Loopring (LRC) Price Prediction 2023-2030: Will LRC Reach $0.6 Soon?

Loopring (LRC) Current Market Status

Loopring (LRC) has a circulating supply of 1,331,430,935 LRC coins, while its maximum supply is 1,374,513,896 LRC coins, according to CoinMarketCap. At the time of writing, LRC is trading at $0.2973 representing 24 hours increase of 1.12%. The trading volume of LRC in the past 24 hours is $12,142,996 which represents a 26.04% decrease.

Some top cryptocurrency exchanges for trading BAND are  Coinbase Pro, Bilaxy, OKEx, and Binance.

Now that you know LRC and its current market status, we shall discuss the price analysis of  LRC for 2023.

Loopring (LRC) Price Analysis 2023

Loopring (LRC) Price Analysis – Bollinger Bands

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). 

The upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average. When the bands widen, it shows there’s going to be more volatility and when they contract, there is less volatility.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

When Bollinger bands are used in a cryptocurrency chart, we could expect the price of the cryptocurrency to reside within the upper and lower bounds of the Bollinger bands 95% of the time. The above thesis is derived from an Empirical law. 

The sections highlighted by red rectangles in the chart above show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. 

The green rectangles show how LRC retraced after touching the upper band (overbought) and lower band (oversold). 

Currently, the Bollinger bands are moving downward while maintaining a constant space in between them. LRC is retracing closer to the Simple Moving Average after bouncing off of the lower band.  

As Loopring is on the rise after touching the lower Bollinger band it could go above the SMA and fluctuate in the first half of the Bollinger bands. Interestingly, this surge is emitting symptoms of the surge that LRC had during the beginning of 2023. 

On both occasions highlighted in the chart, we could see the bands going lower while maintaining a constant space in between them. Thereafter, we see the band shrink and then the surge happened. Hence, this could be the early sign of LRC reciprocating its past behavior. If that is the case, then those looking to go may consider entering the market before the surge happens. 

However, it would be advisable if they wait for the formation of some more candlesticks before entering the market. But this would mean that they would enter the market quarter-way or mid-way through the surge. In that case, if traders are looking to make use of the whole surge then they would need to use different indicators or a combination of indicators to get concrete evidence about an impending surge. 

Nonetheless, when considering the past scenarios, we could see that LRC encountered selling pressure when close to the SMA. The recent rejection is one such classic example. Hence, this could be another rejection. As such, buyers may want to do their due diligence before entering the market. 

Loopring (LRC) Price Analysis – Relative Strength Index

The Relative Strength Index is an indicator that is used to find out whether the price of a security is overvalued or undervalued. As per its name, RSI indicators help determine how the security is doing at present, relative to its previous price. 

Moreover, it has a signal line which is a Simple Moving Average (SMA) that acts as a yardstick or reference to the RSI line. Hence, whenever the RSI line is above the SMA, it is considered bullish; if it’s below the SMA, it is bearish. 

When considering the first green rectangle from the left of the chart below we can see that the  RSI is above the signal. Hence, LCR is bullish and as a result, it is making higher highs. 

The second green rectangle shows that the RSI line (purple) is below the Signal line (yellow). As such, LCR is bearish or losing value. Therefore it is reaching lower lows as shown in the chart.

Currently, the RSI of LRC is at 42.45 and it is tilting upwards. Notably, LRC is approaching the 44.32 region for the second time. This is because its motion toward the upwards direction was barred by 44.32 whereupon RSI ricocheted off of it. However, if LRC happens to cross the 50 mark on the RSI indicator, then, we could call the trend strong. 

As such, those waiting to enter a long position may need to wait for the RSI to cross the 44.32 region as LRC has the tendency to ricochet off of that region. 

Moreover, the RSI could also be used to find out the divergence. For instance, when the token is making higher highs then the RSI should also be making higher highs in unison with it for it to be called a bull run. However, if the RSI does not make higher highs with the token, then we could say that there could be a trend reversal, as the token is losing value despite making higher highs. 

Loopring (LRC) Price Analysis – Moving Average

The Exponential Moving averages are quite similar to the simple moving averages (SMA). However, the SMA equally distributes down all values whereas the Exponential Moving Average gives more weightage to the current prices. Since SMA undermines the weightage of the present price, the EMA is used in price movements. 

The 200-day MA is considered to be the long-term moving average while the 50-day MA is considered the short-term moving average in trading. Based on how these two lines behave, the strength of the cryptocurrency or the trend can be determined on average. 

In particular, when the short-term moving average (50-day MA) approaches the long-term moving average (200-day MA) from below and crosses it, we call it a Golden Cross.

Contrastingly, when the short-term moving average crosses the long-term moving average from above then, a death cross occurs. 

Usually, when a Golden Cross occurs, the prices of the cryptocurrency will shoot up drastically, but when there’s a Death Cross, the prices will crash. 

Whenever the price of cryptocurrency is above the 50-day or 200-day MA, or above both we may say that the token is bullish (Red rectangle). Contrastingly, if the token is below the 50-day or 200-day, or below both, then we could call it bearish (Blue triangle section).

When comparing the surge that LRC went through at the beginning of 2023 with what’s happenings currently, it seems like LRC is gearing up for another surge. Nonetheless, it has been rejected once again at the 200-Day MA. As such, it may seek support at the yellow horizontal line at $0.2772, once again before the surge. 

In the event that the preceding happens, then the yellow horizontal line could serve as an excellent entry point for buyers. 

Loopring (LRC) Price Prediction 2023

When considering the fluctuation of LRC, we could see that it has been forming the symmetrical triangle. There is a possibility of LRC breaking in either direction. If LRC breaks out of the symmetrical triangle in the upwards direction, we could expect it to reach somewhere close to Resistance 2 at $ 0.5850. However, this surge would not come without any resistance at Resistance 1 at $0.4650. 

Contrastingly, if LRC breaks down from the symmetrical triangle, we could expect the prices to reach Support 2 at $0.2. When it reaches this point, buyers should be vigilant, as there lies a probability of LRC surging to Resistance 1 from this position, based on its historic behavior. 

However, if Support 1 does not hold LRC from falling, then, we could expect LRC to reach Support 2 at $0.1319. 

Importantly when traders may want to set their take profit with the difference between the earliest highest price and earliest lowest price. And their stop loss could be just below the entry point. 

Loopring (LRC) Price Prediction – Resistance and Support Levels

When looking at the chart above, we could see that LRC was above the 45-degree angle for a brief period of time before it dropped. It sorted for support at 3:1 and started increasing along that Gann line. However, this increment too was dismantled by the bears as LRC tanked further. 

November 2021 brought about a great surge, where the LRC rose vertically reaching above 1:1 (45 ordinal number). Soon after this shorted stayed surge, LRC descended searching for support at the 8:1 line, 4:1 line, 3:1 line, and 2:1 line on the Gann fan.  

Nonetheless, the 2:1 Gann line could hold LRC for a long time. As such, LRC fell below that line too, and ever since it fell it has been testing the 2:1 Gann line but never was able to break it even once. 

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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