NewsletterDespite Market Uncertainty Loopring Price Analysis Shares 25% Growth Plan
The last eight months’ downfall in Loopring coin price shows the formation of a falling channel pattern. This pattern displays itself when two downsloping parallel lines act as support and resistance levels during an established downtrend. Though the pattern seems to be leading a downtrend, the most common outcome from this pattern is a bullish rally upon the breakout of its resistance. Thus, the LRC price has recently breached this overhead trendline signaling a potential bull run.
Key Points
- A bullish breakout from the channel pattern’s resistance trendline sets loopring coin on a 25% rise
- A bullish crossover between the 50-and-100-day EMA attract more buyer for Loopring coin
- The intraday trading volume in the LRC is $392.5 Million, indicating a 50% gain.
Source- –Tradingview
The Loopring coin price shows a parabolic price recovery since the beginning of 2023. Thus bull run rallied 86% from the January low of $0.1855, and reached the current price of $0.345. Amid this recovery, the coin price gave a massive breakout from the downsloping trendline of the falling channel pattern on January 31st.
However, as the overall market is struggling with uncertainty due to the upcoming FOMC meeting, the LRC price is expected to witness a minor correction and retest the breached trendline. If the coin price shows sustainability above the trendline or $0.377 horizontal support, the market sentiment is likely to change from selling on rallies to buying on dips.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
Moreover, as per technical setup, each lower-higher formation acts a potential target upon the breakout. Thus, the post-retest rally may drive the LRC price 25% higher to hit the first target of $0.443. Anyhow, in sustained recovery, the following target could be $.5, $0.655.
Technical Indicators
EMAs: with the aforementioned breakout, the LRC price also reclaimed 200-day EMA offering additional support for buyers.
RSI: The daily RSI slope rising back to the overbought region indicates the underlying bullish momentum for the LRC coin is strong.
Loopting Coin Price Intraday Levels
- Spot rate: $0.35
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.443 and $0.5
- Support levels- $0.37 and $0.27
- Solana Mobile Set to Launch SKR Token in January 2026
- Tom Lee’s BitMine Keeps Buying ETH, Adds $150M Despite DAT Purchases Crashing 81%
- Ripple Moves Over $101 Million in XRP to Binance, What’s Next?
- BONK Scores Major Win as Team Adjusts Fee Structure to Boost DAT Purchases
- Kalshi, Robinhood and Crypto com Face Cease & Desist Order in Connecticut
- XRP Price Prediction as ETF Buyers Add $50.27M to Holdings
- Ethereum Price Reclaims $3,200 as Shark Wallets Accelerate Accumulation
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
- Bitcoin Price Prediction: Will Next Bull Run Push BTC to $100,000?
- Pepe Coin Price Risks 80% Crash as Alarming Pattern Forms and 6.5T Inflows
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.
Premium Partners
