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By CoinEdition, Bullish Extension Pushes Loopring Prices to a Maximum of $0.271


Bullish Extension Pushes Loopring Prices to a New High of $0.271
  • Loopring (LRC), is currently in bullish market sentiment.
  • On the 4-hour chart, the coin formed a bearish engulfing candlestick.
  • LRC has established a level of support at $0.2598.

Loopring’s (LRC) price action over the last 24 hours indicates a steady uptrend as the digital asset has traded in the range of $0.26 and $0.271 and is trading at $0.270 at press time. LRC opened its daily trading session at an intraday high of $0.271, which was a new price level since June.

Loopring price action in the weekly chart Source : Coinmarketcap

LRC formed a bearish-engulfing candlestick on the 4-hour chart, which indicates possible selling pressure in short term. However, bulls seem to be pushing for higher tops as indicated by the bullish extension on hourly charts.

Technical analysis has shown that Loopring has set a strong support level at $0.2598, and is currently holding above this level. This indicates that LRC may be continuing its uptrend in the near term.

Traders need to pay attention to the $0.2781 resistance area as well as any potential pullback to the support levels of $0.2598, $0.2493.

According to CoinMarketCap LRC is currently ranked number 98 with a market dominance rate of 0.04%. The digital asset has an estimated market cap of $363.035,151.97, and a 24-hour trading volume $56,526,447.67. LRC’s price has increased by 5.92% in the last 24 hours.

LRC may be in a continuation of its uptrend due to the increased buying activity as well as the bullish extension seen at the hourly chart. The 4-hour Bollinger Bands indicator shows an increase in volatility and a potential breakout in either direction. The upper band is near the $0.2781 resistance level, while the lower band is above the support levels of $0.2598 and 0.2493, suggesting a possible continuation of the uptrend in the short-term.

LRC formed a bullish bullish engulfing candlestick according to technical analysis. It is currently trading above the 200-day and 50-day moving averages, indicating a bullish market sentiment.

1-Day Trading Chart Source : TradingView

As the MACD line (blue), crosses above the signal line, it shows an increase in bullish momentum. Traders should pay attention to any bearish crossings, as a sloping tendencyline is possible on the 4-hour charts.

In the 4-hour chart, a continuation of an ascending triangle can also be seen, with the triangle’s support level currently holding. This bullish pattern could possibly lead to a breakout in the positive direction for LRC price.

The RSI indicator stands at 70, which indicates that the digital asset is currently in excess.

LRC/USD 4-Hour Chart Source : TradingView

LRC seems to be under bullish pressure, as it heads towards higher highs. Fibonacci Retracement tool indicates potential resistance levels at $0.2781 and $0.2878. On the other hand, support levels are at $0.2598. $0.2493 and $0.2394.

Disclaimer: All opinions and views expressed in this price prediction are published in good faith. Readers are responsible for their own research and due diligence. Readers are responsible for all actions taken. Coin Edition and its affiliates cannot be held responsible for any direct or indirect damage or loss.

The post Bullish Extension Pushes Loopring Prices to a High of $0.271 appeared originally on Coin Edition.

See original on CoinEdition

News Source and Credit

Stocksak Editorial

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