Loopring (LRC) Leaps Through a Key Resistance

The Loopring market has gained notably today. The price of the coin has increased by over 5%, and it seems to have risen past an important technical level. A closer look is needed to understand how the market may proceed.

Loopring Statistics

Current Price: $0.05

Market Capitalization: $79.63M

Circulating Supply: 1.36B

Total Supply: 1.37B

CoinMarketCap Rank: 301

Key Levels

Resistance: $0.0600, $0.0700, $0.0800

Support: $0.0550, $0.0500, $0.0450

Loopring Shoots Past the 9-day EMA

Although the price of the LRC token has been below the 9-day EMA over the past two sessions, today has delivered a different move. The last price candle on the chart has brought the token to trade above the 9-day Exponential Moving Average (EMA) line.

Also, the lines of the Stochastic Relative Strength Index (SRSI) indicator have dropped into the oversold region, but the terminals of the indicator lines are bending toward each other for a potential upward crossover. An eventual crossover on the SRSI indicator lines would bolster bullish sentiment toward higher levels in this market.

LRC Seems to Largely Preserve Its Bullish Momentum

By examining the Loopring market on a 4-hour price chart, it can be perceived that price action is progressing. The last two price candles here are green and have delivered a significant amount of upward movement.

The SRSI indicator lines are also moving steeply upward. However, the movement of the indicator lines appears quite fast when compared to the actual increase in prices. This points to the possibility that upside forces may tire soon and give way to bearish pressure. Therefore, nearby targets at the $0.0600 and $0.0650 levels may be appropriate.

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