- Loopring price analysis is bullish today.
- LRC/USD found support at $0.95 yesterday.
- A new high set at $1.43.
Loopring price analysis is bullish today as a strong rally took the market to further heights today after a slight retracement late yesterday. Likely we will see a slight reaction over the next hours as bulls prepare for the next push higher.
The overall market traded in the green over the last 24 hours. Bitcoin gained 2.85 percent, while Ethereum 3.22 percent. Meanwhile, Loopring (LRC) is the best performer, with a gain of 66 percent.
Loopring price movement in the last 24 hours: Loopring rallies to $1.43 after a slight retracement overnight
LRC/USD traded in a range of $0.7534 – $1.43, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 308 percent and totals $4.4 billion, while the total market cap trades at $1.73 billion, ranking the coin in 78th place overall.
LRC/USD 4-hour chart: LRC to retrace before further upside?
On the 4-hour chart, we can see Loopring price action showing signs of exhaustion as a retracement has begun over the last hours.
Loopring price action traded in a sideways consolidation for most of the second half of October. However, a strong move higher on the 28th of October led to a strong higher high set at $0.65.
From there, the bullish momentum didn`t stop as another spike higher followed at the end of October, leading to the $1.15 mark reached on the 1st of November. A slight retracement to $0.95 followed overnight, setting up LRC/USD for the next move higher.
The bullish momentum resumed this morning. Loopring price action gained over 50 percent until rejection for further upside was seen at $1.43. Over the past hours, we see some retracement, likely leading to another higher low set before further upside continues early tomorrow.
Loopring Price Analysis: Conclusion
Loopring price analysis is bullish for the next 24 hours. However, we expect a slight retracement over the next hours, likely leading LRC/USD to another push higher early tomorrow.