Loopring LRC cryptocurrency symbol, logo. Business and financial concept. Hand with smartphone, screen with crypto icon closeup
The Loopring price is up by 4 per cent in today’s trading session, a continuation of the bullish trend that started three weeks ago. Despite the current price gain, Loopring is still down by 4 per cent in June. This is after prices fell by almost 8 per cent in yesterday’s trading session. However, it is highly unlikely that Loopring will be extending May’s 16 per cent price drop.
Loopring is up by 4 per cent in today’s trading session. The cryptocurrency has also been trending upwards, with the past three weeks showing prices trading within an ascending channel. Looking at today’s upward, it is likely that the current prices will continue rising throughout the session.
Using the chart below, we can see the Williams Alligator indicator showing the long-term aggressive bearish move slowing down. The indicator has also started showing signs of the prices reversing in the markets. Since May 12, when the current upward trend started, the prices have gone up by 63 per cent. Despite the past two days’ losses in the markets, the chart shows that the long-term market trend is still bullish.
Therefore, my Loopring price prediction expects the prices to continue going up. There is a high likelihood that today’s trading session will be able to wipe out yesterday’s 7 per cent price loss. The prices are also likely to retest the $0.66 resistance level.
Although the resistance level has not been broken for the past three weeks, there is a high likelihood that the current bullish trend will have enough momentum. This will see Loopring prices trade above the resistance level. Since the current upward move is a trend reversal, the $1 future price level is also a possibility.
However, if the prices close at any point below the $0.45 price level, then my bullish trend analysis will be invalidated. It will also indicate that the bear market is not yet done. Trading below that level may also trigger an aggressive sell-off that will likely see the prices trade below the $0.32 support level.
This post was last modified on %s = human-readable time difference 14:43