Loopring (LRC) Abstract Cryptocurrency. With a dark background and a world map. Graphic concept for your design.
The Loopring price history for the past few weeks has seen it go from trading aggressively upwards within an ascending channel to breaking out of the structure. In today’s trading session, the Loopring price is already down by 7 per cent. The trading session is also looking aggressively bearish, with a likelihood of prices dropping further before the session ends.
Since June 18, Loopring has been in a bullish trend. It has also traded within an ascending channel. The bullish move, which extended into July, saw it close the month with a gain of 8 per cent.
In August, the Loopring started strongly, and at one point, it was up by 25 per cent. However, on August 14, after piercing through the upper trend line of the ascending channel, the prices failed to continue with the breakout. Instead, during the late hours of the trading session, the prices dropped by 8 per cent, which saw Loopring close the markets with a 2 per cent drop. Since setting the price high on August 14, the crypto has gone on to drop by 28 per cent in the past 6 days. This has seen the monthly gains made at the start of August wiped and prices dropping by 10 per cent.
Having looked at the price history of Loopring for the past few weeks, it is clear that the current aggressive bearish move to the downside may be a price level. With today’s prices dropping by 7 per cent, the bearish trend also looks to be continuing.
Therefore, using the chart below, there is a high likelihood that we will see prices continue to fall. There is a high likelihood that we will see prices hitting the $0.32 support level in the next few trading sessions. Looking at the chart below, there is a high likelihood that Loopring may also break the support level to the downside. My trade analysis will, however, be invalidated should the prices trade above yesterday’s price high of $0.43.
This post was last modified on Aug 19, 2022, 14:22 BST 14:22