On Wednesday, the LRC/USDT pair experienced a sudden 50% pump backed by the announcement that GameStop’s NFT marketplace built on Loopring L2 goes live. As a result, the altcoin retests a crucial barrier of the $1.22 mark, teasing a follow-up breakout.
Key points:
- The $1.22 barrier holds the key for LRC recovery
- The Expected pullback could retest the $1 mark
- The 24-hour trading volume in the Loopring coin is $1.57 Billion, indicating a 366.02% gain.
Source-Tradingview
On March 15th, the Loopring(LRC) price bounced back from the $0.65 support for the third time in the last seven weeks. These failed attempts to breach the bottom support indicate the traders are highly interested in this dip.
The follow-up rally pierced through the immediate resistance zone near $0.85, setting up furthermore recovery. Furthermore, the altcoin pulled back to retest the breached zone, and amid the partnership with Gamestop and the coin price pumped 50% in a single day.
The sudden rally breached the $1 physiological level and tagged the $1.22 monthly resistance. However, this aggressive buying needs to stabilize, and therefore the LRC price is expected to give minor pullback before the buyers kick in again.
This potential pullback could obtain strong support from the $1 mark, followed by $0.85. Finally, a bullish breakout and closing above the $1.28 mark would set another rally to the $1.65 mark.
Technical Indicator
The LRC rally reclaimed the remaining 50, 100, and 200-day EMAs in a flash with today’s massive rally. These crossovers could assist buyers in maintaining a bullish rally, providing strong support during pullbacks.
The daily-RSI slope strikes a parabolic rally in the bullish region, indicating the intense bullish momentum.
- Resistance levels- $1.22 and $1.45
- Support levels- $1 and $0.85-0.8
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/105568-2/