Loopring Price Analysis: LRC loses its last chance to make a comeback from a bearish rally in January 2022

• Loopring stays bearish after entering 2022 with the current market sentiment
• The token’s CMP is 16.9% less than it was yesterday
• The ongoing trend to put its yearly climb in danger as LRC approaches its yearly-low mark

Loopring crypto’s price’s dips to its monthly-low price mark, and its market cap saw a drop in its valuation by 23.14%. The LRC/ETH pair observed a drop of 16.94% in its original value, while the LRC/BTC pair’s value fell by 12.92% during the intraday session. The trading volume of Loopring got incremented by 38.5% in the last 24 hours due to panic selling initiated by its holders. The volume to market cap ratio stands at 0.4789.

The LRC’s hourly chart shows the drastic descent in its price over the short term. The volumetric bar graph at the bottom of candlesticks shows the current selling action of its investors due to a sharp decline of LRC’s price in the market. The 50, 100 and 200 EMA lines continue to rally above the current market price candlesticks of Loopring. 

Loopring’s current long-term rally gets worsened due to current market sentiment

The MACD line in LRC’s daily chart is below the zero level and is in a dipping pattern to indicate a constant fall in its price due to the current scenario in the market. The trend lines confirm the current bearish long-term trend after forming a descending triangle over the candlesticks. The RSI curve rallies in the oversold zone just like other cryptocurrencies at the moment due to a market-wide influence.

Conclusion- Loopring may not recover soon on the daily chart due to its previous bearish rally and the current steep downfall as addition into it. One may consider day trading, but only after analysing the token thoroughly.

Resistance- $1.656

Support- $0.392

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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