•LRC/USD is currently priced at $0.705 and has decreased by 6.97% over the past day
•The trading volumes decreased by 2.30% over the past day
•The technical indicators suggest bearish movement to be seen in the coin
Short Term View: Bears continue with their merry ways as bulls falter
The Loopring price today is $0.705694 USD with a 24-hour trading volume of $146,537,917 USD. Loopring coin is down 6.97% in the last 24 hours. The trading volumes have decreased slightly over the past day,while the Volume to Market Cap Ratio stands at 0.1562.
Loopring Coin is currently in the midst of a downtrend, with the technical indicators reflecting the weak sentiment. The altcoin is transacting below the 20 and 50 SMA on the 4 hour chart, with the 20 SMA lagging the 50 SMA by a significant margin. This reinstates the bearish sentiment prevailing in the coin. Consequently, it can be stated that if the price action sustains, the altcoin could stumble to the support placed at $0.67. On the other hand, for continued upside, the $0.76 resistance needs to be flipped, which potentially could allow for the bulls to target the next resistance.
Long Term View
The technical indicators for Loopring Coin reaffirm the bearish stance as the RSI is in the oversold territory, but there is some room to gain additional downside momentum in case the current crypto market sell-off continues. The histograms on the MACD indicator are green for the past few days ,without any significant increase in size or momentum. The Loopring Coin is struggling to attract buyers as it is currently stuck in a bearish well.
Conclusion
The current price action is a little bearish for Loopring but a strong venture to range high may nullify the downtrend. The bulls need to hold their nerve and surge ahead with a renewed spark. The upcoming days will provide us with an insight into the future course of the coin.
Support:$0.67
Resistance:$0.76
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.