Signal for a pseudo recovery.
- The LRC price is currently facing a downtrend movement over the daily time graph, under bearish pressure.
- The volume is at a loss of 20.02% in just 24 hrs.
- The LRC/BTC pair is at 0.00001771 with a loss of 1.78% in it.
LRC is the Ethereum-based cryptocurrency token of loopring, an open protocol designed for the building of decentralized crypto exchanges. The main idea behind Loopring is to combine elements of centralized and decentralized crypto exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.
The LRC price is currently facing a downtrend movement over the daily time graph, under bearish pressure. The token needs to attract more buyers in order to overcome the downtrend and needs continuous support to go on for an uptrend. It looks like the price has started recovering as it is moving just below the moving average. To prevent a collapse the token needs to attract buyers quickly.
The current price for one LRC token is $0.52 with a loss of 7.03% in its market capitalization in the last 24 hrs. The token has a trading volume of 152 million with a loss of 20.02% in the 24 hrs trading session and a market cap of 704 million with a decrease of 7.03% in it. The volume market cap ratio for LRC is 0.215.
Short term Analysis
The short-term (4 hrs) analysis shows the price coming from a downtrend is now recovering. The current value is nearly equal to the exponential moving average.
While observing the multiple EMA for 20,50,100 and 200 we may observe a negative cross soon. The MACD is also indicating the same as we can observe the MACD signal line is moving above the MACD signal line and the red histograms are rising continuously.
The relative strength index has also started moving downwards, indicating the increase in selling again. The RSI value for LRC is above 50 currently.
Conclusion
The LRC price is currently facing a downtrend movement over the daily time graph, under bearish pressure. The token strictly needs to attract buyers. This action needs to be taken soon for on-time recovery.
Technical levels
Resistance levels: $0.65 and $0.80
Support levels: $0.40 and $0.30
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.
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Source: https://www.thecoinrepublic.com/2022/06/19/loopring-price-analysis-bears-are-dominating-the-market/