The price of Loopring token (LRC) was in the seller’s hands and near the demand zone of $0.2000 for the past few months. Buyers attempted to lay off the token price. Still, they faced rejection multiple times and lost strength due to the aggressiveness of aggressive bears who maintained their strong grips near $0.2200 at the 50-day EMA and did not permit them to escape above the neckline.
Moreover, the LRC token formed an inverted hammer candle and a bearish piercing pattern near $0.2200, which showed seller attachment to the token.
The price action favors bears and showed an addition of short positions in the previous sessions. Furthermore, the recent selloff led to retesting of the support zone of $0.1800. Afterward, LRC held the range but could not recover from there.
At the time of writing, LRC was trading at $0.2293 with an intraday gain of 0.37%, bouncing from the support mark. Moreover, the trading volume showed an increase of 3.35% to $15.35 Million, showing the interest of investors. The pair of LRC/BTC is at 0.0000076 BTC, and the market cap of LRC is $283.86 Million.
The chart structure shows negative sentiments and does not favor fresh buying at these levels. Furthermore, the trajectory indicates that sellers had a decisive edge below $0.2600, and profit booking persisted because of the seller’s strength. Similarly, above the mark of $0.1900, buyers continued to bounce off from there.
Daily Chart Structure of LRC
On the daily chart, LRC maintained the gains and showed a trendline breakout in the previous sessions. Afterward, LRC retested the range but did not bounce off from there, losing strength due to the profit booking led by sellers.
What Technical Indicators Say?
On the 4-hour charts, the LRC token stayed in the consolidation range and did not give any signals. Furthermore, trading volume was below average, showing a lack of investors’ interest, which is also a sign of concern.
The RSI curve is draggin below neutrality and is heading towards the oversold region, showing a neutral outlook because of the consolidation phase.
The MACD indicator also showed convergence of moving averages and did not signal any decisive move indicating a neutral perspective.
Conclusion:
Loopring token price is dragged below the 20-day EMA and signals a fresh fall. If it slips below $0.2000, it will again lead to a fresh downtrend in the following sessions.
Technical Levels
Support Levels: $0.2000
Resistance Levels:$0.2500 and $0.2800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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/2023/07/08/lrc-price-prediction-will-lrc-gain-strength-or-keep-hovering/