Loopring price analysis: LRC corrects after marking 32 percent gains

Loopring price analysis LRC corrects after marking percent gains

TL;DR Breakdown

  • Loopring price analysis reports the coin is showing descend after flying high.
  • LRC/USD is highly volatile at the moment.
  • LRC may retest the support at $0.499.

The Loopring price analysis reveals LRC/USD is on a downward movement after racing high yesterday. The Loopring is trading hands at $0.519 at the time of writing. The cryptocurrency is showing highly volatile behavior from 27th October when it dipped down sharply, followed by a steep jump towards $0.539. Now Loopring is retracing back and may test the support present at $0.499 if the descend continues.

LRC/USD 1-day price chart: Selling pressure hits Loopring

Loopring price analysis further reveals that the LRC is under market pressure right now after going remarkably high. Despite the correction taking place, Loopring still reports a 32 percent price gain over the last 24 hours and an increase in value up to 24 percent over the course of the last seven days. As the market cap increased by 32 percent, the trading volume also surged by 653 percent, indicating the interest of traders in the coin as the trading volume shows unusual figures.

Loopring price analysis: LRC corrects after marking 32 percent gains 1
LRC/USD 1-day price chart. Source: Tradingview

The volatility is high for LRC/USD pair as the cryptocurrency oscillated enough during the last two days. The volatility indicator shows steep divergence on both sides, and the upper Bollinger band is present at $0.509 representing support for LRC/USD as the price is trading above the upper limit of the indicator.

The relative strength index after reaching near the overbought zone has deflected back downwards but is still present at a higher level of index 63. However, the RSI suggests a high selling pressure as selling activity is increasing in the market.

Loopring price analysis: Recent developments and further technical indications

The 4-hour Loopring price analysis shows the price breakout was upwards at the start of today’s session, and LRC/USD went as high as $0.570, from where it got rejected and started to spiral down. The downfall still continues as the coin is still looking for support.

Loopring price analysis: LRC corrects after marking 32 percent gains 2
LRC/USD 4-hours price chart. Source: Tradingview

The volatility on the 4-hour chart is extremely high as the Bollinger bands show vast expansion, with its upper band at $0.554 now representing resistance for the coin and its mean average at $0444 representing support for the Loopring, while the lower Bollinger band represents the lowest support for coin at $0.333. The RSI has also dipped down in the neutral zone after remaining in the overbought region for some time, indicating selling activity in the market.

Overall technical indicators for Loopring are highly bullish as the price went high beyond expectations yesterday. Out of a total of 26 technical indicators, 16 indicators show buy signals, and only one technical indicator shows a sell signal. However, nine technical indicators stand neutral and do not favor any side of the market.

Loopring price analysis: Conclusion

The Loopring price analysis suggests the coin is retracing after hitting $0.540 yesterday, even swinging as high as $0.607 at one point. The Loopring still continues to find support as the descend is also as rapid as the rise was. If support at $0.499 proves strong, the coin will likely trade near $0.500, but if the support falters, the coin will fall back to $0.451.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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