On Wednesday, the LRC/USDT pair experienced a sudden 50% pump backed by the announcement that GameStop’s NFT marketplace built on Loopring L2 goes live. As a result, the altcoin retests a crucial barrier of the $1.22 mark, teasing a follow-up breakout.
Key points:
- The $1.22 barrier holds the key for LRC recovery
- The Expected pullback could retest the $1 mark
- The 24-hour trading volume in the Loopring coin is $1.57 Billion, indicating a 366.02% gain.
Source-Tradingview
On March 15th, the Loopring(LRC) price bounced back from the $0.65 support for the third time in the last seven weeks. These failed attempts to breach the bottom support indicate the traders are highly interested in this dip.
The follow-up rally pierced through the immediate resistance zone near $0.85, setting up furthermore recovery. Furthermore, the altcoin pulled back to retest the breached zone, and amid the partnership with Gamestop and the coin price pumped 50% in a single day.
The sudden rally breached the $1 physiological level and tagged the $1.22 monthly resistance. However, this aggressive buying needs to stabilize, and therefore the LRC price is expected to give minor pullback before the buyers kick in again.
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This potential pullback could obtain strong support from the $1 mark, followed by $0.85. Finally, a bullish breakout and closing above the $1.28 mark would set another rally to the $1.65 mark.
Technical Indicator
The LRC rally reclaimed the remaining 50, 100, and 200-day EMAs in a flash with today’s massive rally. These crossovers could assist buyers in maintaining a bullish rally, providing strong support during pullbacks.
The daily-RSI slope strikes a parabolic rally in the bullish region, indicating the intense bullish momentum.
- Resistance levels- $1.22 and $1.45
- Support levels- $1 and $0.85-0.8
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