- Loopring’s LRC crypto has been in a strong comeback recently.
- It has jumped by over 85% in the past 30 days.
- The 4H chart points to a brief pullback as it formed a double top.
Loopring price has made a strong comeback in the past few weeks. LRC, the network’s token, has risen by 22% in the past 7 days and over 85% in the past 30 days. It was trading at $0.3572, the highest point since November 7. According to TradingView, the coin has jumped by over 93% from the lowest level in 2022.
Loopring price technical analysis
It is unclear why the LRC price has staged a strong comeback. A likely reason is that it has jumped in line with the performance of other digital currencies. In January, we saw coins like Bitcoin jump to over $23,000 and the total market cap of all coins rise to over $1 trillion. Historically, cryptocurrencies are some of the most correlated assets in the industry.
On the daily chart, we see that the Loopring price has been in a strong bullish trend in the past few days. As it rose, the token managed to cross the important resistance point at $0.3207, the highest point on January 16.
Find out how to invest in Loopring.
Loopring also managed to move above the 25-day and 50-day exponential moving averages (EMA). The two averages have even made a bullish crossover, signaling that the bullish momentum is continuing.
Therefore, based on trend-following principles, there is a high probability that Loopring will continue rising as buyers aim for the key resistance level at $0.4283. This price is about 22% above the current level and is also the highest point on November 4.
LRC price prediction (4H chart)
Like the daily chart, the 4H chart reveals that the Loopring price has also been in an ascending trend. During this climb, the token has formed an ascending channel that is shown in black. The current price is slightly below the upper side of this channel.
At the same time, Loopring remains above the 25-day and 50-day EMAs while the Relative Strength Index (RSI) has moved close to the overbought level. It also seems like the Loopring has formed a double-top pattern at $0.3638 whose neckline is at $0.3021.
Therefore, based on the 4H chart, there is a possibility that Loopring will pull back and retest the lower side of the channel at about $0.3175. This view will become invalid if the coin moves above the upper side of the channel at $0.3640. As I wrote on Tuesday, the upcoming Fed decision will have an impact on all coins.
Contributors
