- The LRC coin was trading at $0.227 while witnessing an upsurge of 1.7% in the intraday session.
- The token’s price gave a breakout from the falling channel and surged 25% within 2 weeks.
- Presently the price is struggling to get above the 200-day EMA.
The LRC token is a cryptocurrency that is based on the Ethereum Blockchain, an open-source protocol developed for the framework of decentralized crypto exchanges. Loopring’s purpose-based goal is to integrate centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the finest aspects of both centralized and decentralized exchanges.
The token has been bearish since the end of April this year. The token’s price has formed a falling channel pattern in the last 5 months. Its price gave a breakout from the channel at the end of October from where the price started an upside movement. It is presently trying to cross above the 200-day EMA and gain it as support for further bullish price action.
The token has recorded a positive ROI of 29.66% in the last 1 month. It has marked a yearly high of $0.495 in the middle of February.
The present circulating supply of the token is 1.33 Billion LRC. The volume of the token has observed a fall of 24% in the last 24 hours. The market capitalization of the token is presently at $302.07 Million.
Sentiment Analysis
The volume of the token has increased by 57.8% causing a rise in the price by 15.3% within a week. Its social dominance has surged by 19.62% and the market cap of the token has also increased by 15.3%. Overall sentiments are indicating towards a positive upside price action.
Technical Analysis of the LRC Token (Daily-1D)
The LRC token’s price is presently trying to move above the 200-day EMA and if the price successfully gets above it and is sustained, then the price can reach the upward levels of $0.246 to $0.255. On successfully breaking the resistance level of $0.246 to $0.255 with a sizable volume and bullish dominance, the price can further reach the level of $0.272 to $0.283.
However, If the price gets rejected from the 200-day EMA, then the price can take support from the level of $0.204 to $0.214. Also, If the price loses the support level of $0.204 to $0.214, then it can fall to the 50-day EMA support and further to $0.160 to $0.174.
Indicators on the Price of the LRC Token
Relative Strength Index (RSI)
The RSI has entered the overbought region and the price might come down to retest the support and for the correction in the RSI. The RSI is moving at 75.35 points.
Stochastic RSI
The stochastic RSI has also entered the extremes of the overbought region and the price might be seeing a possible small reversal. However, If the bulls kept on pushing the price up, then the price could also rise further.
LRC LIVE CHART
Conclusion
The overall analysis of the LRC token suggests that the token can get further bullish after getting above the 200-day EMA, the bulls are still present in the market showing their dominance. As soon as the volume will start rising, the price will start its upward movement.
Technical Levels
Support Level: $0.204 to $0.214 and $0.160 to $0.174
Resistance Level: $0.246 to $0.255 and $0.272 to $0.283
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.