Loopring Price Analysis: LRC In a Falling Channel, What’s the Breakout Plan?

• Loopring Price is falling in a downward channel over the daily chart. 
• The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of LRC/BTC is CMP at 0.00002271 BTC with an intraday gain of 3.15%.

Loopring Price is trading in a falling parallel channel over the daily chart. The token started falling after gaining around 100% from 18th March to 29th March. Afterwards LRC started falling through a downward parallel channel and trying to gather support. LRC falters to gather support in the channel and fails to sustain at the upper trendline. LRC needs to attract more buyers and impose a strong uptrend momentum over the daily chart. 

LRC coin is presently CMP at $0.90 and has gained 3.54% of its market capitalization in the last 24-hour period. However, trading volume has decreased by 16.28% in the intraday trading session. This shows that the coin is sideways inside the parallel channel moving towards the upper trendline. It’s a matter of time to see if bulls sustain or get detained again. The volume to market cap ratio is 0.1255.

Loopring Price is declining through a decreasing parallel channel over the daily chart. The token needs to attract more buyers to plan the escape. LRC investors must find a way like strong buying would make the coin escape from the falling channel. However, gradually decreasing trading volume can be seen over the chart, as volume change is below average and needs to grow for LRC to move out of the channel. 

Support on the lower end is marked at $0.68 and resistance at the higher level resides at $1.00.

What do Technical Indicators Suggest about LRC?

LRC coin is trading in a downward parallel channel over the daily chart. The token must escape from the channel in order to be bullish over the chart. Technical Indicators showcase sideways momentum of LRC coin. Relative Strength Index forecast neutrality for LRC coin. RSI is at 45 mark and investors may expect any directional change upto 50.

MACD exhibits bearish momentum of LRC coin. The MACD line is below the signal line after a negative crossover. 

Conclusion 

Loopring Price is falling through a descending parallel channel. The token must escape through the channel to avoid falling more. LRC coin needs to attract more buyers to increase trading volume and to regain its bullish momentum. LRC investors need to wait for any directional change over the daily chart. 

Technical Levels

Support Levels: $0.68 and $0.50

Resistance Levels: $1.00 and $1.35
 

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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