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Vikram
May 26, 2022
by Vikram

LRC Technical Analysis: Increased Retest Momentum Warns $0.50 Fallout

LRC
LRC price action shows the retest of the falling channel breakout gaining momentum as the bearish candle breaches under the broken trendline. 

Key technical points:

  • The LRC market value deflated by 8.29% in the last 24 hours.

  • Downfall in Loopring market value forms a bearish engulfing candlestick.

  • The 24-hour trading volume of Loopring is $295 Million, a hike of 44%.

    • Past Performance of LRC

    LRC price action shows the bullish breakout of the falling expanding channel after a downfall of 70% within the pattern. The bullish reversal from $0.37 increases the buying pressure and breaks above the resistance trendline before facing rejection at $0.06, resulting in a retracement as a retest.

    TradingView Chart

    LRC Technical Analysis 

    Undermining the downtrend under the bearish trendline influence, LRC prices surpass the $0.50 mark but the recent retest showcase a bearish attempt to overtake the trend. Today, the market price has declined by 8.4%, reflecting the bearish attempt.

    The bearish cross-section of both the Stochastic and RSI Vortex indicators indicates a rise in selling pressure, which is preparing to drop below the trendline of resistance that has broken. However, the MACD indicator displays an upward-facing crossover that fuels the trend of upwards in both slow and fast lines, which indicates the deep fundamental positive sentiment.

    Thus, the technical indicators indicate a downward trend gaining momentum that is now poised to break the psychological threshold of $0.50. Therefore, if the daily candle is close to the trendline, traders could spot a selling opportunity.

    In short, the LRC technical analysis showcases a high possibility of breakout failure leading to the $0.50 fallout.

    Upcoming Trend

    If the sellers continue to pressure LRC prices, if they continue to pressurize LRC rates, a downward trend that is below $0.50 is inevitable and could reduce the value of the market to $0.40. However, a bullish reverse could see prices rise to test the $113 mark.

    Resistance Levels: $0.57 and $0.75

    Support Levels: $0.50 and $0.40

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    LRC Loopring
    LRC Technical Analysis: Increased Retest Momentum Warns $0.50 Fallout
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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