As indicated in yesterday’s post, the bearish Loopring price predictions were realized as the crypto market selloff was also seen on the LRC/USDT pair. This selloff manifested in the completion of the descending triangle pattern, which allowed the bears to take out the 1.9461 support level.
Following this support breakdown, prices dipped to as low as 1.6417 before some fresh buying came in to force a bounce. However, this round of buying lacked conviction, which is why there has been renewed selling on the LRC/USDT pair.
The close of the active candle will indicate if the bears have tired out or if the bulls will capitulate further. Price action elsewhere has seen a massive influx of whale buying, which could suggest that bulls with high spending power are now snapping up crypto tokens at bargain prices. Is this a catalyst to reverse yesterday’s earlier bearish Loopring price predictions?
The active daily candle has formed a higher low to Wednesday’s candle, which could signify that the LRC/USDT pair has found a bottom just ahead of the 1.6021 support. This could allow for a bounce that targets the 1.9461 resistance initially. 2.2064 and 2.4613 are additional price targets to the north, which must be breached before 2.6694 comes into the mix.
On the other hand, an extension of the bearish move that breaks down the 1.6021 support level allows the 1.0905 support to become a new target. Intervening support at 1.3662, formed by the highs of 4/6 November 2021, must also give way to give the bears a chance at aiming for 1.0905.
This post was last modified on %s = human-readable time difference 13:56