Loopring LRC cryptocurrency symbol, logo. Business and financial concept. Hand with smartphone, screen with crypto icon closeup
For three months, the Loopring price has traded within the narrow price range of $0.32 and $0.47. In a number of sessions, Loopring has tried to break out of the support and resistance structure to no avail.
Today, Loopring price, down by less than a percentage point after opening the markets with an aggressive push to the downside, continues to show weakness by trading along the $0.32 support level.
The current struggle in the markets comes at a time when virtually all cryptocurrency projects are struggling. This has seen the cryptocurrency market capitalization seesawing around the $1 trillion valuation, down from $3 trillion a year ago.
Looking at the chart below, we can see Loopring has struggled to establish a strong trend in the past three months. Instead, it has traded in a horizontal market within a range of $0.32 and $0.47 price levels. In today’s trading session, the Loopring price is down by a percentage point and is looking likely to continue with the horizontal market.
However, despite trading in a horizontal market for months, there is a high likelihood that we might see Loopring price starting to recover in the coming session. Part of the reason for this view is I am bullish on the cryptocurrency industry recovering in the coming days. A recovery will see altcoins such as Loopring following the trend of major cryptocurrencies such as Bitcoin due to the significant positive correlation they have.
Therefore, my Loopring price prediction expects it to trade above the $0.40 price level in the next coming sessions. There is a high likelihood that we might also see Loopring testing the $0.47 resistance level for the long term. However, a trade below the $0.30 price level will invalidate my bullish analysis. It will also mean a possible move to the downside.
This post was last modified on Sep 15, 2022, 14:12 BST 14:12