- Loopring price prediction reveals that the price has been dominated by the bears
- The LRC crypto price reported a year-to-date profit of 28.40%
- LRC price is taking a bounce from the support level of the range.
Loopring’s (LRC) price prediction reveals that the LRC crypto price has been dominated by the bears since April 2023. The market began in the year 2023 with a strong bull run of almost 160% from its swing low to the resistance of $0.4782. After making two attempts to break the resistance, the market failed and surrendered to the bears. This caused the price to tumble 60% to its critical support of $0.1893. So far, the LRC token price has made a moderate recovery from its current market price.
At the time of writing, the current market price of Loopring is $0.2258. The 24-hour trading volume surged 175%. The market is up 4.90% in the last 24 hours. The overall market cap of LRC is $300,570,904.
Can LRC Crypto Hit the Target Price of the Descending Channel?
Loopring’s (LRC) price prediction reveals a strong downtrend, identified by a bearish market structure. The LRC token price traveled in a descending channel on its way down. The selling pressure forced the price down to the support level of $0.1893. However, the bulls came to their rescue and bought the dip aggressively.
This led to a recovery of almost 38% to the resistance level of $0.2630. The bulls managed to pull the price out of the descending channel. However, the breakout lacked volume and momentum, and it caused the LRC token price to consolidate within a range. The LRC crypto price is trading below the 200 EMA, which represents a strong downtrend.
Will Loopring Break the Resistance to The Upside?
The 4-hour chart represents a consolidation phase, where the price moves between the range of $0.2550 and $0.2164. The price revolves around the 9, 15, and 200 EMAs, signaling a sideways market condition. The diminishing volume and small candles show that the market has lost momentum.
Another observation reveals that the market has taken a bounce from the support level, which is identified by the bullish candle and the volume. The LRC token may try to make its way to the resistance level. If the bulls succeed in breaking the resistance, the market may start a bullish rally toward the price target of the descending channel.
RSI
The RSI indicator is currently at 56.41. It represents mild bullish conditions where the price may continue to rise until RSI goes below 50. Aggressive buying may happen only if RSI goes below 70.
MACD
MACD is making a bullish crossover below the zero line. The market may recover in the short term but will rise significantly if the indicator crosses the 0 line
200 EMA
On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the sellers. The 200 EMA acts as a dynamic resistance, and the price may decrease until it succeeds the 200 EMA.
Conclusion
Loopring’s (LRC) price prediction reveals that the LRC crypto price has been dominated by the bears since April 2023. Since the price is trading in the range, it would be best to wait for a breakout of the range. The consolidation is like preparation for a volatile move in the short term. Investors can observe the key levels for a breakout to consider a buying opportunity while maintaining a good risk management strategy.
Technical Levels
- Support Level: The nearest support level is $0.2164
- Resistance Level: The nearest resistance level is $0.2550
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.