- LRC is in uptrend from past few days
- A decent chance for short-term investors
The current trend for LRC is an uptrend, and the token is moving around its 50 EMA (the blue line). At present the token is at its resistance level.
LRC on daily chart
On the daily chart we can see consolidated zones being formed and after few days we are either seeing a breakout or breakdown so if a similar zone is formed at current levels we can again expect the token to either give a breakout or breakdown. As soon as the token gives a breakout short-term investors can invest in it because the price after breakout is expected to rise to $0.3798 which is its near resistance.
MACD – The MACD has made a bullish crossover. A bullish crossing occurs when the blue line of the MACD surpasses the orange signal line upwardly. The daily chart of LRC has turned bullish, as shown by the MACD’s bullish crossover. The histogram bars shown in MACD are turning light green which shows that bulls are weakening but as soon as the price rises these bars will again turn dark green indicating that bulls are again strong.
Relative Strength Index (RSI) – At 67.86, the RSI curve has surpassed the 50-point threshold. The overbought area of the RSI curve has been crossed, signaling bullish momentum. The value of the RSI curve has increased due to the increase in token price. The RSI curve may rise sharply if the price rises further.
Analyst view and Expectations
We may witness a bullish move in the next few weeks so short-term investors can look forward for investing but long-term investors should stay away and should wait until there is a Golden crossover [where the 200 EMA is cut from below by the 50 EMA, providing a buy signal].
LRC price predictions from WalletInvestor were inconsistent. WalletInvestor predicts that the price will be $3.78 in November 2024 and $4.26 in November 2025 based on previous data.
On the other hand, DigitalCoinPrice made a positive Loopring prediction. LRC is expected to increase to $8.19 in November 2025, and then to $16.47 in November 2028, according to the forecasting agency.
“LRC is one coin that has risen against the US dollar in November 2022,” Vantage Point Trading financial expert MirceaVasiu said to Capital.com. The price action signals a new all-time high is possible.
Technical Levels
Major resistance -$0.6413
Major support -$0.1205
Conclusion
LRC appears to be moving in a positive direction. Investors with short time horizons have opportunities. There may be a bullish increase during the next few weeks.
Disclaimer: The author’s views and those of any individuals mentioned in this post are for informative purposes only and should not be regarded as financial, investment, or other advice. When purchasing or selling cryptocurrencies, there is a danger of experiencing a monetary loss.
Source: https://www.thecoinrepublic.com/2023/01/15/decoding-the-lrc-a-technical-analysis-of-the-loopring-token/