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- The LRC price has failed to sustain the 100-day exponential moving average.
- Loopring coin is circulating 99.44% of its total supply in the cryptocurrency market.
The LRC price chart has displayed Intense buying pressure since mid-March and has undergone a consolidation phase. Since February, the Loopring crypto price has witnessed solid bullish momentum and gained around 150% till mid-March.
The chart structure suggests strong selling pressure was seen at the $0.550 level, and the LRC price lost about 40% in just 5 days. After this enormous fall, the buyers tried to buy at cheaper prices, but most investors preferred to book profit. The profit booking on a larger scale led to a strong bearish trend.
At press time, the Loopring crypto price traded at $0.275 with a neutral momentum. The market capitalization is $377.61 Million, and the 24-hour trading volume is $20.67 Million. The circulation supply is 1,366,806,970 LRC, and the total supply is 1,373,873,397 LRC.
Mega Pump Expected in Loopring
800 days range $LRC sooner or later this name will give you a mega pump pic.twitter.com/KYpXunyEHV
— EliZ (@eliz883) May 28, 2024
According to a source on Twitter, the Loopring crypto price has been struggling in a parallel channel for the past 800 days. On a weekly time frame, the LRC price has struggled to surpass the $0.450 mark. Suppose the price triggers a breakout from the channel on a weekly time frame, a strong buying momentum for the long term can be seen.
Loopring Price Analysis on Weekly Timeframe
In a weekly time frame, the Loopring price has been consolidating in a parallel channel since the middle of 2022. Suppose it triggers a breakout from the channel with the rise in social dominance and trading volume; buyers may lift the price to the $0.500 hurdle in a few months.
Alternatively, a breakdown from the channel may lead to a bearish momentum, and sellers may drag down the price to a new all-time low.
LRC Price Prediction: Will Loopring Crypto Regain $0.500 Mark?
Loopring price shows that the price has been struggling to surpass the key moving averages after a great fall. The digital asset price shows slow and steady growth after taking support on the major support level of $0.220.
The breakout from the key moving average may attract buyers, which might help gain bullish momentum. A rise in trading volume at the time of breakout may lead to a buying momentum for the long term.
On the other hand, if the price fails to surpass the 200-day EMA and slips below the major support level of $0.220, selling pressure for the short term can be observed. If the buyers remain weak enough to bounce back, the LRC price may record a new all-time low.
Based on the technical indicators, the MACD has formed continuous green histograms even in consolidation. RSI is 53, which has recovered from the oversold zone and is heading for the overbought zone.
Conclusion
Loopring (LRC) is currently facing a crucial point. The price has been struggling to break key resistance levels, but there are signs of potential for a mega pump in the long term based on the chart patterns and market dynamics. The breakout from the current channel could lead to a strong buying momentum, while failure to surpass key moving averages might result in further selling pressure.
Technical Levels
As per the chart structure, the Loopring crypto price is expected to face resistance from the $0.330 and $0.420 levels. It may take support on the $0.220 and $0.190 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
