Loopring (LRC/USD) Sees Bullish Momentum Consolidate at $0.42: Sustainable Trend Ahead?
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The Loopring market initiated a departure from stable market conditions, marked by a consolidation phase around the $0.23 price level. Between late February and early March, the market experienced an escalation in bullish momentum, driving prices aggressively upward, surpassing the $0.50 price threshold. However, as the bull market intensified, reaching hyperbullish conditions on March 14, it signaled the potential for a retracement or even a reversal in the bullish trend.
Loopring Market Data
- LRC/USD Price Now: $0.44
- LRC/USD Market Cap: 581 million
- LRC/USD Circulating Supply: 1.4 billion
- LRC/USD Total Supply: 1.4 billion
- LRC/USD CoinMarketCap Ranking: #140
Key Levels
- Resistance: $0.55, $0.60, and $0.65.
- Support: $0.35, $0.30, and $0.25.
Loopring Market Analysis: The Indicators’ Point of View
Throughout the bullish trend, the upper Bollinger Bands diverged, tracking the price action as it trended upward. However, the lower standard deviation maintained its position around the $0.23 price level. This stability of the lower band, as of then, suggested a potential reversal in the trend. So, we saw a strong price correction from above the $0.50 price level. Despite a notable price correction, bullish activity is evident at the $0.42 price level, indicating ongoing positive sentiment. Furthermore, if the bearish sentiment persists beyond the $0.50 price level, the market may consolidate before resuming its bullish trajectory towards the $0.600 price level.
LRC/USD 4-Hour Chart Outlook
In a shorter time frame, we observe a crypto signal indicative of the resilience of the $0.43 price level. Additionally, analysis of trading volume indicates a reduction, along with decreasing volatility. These factors suggest an imminent market consolidation around this level. As the Bollinger Bands converge, it may signal an impending definitive price movement in a discernible direction.
