- LRC/USDT is up 12.20% in the last week.
- LRC is down 50% since February.
LOOPRING is trading at $0.238 The price is down 4.72% in the last 24H. The 24H trading volume saw a fall of 64.49%. The Total Market Cap is $316,322,254.
LOOPRING follows a downtrend from the past few months. Prices started sliding after getting rejected from the Daily resistance of $0.478. LRC lost 50% of its value since then. The prices fell to a crucial demand zone of $0.190 where buyers stepped in to push the prices higher. This moderate recovery of 23% is reviving hopes for a reversal.
The Price attempts to break a descending Channel.
On the Daily Charts, price forms a bearish market structure while making lower lows. LOOPRING is trading 24% below the 200 EMA. The Price formed a descending channel on the Daily chart. The Bulls Managed a breakout which increases a chance of a 70% rally to the resistance of $0.40.
Currently, LRC is trying to retest the channel while getting a rejection at the resistance of $0.270. Buyers need to break this resistance to extend the recovery phase of LRC. Another noticeable thing is the increasing volume. This means the market is shifting towards buying in the short-term
The 4h Chart Shows a short term uptrend
The 4H Chart is indicative of a minor uptrend. LRC price is getting supported by a trendline in this uptrend. This structure can be interpreted as a bear flag as such patterns are commonly seen in a strong downtrend. The market is getting rejected at the 4H 200 EMA. This is a sign of weakness and investors should remain cautious.
A fall from here can be a downhill ride of almost 18%. If the Bulls somehow break the resistance, LRC is in a treat for a 40% surge. For that, the price must take a bounce from the trendline and continue the uptrend while flipping the 200 EMA. This can be a challenge due to the strong sell pressure.
RSI: The RSI indicator is currently at 52.10 on the 4H and the RSI made a bearish crossover with the MA. This indicates sideways or correction.
MACD: The MACD indicator has made a bearish crossover but the indicator is above 0.
The market will stay more biased towards the bullish side as long as the indicator is above the 0 lines but can expect some consolidation or correction.
200 EMA: As observed, on the 4hr, the price trades below the 200 EMA(exponential moving average) which acts as a significant resistance. This clearly indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Technical levels
Support Levels: $0.190 – Support 1
$0.128 – Support 2
Current Price: $0.238
Resistance Levels: $0.270- Resistance 1
$0.377 – Resistance 2
Conclusion:
LOOPRING has been on a selling spree over the past few months. Prices were struggling before getting a bounce from its daily support. This moderate recovery is inviting the buyers with a hope of a further reversal. The overall trend remains bearish and investors must remain vigilant as the market can fall any time. A break above the resistance along with 200 EMA on 4H will contribute to the probability of a mid-term recovery. At present, the market is volatile and investors should plan a strategy to make the most out of it while minimizing the losses.
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.