Loopring Price Analysis: LRC Trapped inside a Range-Bound Area, When will it Break out?

• Loopring price has been caged inside a horizontal range-bound area at the 2021 lows.
• The crypto asset is trading at 20 EMA and is trying to recover till 50, 100 and 200-days Daily Moving Average.
• The pair of LRC/BTC is at 0.00001966 BTC with an intraday drop of 3.77%.

Loopring price is trying to recover from the consolidation phase over the daily price chart. The token at first fell through through a descending triangle pattern over the daily chart. Then after LRC coin started consolidating at 2021 lows and has been stuck inside the range-bound area. Loopring price must attract more buyers to escape the consolidation phase. The token has successfully recovered till 20 EMA and is aiming for remaining bullish hurdles of 50, 100 and 2000 days Daily Moving Average.

Loopring price is presently CMP at $0.41 and has lost 4.58% of its market capitalization in the last 24-hour period. Trading volume has decreased by 5.66% in the intraday trading session. This shows that sellers are trying to pull LRC back towards the lower trendline of the consolidation phase. Volume to market cap ratio is 0.1431.

LRC coin price is trying to escape the consolidation phase over the daily chart. The token must attract a significant amount of buyers in order to register its breakout. However, volume change can be seen below average and needs to grow for LRC to surge towards the upper trendline of the consolidation phase. LRC coin must gather forces of buyers to let the token surge towards the verge of the consolidation phase.

Support on the lower end is at $0.31 and resistance on the higher side is at $0.60. This is the same range in which LRC token has been consolidating over the chart.

Will LRC Escape Consolidating?

LRC coin price is trying to surge towards the upper trendline of the consolidation phase. The token must adapt to steady uptrend momentum to surge and sustain at the upper trendline. Technical indicators suggest the uptrend momentum of LRC coin. Relative Strength Index showcases that LRC is heading towards neutrality to break out from it. RSI is at 46 and LRC investors can expect any directional change upto 50.

MACD exhibits the uptrend momentum of LRC coin. The MACD line is ahead of the signal line after a positive crossover. 

Conclusion    

Loopring price is trying to recover from the consolidation phase over the daily price chart. The token at first fell through through a descending triangle pattern over the daily chart. However, volume change can be seen below average and needs to grow for LRC to surge towards the upper trendline of the consolidation phase. LRC coin must gather forces of buyers to let the token surge towards the verge of the consolidation phase.  Technical indicators suggest the uptrend momentum of LRC coin. RSI is at 46 and LRC investors can expect any directional change upto 50.

Technical Levels

Support Level: $0.31

Resistance Level: $0.60

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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