Loopring Price Analysis: LRC is Near the Bears’ Hedge Zone, as a Result,  Bulls See a Downtrend

• Looping (LRC) price is retracing the downsloping trendline in the middle of an uptrend.
• The LRC token retested the 20-day moving average during the retracement.
• The Money Flow Index stays above the midline during the daily price chart.

Looping (LRC) has successfully cleared the way for investors as it moved higher after the June surge. Buyers reversed the trend of the LRC altcoin twice in the last 45 days. Meanwhile, the altcoin price is still dominated by buyers.

The Looping Token has been forming a high-low formation over the past few weeks. Recently, the LRC token broke the downsloping trendline (dotted white) with a solid bullish break. Meanwhile, buyers reclaimed almost 50% from the 52-week low of $0.04777 to the recent 45-day high of $0.04777.

Source: LRC/USDT by Tradingview 

At the time of writing, the Looping Token is trading at the $0.414 mark with a slight recovery in the intraday trading session against USDT. Meanwhile, according to CMC data, the market cap of the LRC altcoin has fallen 5% to 550 million in the last 24 hours.

During recovery, LRC Crypto failed to move above the down-sloping trendline (blue) during the daily price chart. Furthermore, the price of the pair of Looping Tokens related to Bitcoin is down by 3.1% at 0.00001816 satoshis.

Price action suggests an ascending triangle pattern on the daily time frame window. During retracements, the Money Flow Index (MFI) stays above the midline throughout the daily price chart.

Buyers try to Maintain LRC Price Above 20 DMA

Source: LRC/USDT by Tradingview 

Few days back buyers successfully moved the LRC price above 20, as well as the 50 day, moving average. But the bears again pulled the price below the 50 DMA, while the buyers barely managed to move above the 20 DMA. Besides, the Stoch RSI is showing a sell signal in the near term.

Conclusion

The Looping coin is trading above the 20-day EMA on the daily price scale. If buyers close the daily price candle above the 50 DMA, a range breakout of the upward trendline is likely.

Support level –  $0.37 and $0.30

Resistance level – $0.45 and $0.60

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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