- Loopring (LRC) is currently down by -5.68% over the past 24 hours, trading at $0.04.
- The current market value of Loopring (LRC) is $314.63.
- According to Loopring (LRC)’s price analysis, the 24-hour volume is $36.6 Million, a decrease of -75.08%.
A decentralized cryptocurrency exchange can be built using the open protocol known as Loopring (LRC), which was introduced in 2017. To avoid inefficiencies, Loopring aims to merge components of centralized and decentralized Bitcoin exchanges.
Since February 2023, the price of Loopring (LRC) has been falling, with a notable loss of 57.5% and the formation of lower highs and lower lows.
The price originally found support at $0.27, and it quickly increased by 77%. It eventually dropped once more, breaching the support level. After that, it established support at $0.19, after which it has been fluctuating for the past month.
It is very possible that the price of LRC will keep falling given the negative structure and the fact that the price is currently trading below the EMA level. The currency lost 5.68% of its value during today’s market session, suggesting weakness of price.
The LRC price is currently attempting to maintain itself above the demand zone as Loopring cryptocurrency purchasers attempt to protect the swing down. However, the volume study shows that the daily volume currently obtained by the coin is less than the typical volume. It shows that consumers are losing faith in the market and are less motivated to drive prices up in an effort to reverse the trend.
Loopring (LRC) Price Analysis
EMA
After looking at the weekly period, it can be seen that the price of Loopring (LRC) is currently trading below the 20-day, 50-day, and 100-day EMA levels. Indicating a further sign of negative momentum in the future.
MACD
According to the current situation of the market, the MACD line for Loopring (LRC) is at -0.018 and the signal line is at -0.027. The MACD line’s position beneath the signal line suggests that there may be a downward momentum.
RSI
Given that the Simple Moving Average (SMA) line for Loopring (LRC) is currently below the RSI line, further potential downward movement is anticipated. There is still a chance for the price to increase because the RSI line has not crossed the oversold region.
Conclusion
Loopring (LRC) price prediction has revealed a negative structure in the price of coins. Currently, the price of LRC is trading below the EMA level. Indicators like RSI and MACD are indicating a negative momentum as well. Also, the volume has been declining severely indicating a potential downfall in buyers’ interest. This all leads towards a further price fall of LRC.
Technical Levels
- Support – The current support level of the Loopring coin is $0.19.
- Resistance -The current resistance level of the Loopring coin is $0.27.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.