- LRC is now hoping for a reversal near the support range.
- Bulls are attaining momentum in past sessions.
Loopring dropped in past months, showing bearishness and negative cues on the daily chart. Moreover, the chart pattern showed a correction from the supply range of $0.4000. However, the token was corrected by more than 10% last week.
Moreover, the LRC token was under the congestion zone and was noted hovering below the 20-day EMA. LRC token is trading below the key moving averages and showing aggression with showing correction in the past trading sessions.
When writing, LRC trades at $0.2950 with an intraday gain of 1.37%, showing a reversal from support marks. Moreover, the token showed selling pressure in the recent sessions forming a double-top pattern.
As per the recent price action, the LRC token shows a breakdown below the lower trendline, and the price is below the neutral marks. The token stayed near the support mark and struggled to claim the safer marks near $0.3000.
Daily Chart Formation of LRC
On the daily chart, LRC shows a double top pattern which showed selling from the top near the mark of $0.4000, where a correction and profit booking was seen. Moreover, the bulls could not halt near the neutral levels of $0.3000 and slipped below the range of anxiety.
The sellers are now dominating the trade claiming the demand zone from the top, where tops are sold out, and buyers look trapped. The token is now on the verge of the lower Bollinger band and finding a way to escape the congestion zone to claim the 20-day mark.
What Technical Indicator Says?
On the 4-hour charts, the LRC token shows a volatile move with a breakdown in the past sessions and a rebound. The buyers are willing to rescue the gains and train the arms again where the mighty bears are already in perfect shape and continue to make short positions.
The RSI drops below the neutrality and hovers near 40, where a divergence was noted on the 1 hr chart. Moreover, if crashed, the further rebound can be seen near the neckline of $0.3000.
The MACD curve was also noted with a bullish crossover but showed negative cues because of weakness on the price chart. The candle formation was small, which signifies that the investors should be more interested.
Conclusion:
The LRC token was looking for a bounce, as the correction phase is now ending, and the price has already made a primary bottom near $0.02500.
Technical Levels
Support Levels: $0.00002300
Resistance Levels:$0.00002800
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.