign. 

Short term view:- 

In the 4-hour time interval, we can see the descending triangle pattern, which is a very bearish pattern. The price has been consolidating in the past hour, and the breakout is on the verge. The MACD line is crossing the signal line, which is a sell signal in favor of the bears. Now the MACD will start showing the red histograms. In addition to that, we can see the RSI is also in the neutral zone near 63, and the RSI line is pointing sideways, which means the bulls and bears are giving each other a good fight. Lastly, we can see the Moving average as the 20MA is above the 50MA and the 50MA is above the 100MA, which is a bullish sign. 

Conclusion:- 

Looking at both the long term and short term, we can see the trend is now bearish as the MACD crossed in the 4-hour time interval, and the wick in the daily chart shows the bearish move as the bears are now taking control of the price and driving it down.  

Resistance:- $3.61.$4.02

Support:- $2.53,$2.01