thecoinrepublic.com
- 1 Loopring price is currently trading at $0.2373 with a loss of 1.17% during the intraday session.
- 2 LRC price has crossed above 20-day EMA.
- 3 The year-to-date return of Loopring is 26.64% while the three-month return is -30.88%.
A bullish rally for LRC price began during the start of 2023, rising from the low of $0.1855 and led to the formation of an annual high at $0.4949. As soon as the price formed a high, it entered into a bearish trend. In March, Loopring price then formed a support at $0.27 and again entered into uptrend for retesting the annual high.
The move was halted at $0.4765 as the price received a strong rejection from the level. During the start of June, LRC’s price gained enough bearish momentum to shatter the support level of $0.27 level.
Recently, LRC price has formed a support at $0.21 and started to rise. The cryptocurrency price is currently receiving a rejection from $0.243 level. The previous candle has closed bearish after receiving rejection from $0.2514. The current candle is also bearish and has broken the low of the previous candle.
If price can break above the resistance level of $0.243 level, there is a high probability for the price to fill the upper wick of the 24 June candle. On the other hand, if price gains bearish momentum, it might head toward $0.21 level. The market capitalization of Loopring is down by 3.71% to $316 million. The 24-hour volume of LRC is down by 66.39%. The price is down by 93.79% from the all-time high of $3.83.
Will LRC Price Retrace Back To Recent Support?
The cryptocurrency price has started to decline and is currently trading above 20-day. The price received rejection from 50-day EMAs which means presence of seller is above $0.24 level. The Chaikin money flow score is -0.03 suggesting weakness in the market. RSI dipped into the oversold zone which commenced a reversal in the price.
RSI trades 47.70 and has started to dip indicating increased participation of sellers in the market. LRC price touched the upper band, received a rejection, and is currently headed toward the lower band. The long/short ratio is 0.94 with 48.69% longs and 51.31% shorts indicating slightly more pressure from bears in the last 24 hours.
Conclusion
The market structure and price action for Loopring has started to turn bearish as price received rejection from $0.243 level. The current candle is headed toward the support level of $0.21. The technical parameters are currently favoring the selling side. This move might just be a short-term pullback in price to move further higher.
Technical levels
Major support: $0.21 and $0.1875
Major resistance: $0.2430 and $0.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.