LRC Technical Analysis: Bearish Trend Approaches $0.70 Mark

Key technical points:

Past Performance of LRC

LRC coin price fails to sustain above the $1.20 mark resulting in a sharp fall to the $1 level, which broke after a few days of consolidation. Today, the prices fell by 7.94% resulting in the bearish breakout of the consolidation range and the psychological barrier of $1. The downtrend accounts for a 32% fall within the past two weeks and showcases a boom in selling pressure, evident by the 100% jump in trading volume.

Source-Tradingview

LRC Technical Analysis 

LRC coin price shows an ongoing downtrend below the $0.900 with the growing bearish engulfing candlestick. Moreover, the lack of any significant support level before $0.73 indicates a 15% downtrend possibility.

The crucial daily EMAs maintain a bearish alignment, with the 50-day EMA failing to halt the downtrend. Hence, the EMAs regain their resistance status with the fallout and will now provide opposition to future bullish attempts. 

RSI Indicator: The RSI slope continues the downtrend that started after the failure to spike into the overbought zone. The 14-day average line gets influenced by the bearish retracement resulting in the parabolic reversal.

MACD Indicator: The falling trend of the MACD and signal lines gains momentum and approaches the zero line. Hence, the indicator reflects the increasing selling pressure and forecasts a downfall to $0.75.

In a nutshell, the LRC technical analysis highlights a high likelihood of a downtrend continuation to the $0.75 mark. 

Upcoming Trend 

LRC coin price shows a remarkable increase in selling activity, intensifying the ongoing downtrend. Hence, traders can expect the falling prices to reach $0.73 with the potential to touch $0.60 if the selling pressure sustains.

Support Levels: $0.73 and $0.60

Resistance Levels: $1.00 and $1.35