Loopring Price Prediction: LRC Rises 39% To New Record Highs At $1.792
Loopring price has rallied a massive 256% over the last seven days hitting a new all-time high above $1.79. LRC’s market value has also jumped to cross the $1 billion mark. The Loopring rally aimed for a 42% upswing to $1.91.
The Loopring price has rallied approximately 39.7% over the last 24 hours to set a new all-time high price of $1.72 reached on November 02. LRC has gained over 256% over the last 7 days and with its market cap jumping 38% to $1,753,117,032 on the day. The daily trading volume has increased 38% as well over the last 24 hours to $4,184,148,201 according to data from CoinMarketCap.
How high can the LRC price go?
Loopring Price Prediction Is Bullish As Buyers $1.91
At the time of writing, Loopring price is hovering around $1.34 on most crypto exchanges and has formed an ascending parallel channel on the four-hour chart. This chart pattern is said to be significantly bullish. It is created when an asset records successive higher highs and higher lows over an extended period. It is confirmed when the price breaks out above the upper boundary of the channel.
Noteworthy, the LRC price will remain bullish as long as it remains within the confines of the rising channel. If this happens, the odds of rising to tag the target of the rising channel at $1.91 will increase. This will represent a 43% move upwards from the current price.
However, before reaching this target, Loopring bulls have to overcome selling pressure from the $1.50 resistance level currently embraced by the middle boundary of the governing chart pattern.
The upsloping moving averages and the position of the Relative Strength Index (RSI) Indicator in the overbought region at 73.12 add credence to this bullish outlook.
LRC/USD Four Hour Chart
However, things may go awry for Loopring price bulls if it slips below the immediate support provided by the $1.30 psychological level. If this happens, LRC may drop to seek support at $1.17 level embraced by the lower boundary of the rising channel. Loopring might take a breather here allowing bulls to regroup themselves making for the governing pattern’s target around $1.191.
Read More:
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
