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Loopring set for an explosive launch after flipping this resistance

Analytics

www.fxstreet.com 31 March 2022 06:50, UTC
  
Reading time: ~2 m

  • Loopring price shows signs of an incoming bull run after flipping the $1.17 resistance barrier into a support level.
  • The recent move allows LRC to trigger an exponential surge to $2.
  • A daily candlestick close below $1.03 will invalidate the bullish thesis.

Loopring price has set a stable bottom after the downtrend vanished on January 22. Since then, LRC has managed to flip multiple hurdles, turning them into reliable support levels. With the recent flip of a significant level, investors can expect the altcoin to trigger another run.

Loopring price edges closer to a bulll run

Loopring price set a swing low at $1.03 on March 25 and pushed through the $1.17 hurdle, flipping it into a support level. This move is a significant buy signal since there are not many meaningful blockades that could prevent a run-up.

Therefore, investors can expect the Loopring price to trigger a vertical rally as it did in late October and early November 2021. Assuming such an exponential run-up being, investors can expect Loopring price to retest the $1.96 hurdle after a 55% ascent.

In some cases, the rally could extend a little to tag the $2 psychological level, bringing the total gain to 58%. Beyond the $1.96 barrier, there could be consolidation before any new leg-up origins.

LRC/USDT 1-day chart

LRC/USDT 1-day chart

While things are looking optimistic for Loopring price, a breakdown of the recently flipped resistance barrier at $1.17 will serve as a headwind for bulls. 

Moreover, a daily candlestick close below $1.03 will invalidate the bullish thesis for Loopring price. This development opens the path for a further descent, where, LRC could revisit the $0.93 support level, allowing buyers to regroup for another attempt at an uptrend.


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