Loopring (LRC) has gained over 12% in the last 24 hours showing a strong uptrend on the daily chart. Bitcoin dragging up the alt coin market, topping $22,000, LRC’s moving average is up on the 20 and 100 day EMA. Trading volume for LRC has also bullishly risen, while the BTC value of LRC is 0.00001858 BTC which is a gain of 1.65%. With this positivity, are the technical support and resistence levels showing for the bulls or the bears?
The LRC price after a flattering uptrend is now at a strong uptrend movement over the daily price chart following the leading cryptocurrency Bitcoin. The BTC price surged today and moved above the mark of 22,000 which made all altcoins rally bullishly. Now the coin needs to attract some more buyers in order to make this bullish rally successful.
The trading volume is at a massive gain of 151% in just 24 hrs under the shadow of bulls, which in turn will pump the price. The recovery is not enough as it gained 23% in just 6 days so by attracting some more buyers the coin can speed up this recovery process. It can be a good time for the investors to make a swing entry to the market.
The current price for one LRC token is trading at $0.42 with a gain of 9.05% in its market capitalization in the last 24 hrs. The coin has a trading volume of 137 million which is at a massive increase of 152.46% in the 24 hrs trading session and a market cap of $568 million. The volume market cap ratio for LRC is 0.2359.
Will this Uptrend Last Longer?
While observing the chart for the short term (4 hrs) we can observe the bears are continuously trying to push the price and doing so by increasing the selling pressure over the coin. The trading volume for LRC is approaching the average.
The MACD indicator shows the buyer’s line is moving above the sellers line but the histograms have started fading which means the bears are back in action so the selling pressure over the coin is increasing which can make a negative crossover. In support, the relative strength index is indicating a bearish pressure over the coin as the RSI value plunged. The RSI value is below 60.
Conclusion
The LRC price after a flattering uptrend is now at a strong uptrend movement over the daily price chart following the leading cryptocurrency Bitcoin. Now the coin needs to attract some more buyers in order to make this bullish rally successful. The trading volume is at a massive gain of 151% in just 24 hrs under the shadow of bulls. We can observe the bears are pushing the price over the short-term chart and the technical indicators appear in support of the bears this time.
Technical levels
Resistance levels: $0.45 and $0.59
Support levels: $0.34 and $0.31
