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Loopring (LRC) Gains by Over 40% After an Extended Bull Run

Coin Edition
2022-11-04 13:55
  • Loopring price analysis shows a firm uptrend.
  • LRC is likely to break the $0.40 key resistance level.
  • Loopring current trading price is $0.3759.
Loopring price analysis show LRC opened the daily chart trading at an intraday low of $0.29, experiencing a major price increase after a prolonged bull run. The LRC/USD pair has since gained by over 40%, breaking the key resistance level at $0.40 and currently trading at $0.3759 at press time.
Loopring price action:Coinmarketcap
The uptrend is supported by strong buying pressure seen on the daily chart and the RSI indicator telling us that LRC is currently in overbought territory at a reading of 76.
Some traders may see this as a signal to sell, however, with the overall market sentiment still bullish it is likely that LRC will break the $0.40 resistance level and continue its uptrend.
The price of Loopring is well above the MA50 and MA200 daily moving averages, indicating that the uptrend is likely to continue. The Fibonacci retracement tool also shows potential for LRC to reach the 23.6% level at $0.47, a further upside of over 20%.
The technical analysis on the daily timeframe shows LRC/USD pair formed a bullish engulfing candle with a high volume, indicating that there is strong buying pressure. The Relative Strength Index (RSI) indicator is currently in overbought territory at a reading of 76, suggesting that the uptrend may continue but traders should also be cautious of a potential pullback.
LRC/USD daily chart, source: TradingView
Loopring price analysis on the 4-hour and hourly time indicates Loopring may face resistance at the $0.395 and $0.40 levels. It is also important to note that in the event of a market-wide correction, Loopring may experience a pullback toward key support levels at $0.35 and $0.30 respectively. The MACD indicator is currently showing a bullish crossover and the RSI indicator shows LRC/USD still has room to continue its uptrend.
LRC/USD 4-hour chart, source: TradingView
To sum up our Loopring price analysis, the LRC/USD pair is currently experiencing a major price increase following an extended bull run. The uptrend is supported by strong buying pressure and technical indicators showing potential for further upside.
On the downside, traders should keep an eye out for key support levels in case of a market correction. Overall, the current market sentiment remains bullish for Loopring and it is likely that LRC will break the $0.40 resistance level in the near term.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, 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.
The post Loopring (LRC) Gains by Over 40% After an Extended Bull Run appeared first on Coin Edition.
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