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With the price fluctuating between a 7-day low of $0.2258 and 24-hour resistance of $0.2318, bulls and bears each had some degree of control over the Loopring (LRC) market in the previous 24 hours. The next level of resistance to look for is around $0.2350 if the bulls break through the $0.2318 resistance.
However, the next support level to watch would be around $0.2200 if the bears gain control and drive the price below the 7-day low of $0.2258. The bulls were still in charge at the time of publication, causing a 1.14% increase from its previous close of $0.2305.
The 24-hour trading volume for LRC decreased by 35.71% to $10,955,546, even though its market capitalization increased by 1.11% to $306,952,320. Despite the decline in trading volume, this move reflects the increased interest and activity in the LRC market. It suggests that investors are willing to hold onto their positions and are still upbeat about the currency’s potential.
The LRCUSD market’s Relative Strength Index rating of 50.14 indicates it is currently neutral. This level indicates that there is currently no significant buying or selling pressure, and the price of LRC is expected to remain stable.
At the current level of 0.00225760 on the LRCUSD market, the Bull Bear Power (BBP) indicator shows that neither bullish nor bearish momentum is solid. Traders are taking a wait-and-see approach, possibly for greater market transparency, before making bold moves.
The Money Flow Index rating of 77.76 and the downward movement indicate less buying pressure and more selling pressure for LRC. This trajectory could indicate a shift in market sentiment and a possible decline in the price of LRC.
Furthermore, the Elder Force Index rating of -10 adds to LRC’s bearish momentum. This index measures the market’s selling pressure, and a negative value indicates that sellers are in control. Combined with the Money Flow Index, these indicators suggest that traders considering a long position in LRC should exercise caution.
In conclusion, while Loopring (LRC) has shown some bullish strength, caution is advised due to increased selling pressure and a possible shift in market sentiment.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.