- Loopring (LRC) price is seeing a decline of 8% within the last 7 days.
- The current LRC price is $0.3424 with a change in 24-hour trading volume of -21%.
The LRC price has been trading under a consolidation channel for the past few months since mid-March. Recently, near mid-April, the price made an attempt to make a breakout above the consolidation channel however it could not succeed. The Investor’s sentiments regarding LRC price are indecisive at the moment. Though the buyers can make an attempt to recapture the trend.
The price action is indicating that the LRC token can make a bullish rally in the near future in a shorter time frame. The EMA’s are converging while the Oscillators are moving towards the oversold levels.
LRC Price is trading within a consolidation zone on (1 Day Time frame)
At present, the sentiments in the overall market are observing a slight increase since the last week. The market sentiments in the greed and fear index are around the greed zone at 60 points. The sentiment Index is observing an increase of 7 points since the last week when the sentiments were trading near 53 points according to the Alternative (dot) me site.
As per Coinglass, a cryptocurrency information platform sellers are prominent across the majority of the cryptocurrency exchange platforms. They are overwhelming the market by 51 – 59%. Though the buyers are maintaining their grip on some of the platforms by 50 – 74%.
In the previous analysis on the 4hr timeframe it was predicted that the price could take a bearish correction of more than 10%; the price was trading under an ascending triangle. It was proven correct when after taking rejection from the $0.3800 level the LRC price took an exact 10% correction. After which the price continued trading within the ascending triangle and it gave a breakout near mid-April of more than 22%.
Technical Analysis on ( 4hr Day Timeframe)
The RSI line is taking a reversal from 14 SMA and the median line on the daily timeframe. The value of the RSI line at present is 44.42 points whereas the 14 SMA is providing support to it at 47.70 points. The making of a downward curve of the RSI line on the daily timeframe is indicating a bearish reversal.
Conclusion
According to the analysis, the price of LRC is indicating a slight bearish correction in the near future however the Oscillators are steadily moving towards the demand zone. This indicates that the price may take a bullish reversal after the bearish correction.
Technical levels –
Support – $0.3400 and $0.3300
Resistance – $0.3800 and $0.3700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/01/lrc-price-analysis-will-lrc-price-break-the-consolidation/