LOOPRING Price Analysis: LRC Token Struggles To Break The Old Resistance

  • LRC token price faces higher price rejection from the long coming resistance trendline.
  • LRC trades above all the crucial EMAs that may soon result in bullish crossovers.
  • The LRC/BTC token pair trades with a gain of 4.73% at 0.00001047 BTC.
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After finding demand at the 100-day EMA today, the LRC token price has increased more than 70%. As a result, the token price approaches higher to the critical resistance trendline. Moreover, as bullish momentum rises, the crypto asset may soon rise higher above the resistance trendline.

The crypto asset is above all the Exponential Moving Averages projecting the uptrend. Investors can observe these EMAs acting as support levels in the unlikely case of a bearish reversal. The recent jump in price has helped the EMAs attain bullish alignment.

Investors could observe a price jump of 20% to 30% if the price breaks above the $0.11 mark. Conversely, investors could observe a fall of the same magnitude or even worse if prices plunge dramatically.

The LRC Token is currently trading at $0.5053, with a +8.80% market capital fall within the past day, projecting an increasing growth rate as the price is above a critical resistance level.

The intraday trading volume of LRC has increased by 24% in the past 24-hours, indicating a rise of interest among investors with bullish intentions.

Growing Uptrend In LRC Price Chart

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The 4-hour price chart shows that LRC token prices saw an increase in trading volume. Moreover, the price action continues to rise with bullish momentum. As evident by the recent breakout of the double bottom pattern near the 20-period EMA.

The technical analysis of LRC price action suggests that a bullish breakout could have difficulties rising above $0.55 to $0.66. However, if prices break the 20-day EMA, the bearish tendency could drop below more than 30% to 50%.

The RSI indicator (Bullish) indicates bullish momentum once RSI crosses above the oversold zone.

The ADX indicator signifies a boom in the momentum of the price trend.

Overall, the trend is growing in strength, and the underlying bullishness is rising, according to the ADX & RSI.

Conclusion – The LRC token price is in an uptrend as it continues to grow with bullish momentum. If investors are interested in entering, they should wait until the coin price closes above the $0.55 or return to the 20-day EMA.

Support – $0.43and $0.32

Resistance – $0.55 and $0.66

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