Back to the list

Loopring (LRC) and Tezos (XTZ) Technical Analysis: Consolidation, Calm Before Buyers Flow Back?

cryptoknowmics.com 23 October 2021 10:29, UTC
Reading time: ~2 m

Loopring and Tezos prices are consolidating. Still, LRC finds support above $0.35, while XTZ may race above $7.5, validating buy trend validation.

Loopring (LRC)

LRC powers the Ethereum layer-2 trading platform Loopring.

Past Performance of LRC

The Loopring token price is stable at the time of writing, adding two percent on the last trading day.

Overall, as per the LRC technical analysis, buyers have the upper hand despite the sideways movement of the last few trading days.

Day-Ahead and What to Expect

From the LRC coin in the daily chart, LRC/USDT prices are moving within a tight trade range above $0.35.

There will be more room for more upsides if LRC token buyers press above $0.50 and this week's highs in a buy trend continuation pattern.

This will confirm buyers of late September, setting in motion another wave higher towards all-time highs at around $0.90.

Loopring Technical Analysis

The path of the least resistance remains northwards. Still, punctures are slowing down the uptrend.

In the short term, the reaction at the $0.15 zone would shape the LRC crypto trajectory.

As mentioned before, sharp gains above $0.50 would ignite demand, lifting off LRC towards $0.90.

Even so, a dump below October 15 bull bar and middle BB would oil sellers target $0.35 in subsequent sessions.

Tezos (XTZ)

The self-amending smart contracting platform is an alternative to Ethereum and uses XTZ as the primary currency.

Past Performance of XTZ

From the daily chart, Tezos crypto buyers have a chance.

However, there is a weakness visible as per the XTZ technical analysis in the daily chart.

When writing, the XTZ token is steady, retesting the multi-week support trend line.

Day-Ahead and What to Expect

Technically, the XTZ/USDT uptrend is valid reading from the candlestick arrangement in the daily chart.

Even so, if XTZ coin bears flow back, pressing prices below $6, the token might tumble in a correction deeper.

On the flip side, a reverse above $7.5 and the middle BB may revive XTZ, pumping the coin to new H2 2021 highs.

Tezos Technical Analysis

The XTZ coin is in consolidation at the time of press, moving within a tight range.

A close above $7.5 in a bullish breakout pattern, for validation, should be with high trading volumes for an impetus above $8.5.

This would, in turn, pump the Tezos crypto to new H2 2021 highs.

Conversely, a drop below the critical support trend line nullifies the uptrend in a move that might force XTZ towards $4.5.

Back to the list