Loopring Price Technical Analysis & Prediction – Hawkish Signals Point to Bullish Upside Movement, Will LRC Reach $0.47 Again Soon?
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Loopring has been tracking the market more or less for the last 3 months trading narrowly between $0.32 and $0.47. Loopring has had breakout potential during this time but has failed to push through the resistance levels. Today LRC is down by less than one percentage point after opening the session with a hard push to the downside, continues to trading along the $0.32 support level.
The current struggle in the markets comes at a time when virtually all cryptocurrency projects are struggling. This has seen the cryptocurrency market capitalization seesawing around the $1 trillion valuation, down from $3 trillion a year ago.
Loopring Price Prediction
Looking at the chart below, we can see Loopring has struggled to establish a strong trend in the past three months. Instead, it has traded in a horizontal market within a range of $0.32 and $0.47 price levels. In today’s trading session, the Loopring price is down by a percentage point and is looking likely to continue with the horizontal market.
However, despite trading in a horizontal market for months, there is a high likelihood that we might see Loopring price starting to recover in the coming session. Part of the reason for this view is I am bullish on the cryptocurrency industry recovering in the coming days. A recovery will see altcoins such as Loopring following the trend of major cryptocurrencies such as Bitcoin due to the significant positive correlation they have.
Therefore, my Loopring price prediction expects it to trade above the $0.40 price level in the next coming sessions. There is a high likelihood that we might also see Loopring testing the $0.47 resistance level for the long term. However, a trade below the $0.30 price level will invalidate my bullish analysis. It will also mean a possible move to the downside.