- The LRC token’s daily RSI moving in the overbought territory
- The LRC/BTC pair was trading at 0.00004443 BTC, a 7.03% loss
- The daily trading volume of The LRC token is $1.2 billion, indicating a 58.89% loss
As mentioned in my previous article on loopring, the LRC token was trying to breach the previous All-Time High resistance of $1.54. The token managed to sustain above this level initiating a significant up movement in its chart. The token price surged around 150% from this breakout point and has indicated $3.85 as the New ATH level for the LRC token.
About the EMAs: the LRC token shows a strong rally which has left behind all the crucial EMAs (20, 50, 100, and 200), indicating a solid uptrend in this token.
The RSI value of 78 suggests a bullish sentiment within the LRC token. However, this also indicates this token is near to the overbought zone.
The LRC Token Indicates Retracement Phase In Its Technical Chart
The LRC token has experienced intense selling pressure from the $3.85, initiating a bearish reversal in its chart. Furthermore, the token also revealed a double bottom pattern in the 4hr time chart, with the neckline at the $3 mark. The price has already given a breakdown from this level from this neckline support, suggesting even more fall for this token.
According to the traditional pivot levels, the nearest resistance for the LRC price is $3, followed by $3.7. And for the opposite side, the nearest support of $2.35, followed by $1.9.
Conclusion: From a technical perspective, the overall trend for LRC tokens is strongly bullish. However, as mentioned, the token currently indicates a minor retracement phase in this chart. Therefore, the crypto trader can mark the important support levels below, that help the token to continue its rally.
Support – $2.35