The price of LoopRing (LRC) has shown no sign of relief bounce against Tether as it continues to range in its low region. Despite relief bounces shown by other cryptocurrencies across the market, some producing double-digit gains, LoopRing price continued to look dormant. (Data from Binance)
LoopRing Price Analysis On The Weekly Chart
From the chart, the price of LRC saw its weekly bottom at $0.35; the price of LRC bounced from that region to a price of $0.4 on the weekly chart as the price is unable to show much strength to trend higher.
LRC weekly candle closed with the bearish sentiment, with the new week’s candle looking indecisive.
The price has continued to show little or no traction; If the price of LRC on the weekly chart maintains this structure, it could retest its low of $0.35 as this is a key support region on the weekly chart.
For the price of LRC to trend higher, it needs to break the resistance at $0.5 with a good volume to have a go at higher prices and double gains.
Weekly resistance for the price of LRC – $0.5.
Weekly support for the price of LRC – $0.35.
Price Analysis Of LRC On The Daily (1D) Chart
The price of LRC has found itself ranging in a channel trying to break out from what looks like a cage preventing the price from trending higher.
LRC has found its price between $0.35 acting as support and $0.5 acting as the resistance for the price of LRC. The price of LRC needs to break out of this range and close above the $0.5 mark to trend higher to a region of $0.65, acting as key resistance for a single-digit LRC.
With more buy orders and volume, we could see LRC breaking this range; if the price fails to break out, we can see the price retesting $0.35 and lower if there is a market sell-off.
LRC is currently trading at $0.39, just below the 50 and 200 Exponential Moving Average (EMA), which corresponds to prices of $0.42 and $0.65, acting as resistances for LRC price.
On the daily chart, the Relative Strength Index (RSI) for the price of LRC is above 40, indicating a low volume of buy orders.
Daily (1D) resistance for LRC price – $0.5-$0.65.
Daily (1D) support for LRC price – $0.35.
Price Analysis Of LRC On The Four-Hourly (4H) Chart
The price of LRC has continued to show a little bullish trend below the 50 and 200 EMA prices, which correspond to $0.42 and $0.399, acting as resistances to the LRC price.
LRC needs to break and hold above the 50 and 200 EMA to assume its bullish sentiment; if LRC fails to break and hold above these prices, we could see the price retesting its support levels at $0.35.
Four-Hourly (4H) resistance for LRC price – $0.42, $0.399.
Four-Hourly (4H) support for LRC price – $0.35.
Featured Image From zipmex, Charts From TradingView.com Source: https://www.newsbtc.com/analysis/loopring-price-lags-despite-relief-is-lrc-double-digit-gain-feasible/