Loopring Price Analysis: LRC Gearing Up for a Massive Rally?


  • Support for the bears has been established at $0.24
  • LRC’s intraday volume stands at $23,552,612.00.
  • The EMA(50) is currently at $0.31.
  • Loopring currently trades near $0.24

08 December 2022 : In this article we will walk you through Loopring price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Loopring, Is LRC a good investment? Loopring support & resistance levels etc. But before diving deep into the LRC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $841,563,948,503. The total trading volume stands at $37,018,782,134. Bitcoin shares 38.53 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,865.09 level after a decline of -1.3%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.89 percent reaching to $1,232.84 during the previous 24 hours.
While publishing this blog, BNB traded at $284.05, following a price change of -2.09%within the same time frame. XRP the native coin of XRP is down by -1.87 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -4.39% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Loopring Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Loopring (LRC)

LRC Resistance Levels LRC Support Levels
Resistance Level 1 $0.27 Support Level 1 $0.24
Resistance Level 2 $0.29 Support Level 2 $0.23
Resistance Level 3 $0.30 Support Level 3 $0.21

Loopring Performance

LRC has recorded a downtrend, losing -5.13% in last 24 hours. The current value of Loopring is hovering at $0.24 with the trading volume of $23,552,612.00 USD in the same timeframe. The overall marketcap for LRC is $319,371,459.00 USD while the coin price changes -4.67% over the week.

Loopring Price Analysis

LRC price analysis for 08 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Loopring.

Moving Averages Price Indicator
Simple Moving Average (10) 0.27 Sell
Exponential Moving Average (10) 0.26 Sell
Simple Moving Average (20) 0.28 Sell
Exponential Moving Average (20) 0.28 Sell
Simple Moving Average (50) 0.31 Sell
Exponential Moving Average (50) 0.31 Sell

While LRC’s Williams %R indicator is at -60.626 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The LRC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. Loopring is moving in downward direction as bears successfully take the coin below immediate support level of $0.24. Now LRC should find a support at $0.23 or else the sellers could then target the crucial support level placed at $0.30. RSI implying oversold phase while trading at 22 and is trying to break out of the bearish zone while highlighting massive bearish strength.

Conclusions

Loopring is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.