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Loopring price analysis: LRC skyrockets breaking above $3

Loopring price analysis LRC skyrockets breaking above

TL;DR Breakdown

  • Loopring price analysis is highly bullish today.
  • Loopring is racing again today as the bull run continues.
  • LRC/USD is trading above $3.5.

The Loopring price analysis report reveals that the token continues to race high, leaving behind other altcoins. Loopring caught attention when it started racing on 28th October and when it broke above $1 on 1st November, the press was all over the place. After reaching the $1.43, LRC corrected for 3rd and 4th November. The latest bulls rally started on 5th November, and the token broke above $3 yesterday and continues upside today as well.

LRC/USD 1-day price chart: Loopring rallies higher and higher

The 1-day Loopring price analysis shows that the token has covered a significant upwards range today as well as the token rallied from $3.04 to $3.6 today, trading at the later value at press time. LRC/USD reports an increase in value of 28 percent over the last 24 hours, which is the second-highest gain after IOTX 75 percent gain. The LRC has also left behind Kadena in the weekly gains, as the LRC reports a 198 percent increase in value as compared to Kadena’s 181 percent gain over the past week. The trading volume has also increased by 31 percent, and the market cap also improved by 20 percent.

Loopring price analysis: LRC skyrockets breaking above $3 1
LRC/USD 1-day price chart. Source: Tradingview

The volatility is high for the LRC/USD as the Bollinger bands continue to keep on diverging extensively, with the upper band at $3.12 representing support for the LRC price, and the lower band has reached $-0.65.

The relative strength index (RSI) continues to trade in the overbought region. The RSI entered the overbought region on 30th October and hasn’t cooled down yet. The RSI is trading at index 92 on an upwards trend indicating more and more buying activity in the market.

Loopring price analysis: Recent developments and further technical indications

The 4-hour Loopring price analysis shows that the price breakout was upwards today, and the bulls took the price swiftly up from $3.04 to $3.38 during the first four hours. The price function is still upwards, but the pace has slowed down, which may increase again in the coming hours.

Loopring price analysis: LRC skyrockets breaking above $3 2
LRC/USD 4-hours price chart. Source: Tradingview

The volatility is high on the 4hour chart as well, as the Bollinger bands are covering a larger area, but the indicator also shows an upwards breakout, indicating a possibility for further upside to be observed in the coming time. However, the upper limit of the indicator at $3.9 also indicates a technical resistance for LRC, where we might again observe a short correction. The moving average is trading below the price level at the $3.2 mark. The RSI on the 4-hour chart is also in the overbought zone, as it trades at index 73.

The latest Loopring bullish rally is, according to sources fueled by rumors of Loopring partnering with Gamestop on an NFT marketplace. As per the rumors, Gamestop is working on an NFT marketplace, which will be powered by the Loopring technology.

Loopring price analysis: Conclusion

The Loopring price analysis suggests that the token is racing high in its bullish flight, and more upside is also insight as chances are still there for more upside, as the technical indications suggest.

But the Loopring is oversold on both the daily and hourly charts. However, the RSI is not showing any signs of cooling down, which is considered a must for a further move higher, but the case of Loopring seems different as it has gained tremendous value while being in the oversold state from $0.6 to $3.6, which is not an ordinary journey by any means. However, the RSI is at its highest point for the LRC life cycle, but exceptions are there in the crypto world, so we anticipate the LRC to continue upside, at least for today.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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