Loopring (LRC) has taken the second spot on the crypto daily movers today, by moving roughly 8% in the upside direction. Consequently, this would have brought some profits to the day traders in this market. Let’s further examine this market to predict what can still be expected of it shortly.
Loopring Analysis Data:
LRC value now: $0.4087
Loopring market cap: $547.1 million
LRC moving supply: 1.3 billion
Loopring Total Supply: 1.37 billion
LRC Coinmarketcap ranking: #79
Major Price Levels:
Top: $0.4087, $0.4100, $0.4120
Base: $0.4050, $0.4020, $0.4000
LRC/USD Price Ramps Up Towards the $0.4100 Price Mark
Price activities in the LRC/USD market have extended the upside movement that started three trading sessions ago. Consequently, that has placed this crypto in a better position to break the $0.4100 resistance. The faster line of the Stochastic RSI indicator has just reached the peak of the overbought region, while the slower line is barely above the 80 mark. Meanwhile, the MACD indicator lines keep ramping upward as its histogram bars continue to grow tall and green. However, it is important to note that price action in this market has been pushing against the upper limit of the Bollinger band indicator. As a result, traders can anticipate a brief and minor correction off this upper limit.
LRC/USD Shows Signs of a Brief Price Correction
In the four-hour LRC/USD market, price action has experienced a minor correction, as stated above. However, this aligns with the rules of the Bollinger Band indicator. The question now is: will Loopring price continue its upward path? Looking at the MACD, we can still anticipate that LRC/USD price action can resume its upward movement. This is because its lines are still generally moving upward while its histogram bars are still growing green. However, the recent price correction through the last price candle here has caused a reduction in the height of the last bar. Subsequently, this will correct the bearish crossover move on the RSI, as upside momentum picks up again. Consequently, traders can predict that price action in this market may soon break the $0.4130 mark.
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