Loopring Price Prediction 2022: Does LRC Token Test $1 level Again?

• LRC Token continues to be hit by sellers after achieving an all-time high.
• Over the last 24- hours, trading volume has increased 104% to $352 million.
• LRC/BTC pair price is negative by 11.9% at 0.00003941 BTC.

The LRC token made an impressive rally in November, setting a new all-time high of %8.82. Based on this rally, the 20 MA became support, and it tried to make a new high again, but sellers found resistance at this level and sold the Token. After the second rejection from this level at $3.7, the coin formed a double top pattern on the daily time frame chart. and since then, it is trading in a bearish trend

The live price of Looping Token is trading negative by 19.69% at the level of 1.69$. In the last 24-hours, intraday trading volume is $362 million, indicating a 111% gain. At the time of writing, the LRC token lost a 20% market cap, which is now $2.225 billion. The LRC/BTC pair price is negative by 11.9% at  0.00003941 BTC. Meanwhile, LRC/ETH pair price is also showing weakness by 7.65% at 0.0005045 ETH.

Important EMAs (100 and 200) are maintaining a bullish alignment for this coin. Furthermore, the 20 EMA line provides dynamic resistance to the token price, whereas the Token is trading below 20 and 50 MAs. In the current scenario, Token is testing 100 MA as support; if it breaks this level, Token may test 200 MA levels ahead. 

LRC Token is following a Bearish Trend 

LRC Token is exchanging below trendline after a second rejection from $3.78 level while testing an all-time high. Now Token is trading above the support zone. The price action of Token indicates a descending triangle chart pattern which means buyers are losing their grip on Token.

The RSI (Relative Strength Index) shows 34, which is considered an oversold zone by the RSI. The token may bounce back from this area in the coming trading sessions. Furthermore, MACD has generated a downside crossover a long time ago and has now jumped into a downside zone which ensures a strong pessimistic phase. 

Conclusion – Looking at the current price action, LRC Coin is trading on a crucial support zone. If LRC breaches this support level, it may retest the $1.07 level; on the other hand, if buyers break this downwards trendline, then a bit of bullish move will happen.

Resistance level- $1.076

Support level- $3.80

Disclaimer – The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.