Loopring (LRC) token is currently under a retracement phase showing that bulls are taking support at the 100-day SMA. LRC/BTC pair is down 2.5% at 0.000001974 satoshis, however the LRC token remains bullish as shown by the uptrend line. Bullish investors in LRC are managing to keep the bears at bay following a spike in June the buyers appear to be paving a solid path for Loopring.
Buyers have overturned the LRC altcoin’s trend twice in the last 60 days. Meanwhile, buyers continue to dominate the cryptocurrency price. The LRC coin recently broke the downsloping trendline (dotted white) with a strong bullish break. At the time of writing, the LRC token was trading at $0.47 Mark versus the USDT pair.
Amid a higher-highs structure, buyers registered the 45 day high at $0.50 last night. Although buyers are under pressure from the retracement phase; as a result, the market cap of Loopring token slipped below $630 Million last night, down by 2.2%. Moreover, the Loopring token along with the Bitcoin pair is down by 2.5% at 0.00001974 Satoshis.
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Today’s Price Closing Will Define the Next Move of LRC
The ADX indicator is increasing higher gradually, indicating the hidden bullish sign for the LRC crypto. Despite this fact, traders saw a decline of 46% in trading volume over the last night.
At the time, bulls are taking support at the 100-day moving average due to the retracement phase. If bears dump the asset price below this level, then the retracement phase may turn into another sell-off. In addition, Stoch RSI remains in higher territory on the daily price scale.
Conclusion
The Loopring token is trading under the retracement phase. However, buyers have managed to keep the asset price above the 100-day moving average since last night because they know a breakdown below this level may attract bears.
Support level – $0.40 and $0.30
Resistance level – $0.50 and $1.0
