- The Loopring token was currently at $0.3635 with a decrease of 0.88% during the intraday trading session.
- The 24-hour low of LRC was $0.3466 and the 24-hour high of LRC was $0.3707.
- The current Loopring token price is between 100, and 200-Day EMA.
The pair of LRC/BTC was currently trading at 0.00001534 BTC with a dip of 1.93% over the intraday trading session.
Loopring price analysis suggests that it is currently in a downtrend. 2022 was not a very good year for the token as it was in a constant decline. This indicates that the sellers dominated the market after March 2022 which can be seen on the daily chart as the token was constantly bearish till the end of the year. Buyers tried to maintain the token above its primary support but near the end of the year, sellers forced the token to break its primary support which resulted in the token making its new 52-week low on the last day of the year. But after the start of 2023, the token again started rising breaking its primary support and resistance, even reaching its secondary resistance of $0.477.
Soon after the token broke the primary resistance sellers entered the market and pushed the token below its primary resistance. This happened because of the formation of the evening star candlestick pattern over the daily trading chart which is the indicator of the strong bearish reversal of the token.
The volume of the coin has increased by 1.30% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of LRC, which represents a weakness in the current bearish phase and a possible reversal.
The technical analysis of Loopring
RSI is increasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing LRC downwards. This suggests the strength of the current bearish trend. The current value of RSI is 46.15 which is below the average RSI value of 53.75.
The MACD and the signal line are decreasing and intersecting and showing a negative crossover which supports the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Loopring price analysis suggests that the token is currently in a downtrend. After constantly declining over the period of 40 weeks till the end of the year and making its new 52-week low on the last day of the year 2022 the token again started rising after the start of 2023. But after the token reached its secondary resistance sellers entered the market pushing the token below its primary resistance which caused due to the formation of the evening star candlestick pattern over the daily trading chart. RSI and MACD both have shown a negative crossover which only strengthens the current bearish phase, as per the technical indicators.
Technical Levels-
Resistance level- $0.419 and $0.477
Support level- $0.324 and $0.185
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.