Loopring price prediction suggests that a significant rise in its value is possible and bulls will lead the rally. It is forming a bullish trend reversal pattern, which indicates that the correction and consolidation is over.
LRC price surged 12% in the last trading session and formed a giant bullish candle. The EMAs also positively intersected and displayed a golden crossover which fueled the further rally.
It attempted to break out of the $0.3000 barrier with a high buying volume. Unfortunately, the price closed by forming a long-tail bullish candle. However, in today’s session, LRC did not give the follow-up, and profit booking continues.
At present, the price is retracing back to the 50-day EMA which may act as immediate support. The recent up move is supported by a massive buying volume. Some big players might have injected the money. Therefore, they will try their best to defend the buying zone near $0.2400.
The chart pattern looks bullish till the price is sustained above both the EMAs. So, it’s better to accumulate LRC on dips until signs of weakness are visible.
Is Loopring Price Getting Ready for a Massive Rally?
Loopring price is trading near to the six-month high. It performed well in the last few weeks and created a positive hope for its long-term investors.
The sudden rise in price as well as in trading volume indicates a sharp directional move may come. If the buyers succeed in pushing the price above the $0.3000 level, more upside will open and new investors might participate in the rally.
The analysis suggests that the LRC crypto is in the initial phase of a bullish trend reversal and the dominance of buyers is visible.
LRC Price is in the Recovery Phase
LRC price is in the recovery phase and buyers are trying their best to hold the recent gains. However, if the situation reverses and the price slips below $0.2400, the recent up move might be considered a bull trap. Besides, the sellers may pull the price to the previous low.
The supertrend favors the bulls and says till the price holds $0.2204 the trend will remain upward. The RSI at 56 cooling off after hitting the overbought territory, which denotes the LRC price is near the neutral zone.
Conclusion
Loopring price prediction is bullish for the long term. However, LRC will gain momentum if it breaks out of the $0.3000 hurdle. As long as the $0.3000 barrier is there, the probability of a massive rally remains low.
Technical levels
- Resistance levels: $0.3007 and $0.3400
- Support levels: $0.2285 and $0.1956
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/12/18/loopring-price-shot-up-12-are-bulls-getting-back-into-the-game/