Loopring price has been rising over the last two weeks hitting a new record high after another. LRC has leaped 34% over the last 24 hours recording a new all-time at $2.50. Can LRC continue the uptrend?
Loopring price has rallied approximately 34% over the last 24 hours to refresh the record high around $2.50. This rally as seen LRC smash the November 02 all-time high (ATH) around $1.79 bring its market capitalisation to $2,757,010,328 according to data from CoinMarketCap.
Loopring is a layer 2 blockchain project that helps developers accelerate their projects build on Ethereum. It is specifically built to support decentralized platforms in the payments industry. The Loopring (LRC) bull run that has been experienced over the past two weeks has been due to it being fronted as a good alternative to Polygon. Polygon is a layer-2 platform that is aimed at helping developers to accelerate their Ethereum-built applications.
Loopring Price Must Establish Support At $2.0
At the time of writing, LRC price teeters around $2.068 and appears to be consolidating around this point as seen on the four-hour chart. Then current market correction appears a healthy correction allowing more investors to get onto the bandwagon before resuming the uptrend.
However, for this to happen, Loopring price has to discover support at the $2.0 psychological level. Ensuring the LRC remains above this level will sustain the current bull run that could see LRC rise to tag the new ATH around $2.50 and beyond.
The position of the RSI in the overbought region is an indication that the bulls are currently controlling the LRC price.
LRC/USD Four-Hour Chart
However, the RSI also shows that Loopring was massively overbought at 82.56 which triggered the current trend reversal. The downward movement of the RSI indicated that the bullish momentum has burnt out and that investors may have started taking profits.
Therefore, if LRC slips below the $2.0 psychological level, it could drop to tag the upper boundary of the rising channel at $1.910. A drop further could see Loopring price move down to tag the middle boundary of the ascending channel at $1.50 or the lower boundary at $1.176.
Meanwhile, the flattening of the RSI points to a market consolidation which might continue in the near term.
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