Bears have been in control of Loopring during the current crypto market crash. LRC bulls seem to be regaining control within the last 24 hours from 19th June 2022 LRC price surges 5.84%. Trading volume however has not recovered yet with a loss of 55.66%. Will this bullish trend continue?
LRC is the Ethereum-based cryptocurrency token of loopring, an open protocol designed for the building of decentralized crypto exchanges. The main idea behind Loopring is to combine elements of centralized and decentralized crypto exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.
The LRC price is currently experiencing a good uptrend movement over the daily chart. The token managed to get the bullish support and is now in strong bullish influence over the daily chart, resulting in the price trading significantly above the moving average. If this bullish rally continues the coin will soon recover. Where the LRC has started recovering the other altcoins are still battling to make a green move over the graph.
The price for one LRC is $0.58 with a gain of 5.84% in its market capitalization in the last 24 hrs. Whereas the volume is still at the loss of 55.66% over the intraday trading session. The token has a market cap of 775 million with a gain of 5.41% in it. The volume market cap ratio is 0.2708. The LRC/BTC pair is at 0.00001966 BTC with a gain of 4.46%.
What do technical indicators suggest?
The graph for the short term (4 hrs) also indicates the same bullish movement. The bulls are remarkably recovering the token from the submarine level.
The Bollinger band is neutral over the daily graph as the price is trading between the bands.
Whereas the MACD is indicating a bullish run to continue further, as the MACD line made a positive cross over the MACD signal Line, with rising of green histograms. The signals are looking quite strong this time.
The relative strength index suffered an oversold region, resulting in rising the interest of buyers and supporting the bullish movement. The current RSI value for LRC is above 45.
Conclusion
The LRC price is currently experiencing a good uptrend movement over the daily chart. LRC successfully managed to attract buyers. This bullish movement should continue to restore the all-time high as analysts believe that this coin has a very good potential.
Technical levels
Resistance levels: $0.70 and $0.80
Support levels: $0.50 and $0.40
DisclaimerÂ
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
