- Loopring Price Prediction will turn bearish if price breakdown $0.2500.
- The LRC Price dropped below 50 and 200 day EMA shows downtrend.
- Loopring Price fell 17% in the previous month.
Loopring Price fell 17% in the previous month and formed a double top bearish pattern. The LRC price is near to the neckline of the double top pattern. If the breakdown happens then more downside will open.
Looping Price drops below the 50 and 200 day EMA shows positional as well as short term trend has reversed down. However, the 200 day EMA sloping sideways denotes LRC might spend some time in consolidation.
Buyers tried multiple times to break the $0.4500 hurdle but got rejected. It shows strong sellers are active on higher levels. The $0.4000 to $0.4500 will act as a supply zone. Till the price is trading below the zone, it is expected to remain in bear grip.
Loopring Price is trading at 0.2716 with an intraday decline of -2.51%. The 24 hour volume to market cap ratio is 0.0441. The pair of LRC/BTC is trading at 0.00001009 with an intraday decline of -1.37%. The chart structure of both the pairs is in downtrend and forming a quite similar pattern.
At the mid of March, LRC price took support at $0.2557 and formed a bullish hammer candle. Later, prices showed decent recovery and created a hope for the trend reversal. Sadly, It lacked the momentum near to the EMA and entered into consolidation.
Is the Loopring price undervalued?
Loopring Price corrected 36% approx from the recent swing high and eroded all the gains generated in March month.
The sell off is still continuing and no signs of recovery are visible. If the buyers succeed to defend the $0.2557 level then short term pull back toward the EMA is possible. However, the buyers will gain confidence only when prices break out of the $0.4500 hurdle.
On the other hand, if the LRC price drops below $0.2557 then it might trigger panic selling and a sharp decline is possible. The technical analysis suggests, Loopring Price is in bear grip and possibility of bounce from the neckline support is low.
LRC Price: Technical Outlook
LRC Price fell for eight straight weeks and still no signs of recovery are visible. The crypto market leaders Bitcoin and Ethereum Price are also turning bearish which may negatively impact the prices of Altcoins. However, if the overall market recovers then short term relief might begin.
Technical indicators like MACD are one way to generate a negative crossover indicating bearish momentum might continue. The RSI at 33 denotes weakness. However, the prices are entering into the oversold zone and short covering rally may arrive any time to clear out the previous shorts.
Conclusion
Loopring Price fell 17% in the previous month and formed a double top pattern. Sellers are trying to break the neckline to pull the prices further down. The technical analysis suggests, LRC crypto price is in bear grip and the possibility of breakdown is high.
Technical levels
Resistance levels: $0.4264 and $0.4768
Support levels: $0.2557 and $0.1862
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.