LRC seems to be struggling with MACD indicator heading towards oversold territory. However with Bitcoin dragging the entire crypto market down recently, is Loopring’s decline simply tracking the market or is LRC’s own TA (technical analysis) indicating that it’s doing even worse? Many see this downtrend as a positive to “buy the dip” – Just like one of Warren Buffet’s most famous quotes “Be greedy when others are fearful and fearful when others are greedy”.
•LRC/USD is currently priced at $0.49 and has decreased by 2.59% over the past day
•The trading volumes have increased by 19.82% over the last day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Bears drive down Loopring price
The Loopring price today is $0.493627 USD with a 24-hour trading volume of $87,373,197 USD. Loopring is down 2.59% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1331 for the altcoin.
Loopring reached its all-time high of $3.83 on Nov 10, 2021, which seems scarcely believable now as the altcoin wasn’t able to carry over the bullish momentum into the new year. Loopring is currently in the midst of a downtrend as the selling pressure has kept mounting, as a result of which, the altcoin is currently trading below the 20 and 50 SMA on the four-hour chart. This reinstates the bearish sentiment prevailing in the market and a further continuation could lead to the prices falling all the way down to the support level placed at $0.40. In the event of a breakout, the resistance is placed at $0.65 on the other end of the spectrum.
Long Term View for Loopring Price
The technical indicators suggest a murky future for Loopring as the bears have taken over. The RSI is currently hovering at 43.81 and a continuation of the bearish trend will lead to it entering the oversold territory. On the other hand, the green histograms are on the verge of collapse as the bearish activity has intensified over the past few days. Although the MACD and signal lines are transacting in the negative territory, they are about to make way for the occurrence of a bearish crossover on the daily MACD chart.
Conclusion
Loopring crypto finds itself in the middle of a downtrend which has led to significant price correction over the past few days. The bulls have their work cut out for them as the altcoin looks well on its way to plunging further.
Support: $0.40-$0.30
Resistance:$0.60-$0.75
