Loopring (LRC) Bullish Breakout Faces Rejection

The Loopring token’s price has increased by over 7% today. This represents a breakout from a sideways price channel. However, this upward momentum has faced a challenge, as prices have pulled back slightly. Let’s delve deeper.

Loopring Statistics:

LRC Price: $0.1472

LRC Capitalization: $201.01M

Loopring Circulating Supply: 1.37B

LRC Total Supply: 1.37B

Loopring CoinMarketCap Rank: 249

Key Price Levels:

Resistance: $0.1500, $0.2000, $0.2500

Support: $0.1400, $0.1000, $0.0600

Loopring Breaks Out of a Three-Month-Old Resistance

The LRC token’s price has broken out of a three-month-long sideways price channel. The market had been consolidating within this range for over three months. However, the market gained significant bullish momentum about four sessions ago and has maintained this trajectory until breaking through the upper boundary of the channel. In today’s session, the market has found support above the $0.1400 level.

However, the appearance of the current price candle suggests that downward pressure may be increasing, hindering further upward movement. The 20-, 50-, and 100-day Moving Averages (MA) converge below the latest price candle. Additionally, the Stochastic Relative Strength Index (RSI) is already in the overbought region. Consequently, this suggests that bullish sentiment may now face some challenges.

LRC’s Upside Retracement May Persist

While upward momentum is facing challenges, bulls seem to be putting up some resistance to bearish pressure. Additionally, technical indicators suggest that bulls are well-positioned. The latest price candle on the Loopring 4-hour chart appears bullish but has a small body, indicating a potential slowdown in momentum.

However, the price is well above the $0.1400 level. All MA lines are below the price action and are crossing each other. The RSI has reached the 100 level, suggesting that the line may move sideways. This could allow the market to move further upward, making crypto signals targeting price levels above $0.1500 relevant.

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