Loopring (LRC) Price Prediction: Will The Bulls Rally To The $0.438 Level?

Loopring is bullish today, with its price surging on the charts. The token has touched new highs on the chart consecutively in the last three days representing its best price form since the turn of the year. Also, it has posted 22 green days within the previous 30 days, which is a 73% success rate. 

The asset’s price has increased by 22.92% in the last 24 hours. LRC trading volume is also up by 102.01% at $242 million. The bulls are seemingly in control, and the price will continue to soar if it breaks the next resistance level.

Loopring Price Prediction With Technical Indicators

Loopring is trading at $0.4318 today and above its 50-day SMA, which has displayed a buy signal since January 12, 2023. Also, LRC is trading above its 200-day SMA, indicating a long-term bullish sentiment for the asset.

LRC traded at $0.1 since January 1, 2023, till it spiked to the $0.2 level on January 6. It continued in this range till it broke past the $0.3 level on January 25 and is currently at the $0.4 level. 

The Relative Strength Index (RSI) is 83.22, which is in the overbought zone. If the bulls continue to exert pressure on the market, it will continue to rise. The indicators point upward, showing that the trend might sustain for the coming weeks. The MACD is also bullish and above its signal line and showing divergence. Expect more positive price moves from the asset. 

Loopring Support And Resistance Levels

Loopring support levels are $0.2895, $0.3198, and $0.3523; its resistance levels are $0.4152, $0.4385, and $0.4785. Currently, the $0.4152 resistance level might turn to support for the asset, and if it holds, it will test the next resistance level. However, if a slight pullback occurs, the $0.353791 support will be vital to sustaining its positive price momentum from freefall.

The long-term and short-term price analysis for the asset is bullish. It is one of the altcoins that has recorded massive gains in 2023. Loopring from its recent price behavior has posted a minimum of five consecutive green days since January 1, 2023. Excluding its deviation on January 21, when it posted a red day after two green days. Expect at least two more green days on the price charts in the short term.

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