- Loopring Price corrected 35% approx from the recent swing high at $0.4700.
- LRC price formed a double top bearish pattern.
- Loopring crypto price dropped below 50 and 200 day EMA.
Loopring Price corrected 35% approx from the recent swing high and formed a double top bearish pattern. It faced resistance from $0.4000 and slipped down by forming lower low candles.
LRC price dropped below the 200 and 50 day EMA shows positional trend has reversed in a downward direction. However, both the EMAs are sloping sideways and also indicates that prices will lack the downside momentum and might enter into consolidation.
Loopring Price is trading at $0.2950 with an intraday rise of 0.48%. The 24 hour volume to market cap is 4.97%. The pair of LRC/BTC is trading at 0.00001071 with an intraday rise of 0.94%. The chart structure of LRC with BTC pair is in downtrend and hitting yearly lows. It shows sellers are more active in the LTC/BTC pair as compared to USDT pair.
At the mid of March, LRC price took support near $0.2555 and gained positive momentum. Later prices recovered and rallied 80% approx in the short period of time. The rally halted at $0.477 and prices formed a long tail bearish candle from the supply zone.
Meanwhile, It also witnessed a massive spike in the buying volume but prices reacted negatively and profit booking triggers from the higher levels. Slow and steady, Prices declined and eroded the gains of the past months.
Loopring Price formed a double top pattern
Loopring Price Prediction is still bullish and suggests a rise in long term till price sustains $0.2000 level. However, for the short term it might trade with mild bearish bias which is hurting the sentiment of long term investors.
The overall market is also turning bearish which negatively impacted the Loopring crypto and invites further decline. If the buyers succeed to defend the $0.2555 support then short term pull back is possible.
However, the price will pick up momentum when buyers succeed to break out of the $0.3664 hurdle. Till then LRC price may trade in a narrow range. On the other hand, if the price dropped below $0.2555 support then it might raise concern for the long term investors.
LRC price near to crucial support
LRC price forming a bearish candle on a weekly time frame and no signs of recovery is visible. However, the price is near to the crucial support and buyers will try their best to push the price upward for the trend reversal.
The technical indicators like MACD had generated a negative crossover and histogram bar is on a declining phase. It indicates bearish momentum might continue for some more time. The RSI at 33 denotes oversold territory and short term relief rally may trigger anytime from lower levels.
Conclusion
Loopring Price corrected 35% approx from the swing low and formed a double top bearish pattern. More downside in the LRC price will open if it dropped below the neckline at $0.2555. Technical analysis suggests the Loopring crypto price is in bear grip and correction might continue until it gets meaning buying from support.
Technical levels
Resistance levels : $0.3664 and $0.4747.
Support levels : $0.2555 and $0.2000.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.