- Loopring price is still consolidating at the 2021 lows and got trapped inside the range of $0.31 and $0.60.
- LRC crypto has recovered upto 20 EMa and is preparing for 50, 100, and 200-day Daily Moving averages.
- The pair of LRC/BTC is at 0.00002071 BTC with an intraday gain of 4.62%.
Over the daily price chart, the loopring price is attempting to recover from the consolidation period. Initially, a descending triangle pattern over the daily chart caused the token to fall through. Then after LRC currency began consolidating at the lows of 2021 and has been in the range-bound region ever since. For Loopring pricing to exit the consolidation phase, more buyers are needed. The coin has effectively regained strength up to the 20 EMA and is going for the remaining bullish barriers of the 50, 100, and 2000-day daily moving averages. However, LRC must maintain the current uptrend momentum to register its breakout from the range-bound area.
The market capitalization of Loopring has increased 2.60% over the past 24 hours, with the price CMP at $0.39. The intraday trading session saw a huge increase in trade volume of 126.21%. This shows that buyers assemble at a tremendous rate to allow LRC to outperform the daily price chart. The volume to market cap ratio is 0.1897.
The LRC coin price is attempting to break free of the consolidation period over the daily price chart. For the token to signal its breakout, it must draw a sizable number of buyers. In order for LRC to accelerate toward the upper trendline of the consolidation phase, the volume change, which is currently below average, must increase. To enable the token to advance approaching the threshold of the consolidation phase, LRC coin must marshal its forces of purchasers.
At $0.31, there is support on the lower end, and $0.60, there is resistance. The LRC token has been consolidating inside the same region on the chart.
Will LRC bulls make it this time?
The price of LRC is attempting to climb up near the consolidation phase’s upper trendline. To spike and sustain at the top trendline, the coin needs to adjust to consistent rising momentum. Technical indicators point to the momentum of the uptrend for LRC coin. According to the Relative Strength Index, LRC is moving toward neutrality in order to break free of it. Investors in LRC might anticipate any directional shift up to 50 as the RSI is at 46.
MACD exhibits the uptrend momentum of LRC coin. The MACD line is ahead of the signal line and is approaching 0 to enter the positive zone.
Conclusion
Over the daily price chart, the loopring price is attempting to recover from the consolidation period. Initially, a descending triangle pattern over the daily chart caused the token to fall through. Then after LRC currency began consolidating at the lows of 2021 and has been in the range-bound region ever since. In order for LRC to accelerate toward the upper trendline of the consolidation phase, the volume change, which is currently below average, must increase. Technical indicators point to the momentum of the uptrend for LRC coin. Investors in LRC might anticipate any directional shift up to 50 as the RSI is at 46.
Technical Levels
Support Level: $0.31 and $0.25
Resistance Level: $0.60 and $0.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.