Loopring Price Analysis: LRC Coin Lost around 14% of Cap Signals Bearish Trap, Know When to Enter

• Loopring Price trading towards the crucial demand zone over the daily chart, signals some signs of bearish trap or stuck into short-sellers’ clutch.
• The crypto asset has fallen to 100 and 200-days DMA and still stands above 20 and 50 SMA.
• The pair of LRC/BTC is trading at 0.00002536 BTC with an intraday loss of 9.91%, and the ratio of LRC/ETH is CMP at 0.0003487 ETH with a 24-hour negative change of 10.50%.

Loopring Price is trading with downtrend momentum over the daily chart. LRC coin signals some signs of getting trapped in the short-sellers clutch and now again moving towards the accumulation point. LRC investors are hoping for the rescue of the token. Bears trying to short the highly volatile cryptocurrency market as usual. This bearish trap sounds pretty odd as LRC falling steadily and it’s matter of time to check persistence of bears in the intraday trading session. However, bears seem determined to drag LRC into the crucial demand zone.  

LRC coin is presently CMP at $1.13 and has lost 13.62% of its market capitalization in the last 24-hour period. In contrast trading volume has decreased by 9.77% in the intraday trading session. This clearly indicates a bad start of the day’s trading session. Volume denotes the eager involvement of sellers in the trade. Volume to market cap ratio is 0.3895. 

LRC coin is bearish over the daily chart and falling steadily under the influence of sellers as they try for a clutch. The token is trading towards the demand zone and bulls need to come in between to interrupt this bearish rally. Bears intentions are crystal clear as they only want to rally LRC back to the demand zone. However, volume change over the chart is below average which shows some hopes for LRC investors. Bulls may try to break this downtrend momentum with gradual force and then get LRC Coin back to opposite momentum. 

Highest and lowest hits by LRC Coin in the last 24-hour period are $1.18 and $1.09 respectively. This indicates LRC Coin is still trying to sustain above the $1.00 psychological mark. Meanwhile, resistance at the higher end is situated at $1.55 and support at the lower end resides at $0.66. 

When is the Right Time to Invest in the LRC Coin? 

The LRC coin is currently bearish over the daily chart. Short sellers’ effect can be seen over the LRC token. Bulls may interrupt in between to oppose the current momentum of the LRC coin. If bears succeed in rallying the coin to the demand zone that is the first right time to enter with 50% of the investment. Meanwhile, if bears try to push the token below the demand zone to look for a new support area. Then buyers may look for a clear opportunity to buy with all in. The technical indicators showcase LRC coin’s return from overbought territory. 

Ichimoku Cloud signals green cloud below the trading candlesticks, this signals the overall bullish outlook of LRC. The sign of bullish interruption in between the ongoing bearish rally can be observed beforehand.  

Stoch-RSI forecast the return of LRC coin from the overbought territory. K and D are at 65 and 81 respectively which implies the drop of LRC coin. 

MACD exhibits bearishness of the LRC Coin.  The MACD line is moving downwards towards the signal line for a negative crossover.

Conclusion

LRC investors are looking for a way to make the token again bullish over the daily chart. LRC is falling due to the short-sellers clutch in the intraday trading session resulting in a bearish rally. However, LRC maintained itself above the $1.00 psychological mark. Investors need to wait for any directional change in the intraday trading session. 

Technical Levels

Support Levels: $0.66 and $0.50

Resistance Levels: $1.55 and $2.00

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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