- The coin price is down by 1.01% in the last 24 hours.
- The LRC coin price is currently testing its current acting support level.
Loopring (LRC) coin is an Ethereum-based open-source, non-custodial exchange protocol. It is designed for the building of decentralized crypto exchanges. Its initial coin offering (ICO) was available in August 2017. The Loopring protocol was first launched on the Ethereum mainnet in December 2019.
Loopring (LRC) Coin Price Analysis
The LRC coin price is down by 1.01% while it is currently trading at $0.1672 with a 24-hour trading volume of $7,078,002. The coin’s current circulating supply is recorded at 1,331,648,783 LRC coins where it has a max supply of 1,374,513,896 LRC coins. It has a market capitalization worth $223,689,122.
LRC 1-Day Chart Analysis
In the wider outlook, it seems that the LRC price is trading in a falling wedge pattern. Its price is currently trading and sustaining above the $0.1665 support level. It could also be seen trading in a range between $0.1908 acting as a resistance to $0.1665 acting as a support.
The price recently retested the 50-day EMA which resulted in a fall in the price. Now the price is currently trading below both the 50 and 200 EMAs, which is a bearish sign. If the price closes above the 50-day EMA, it could then rise to test the 200 EMA. However, currently, it is trading below the EMA which signals the bears’ presence, which could make the price fall.
The relative strength index (RSI) is at 38.49, which is marked as bearish territory. The RSI line is also sloping in the downward direction. This signals that there is more room left for sellers on the downside to make the price fall.
In the current scenario, the price is sustaining above its current acting support of $0.1665. If the price breaks below this level, it may then fall to the lower trendline of the falling wedge. However, if it also broke below this trendline support, then its next horizontal support is at $0.1300.
The leading crypto coins such as BTC and ETH are showing bullish sentiment. If the price rises in these two coins then it will surely affect LRC along with the prices of other coins. For the price to gain bullish momentum, it must give the breakout of the falling wedge and the $0.1908 level. It may then rise to its next resistance at $0.2252.
Conclusion
The LRC coin’s overall trend is bearish. The coin is currently trading in a narrow range between $0.1908 (resistance) and $0.1665 (support). The technical indicators are pointing towards a bearish market. The breakdown or breakout of this range will decide the future trend of the coin’s price.
Technical levels
Resistance Levels: $0.1908 and $0.2252.
Support Levels: $0.1665 and $0.1300.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.