Loopring (LRC) Still Consolidates Despite Seeing a 6.38% Price Increase

The Loopring token can still be considered to be consolidating, even with a 6.38% price increase today. Technical indicators are also showing mixed signals, prompting caution among traders in the market.

LRC Statistics:

LRC Price: $0.2124

Loopring Market Capitalization: 283.54M

Loopring Circulating Supply: 1.36B

LRC Total Supply: 1.37B

Loopring CoinMarketCap Rank: 249

Key Price Levels:

Resistance: $0.2500, $0.3000, $0.3500

Support: $0.2000, $0.1500, $0.1000

Loopring Price Is Hovering Just Above $0.2000

The price action in the LRC daily market has been oscillating around the $0.2000 threshold for the past few days, making a total of with today’s session. The last price candle on the chart is a bullish one, indicating that upside forces are moving the market. Nevertheless, the mentioned price candle lies below the 20- and 50-day Moving Average (MA) lines.

Furthermore, the lines of this indicator appear to be converging, which may constitute downward pressure should a crossover eventually occur. Meanwhile, the Stochastic Relative Strength (RSI) lines have continued rising upward. This aligns with the appearance of the last price candle on the chart, suggesting that the market may see additional minimal gains.

LRC Market Assumes a Promising Look

Price action in the Loopring 4-hour chart has revealed that the upward rebound from the technical support at the $0.2000 price level has started since the previous session. The last price candle on the chart, however, points out that the upward momentum is increasing. This can be seen through the size of the mentioned price candle.

Also, the Stochastic RSI lines here have delivered an upside crossover, but the lines seem to be moving exaggeratedly. The 20- and 50-day MA lines appear merged below the current price of the token as dictated by the last price candle. Nevertheless, the movement of the RSI lines suggests that price action may face a rejection soon around $0.2300 or $0.2500 at most.

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