- The Looping Token has recovered around 44.93% of its value in the last 24 hours following the retracement phase.
- Panic sellers find a selling point near the 100-day moving average, where the 200-EMA crosses above the 100-EMA.
- The Average Directional Index (ADX) shows robust bullish momentum.
The Looping coin saw a sharp uptrend last night, gaining around 45% in the sideways zone after bearish. At the beginning of February, the LRC price action showed a bearish pattern (Double Top Formation), and for the past 3 weeks, the bulls were consolidating below the neckline of the following structure.
Recently, the Looping coin retested the critical resistance level at $1.23, where both tops were located. However, the coin is looking bullish in terms of the weekly price chart. Bulls turned aggressive after seeing Doji candle on 22nd March. Thus, the coin is facing a selling pressure of 7.4% at $1.09 at the time of writing. Furthermore, the Looping coin belonging to the bitcoin pair is trading with a decline of 6.16% on 0.00002548 satoshis.
Last night the LRC token had a highly volatile session overall in the year 2022, and the asset has gained 86% of trading volume at $2.11 billion. Due to high liquidations, the daily volume bar has been above the moving average (blue) for the past several days. Furthermore, the volume to market cap ratio is 1.44.
The RSI is following a trendline that is ascending
The daily price chart of LRC is staying above the 20 and 50-day moving averages and the bulls are forming a key point near the 100-EMA line. The bulls need another uptrend to overcome the downtrend.
The Relative Strength Index (RSI) is at 66-mark and is looking towards overbought territory in the context of the daily price chart. Recently, the RSI declined its peak, may retest the Bullish Trendline (BLUE).
The Average Directional Index (ADX) is gradually higher, suggesting the robust bullish momentum for the Loopring coin.
Conclusion
Loopring investors need another uptrend spike that looks like yesterday’s move to reverse the downtrend. Above the 100-EMA and the nearest resistance at $1.23, the bulls are likely to fill the LRC coin.
Support level – $0.85 and $0.50
Resistance level – $1.23 and $2.0
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
