Loopring price analysis: Loopring forms a bearish descending triangle on the daily charts

• Loopring price looks to be bearish going by the technical chart patterns
• MACD indicates bearishness for the coin

Loopring price has been in a bearish descending triangle pattern over the last month. A bearish descending triangle is a pattern wher the coin forms a support zone at a particular price zone and tests the support line multiple times while declining in price after testing the support level each time. Generally the coin sees a bearish trend post this pattern as depicted on the chart through a path prediction line. The MACD (Moving Average Convergence and Divergence) line shows uncertainty with the signal line below the 12-26 day difference line. The coin is in an interesting phase and it remains to be seen if the coin is able to break the resistance line (downward sloping line of the descending triangle)

Loopring price has been downward trending after testing the short-term resistance level at the level of $ 2.40. The coin has formed a support trend line which is upward sloping and has remained above it on the hourly charts. The MACD indicator indicates bearishness for the coin with the bearish crossover between the signal and difference line. The histograms of the MACD are also increasing in size indicating the bearish trend to continue for the next few trading hours at least. 

Conclusion: The coin has formed a bearish descending triangle and the overall trend for the coin looks bearish for the coin. Traders can look out for possible breakout opportunities and place their trades accordingly.

Resistance: $ 2.45

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