- Loopring (LRC) price surged by 1.53% on the last day, and it is currently trading at $0.2261.
- Loopring (LRC) whale holdings data states that whales hold 44.8% of the total supply with a significant decrement of 4.3% in the holdings in the past 1 year.
Loopring (LRC) cryptocurrency, launched in 2017, is an open protocol designed for the building of decentralized crypto exchanges. The aim behind Loopring is to combine elements of centralized and decentralized cryptocurrency exchanges to eliminate inefficiencies.
Loopring’s price is currently trading at $0.2261 with an increment of 1.53% in the past 24 hours. According to coinmarketcap data, LRC crypto holds a total market cap of $300.6 Million and ranks at 99th position in the crypto market. It has received a $14.4 Million volume in the past 24 hours which is 9% less than the previous day. It has over 1.3 Billion circulating supply which is 96.8% of the total supply. Glassdoor derivatives data states that a total of $88.57K OI has been created on the long side against $8.87K OI on the short side.
Loopring Price Prediction: Technical Analysis
As per the analysis of the chart in the weekly timeframe, the Loopring price is declining since May 2022 after the breakdown of the crucial support level at $0.06769. Loopring coin declined forming lower highs and lower lows. However, in December 2022, the price took support from the demand zone at $0.1796 and the price surged by almost 140% from the swing low. But previous support acted as a resistance and the price was not able to make a breakout. The sellers again dominated and pushed the price down towards the demand zone.
Currently, Loopring cryptocurrency buyers are trying to defend the swing low and the LRC price is trying to sustain itself above the demand zone. However, after the volume analysis, it is observed that the current volume received by the coin daily is below the average volume. It indicates that buyers are losing hope and are not much interested in pushing the prices higher to make a trend change. For Loopring coin to make a comeback, more accumulation buyers are required to make a shift from a downtrend to an uptrend.
However, if buyers are unable to defend the demand zone, then sellers will try to dominate and a new swing low may be formed in the upcoming weeks.
Indicator Analysis
As per the EMA analysis, the LRC price is trading below all the EMA which indicates the bearish sentiment being built up in the market. Also, it is observed that 50 EMA is acting as a resistance for the market as the price has got a rejection from it.
At the time of publishing, the RSI value of Loopring is 39 and that of the SMA line is 42.41. RSI is headed to the downside and taking rejection from SMA which indicates bearish sentiment in the market.
MACD lines have made a bearish crossover and both the lines are below the mean line. However, histogram bars are decreasing at the mean line. Overall, the indicator is showing bearish to neutral sentiment for Loopring (LRC) cryptocurrency.
Conclusion
As per the combined analysis of price action and indicators, Loopring’s (LRC) price is trying to sustain near the demand zone. Also, low volume near the demand zone indicates that buyers are also not much interested in lifting the prices to higher levels. Now, if buyers can defend the swing low, then the price again may rise to $0.49 and $0.67. Else sellers will dominate and try to form a new swing low.
Technical Levels
- The support levels at $0.17 and $0.11
- The resistance levels at $0.49 and $0.67
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
