Loopring(LRC)/USDT Technical Analysis: 08 January 2022

Loopring, an Ethereum-based token displayed its strength during the Metaverse rally in late 2021. The asset, which failed to reach the $1 mark during the bull run in the first half of 2021, surged as high as $3.8 during the end of 2021. Yet the LRC price lost more than half of its gains since December 2021 but still does not possess the possibilities of remaining within the bearish trend. 

How will the LRC price regain its lost positions about the strong resistance levels at $2? And will the asset smash ATH and hit $5 in Q1 2022? Let’s check it out!

Loopring(LRC)/USDT Technical Analysis at a Glance

Loopring(LRC) price experienced an extreme plunge by slashing more than 20% in the recent past. While the other traditional cryptos struggled hard to sustain above the support levels, Loopring recovered from the losses quickly to reach its initial levels. No doubt, it fell under the same bearish trap again and consolidated within a descending channel, yet the buyers showcase a notable strength compared to the sellers. And hence after some period of accumulation, LRC price may tend to resume with the uptrend soon. 

Short-Term	The LRC price is consolidating within the average range since the early trading hours and hence an interim trend reversal may be expected irrespective of the direction
Mid-Term	Loopring is attempting to break out from the bearish trend as it has reached the apex of consolidation and may try surging towards the north
Long-Term	The long-term projection is a little bearish but a strong venture to range high may nullify the downtrend.

Loopring(LRC) Technical Indicators & Pivot Levels

Technical Indicators

Indicators	Value (1Hr / 1D)	Action (1Hr / 1D)
Relative Strength Index(RSI)	42.7 / 35.4	Neutral / Neutral
MACD (12, 26)	-0.02 / -0.13	Buy / Sell
Bull-Bear Power	-0.026 / -0.48	Neutral / Neutral
Ultimate Oscillator (7, 14, 28)	56.7 / 36.6	Neutral / Neutral
Williams Percentage Range	-62.5 / -94.5	Neutral / Buy

Pivot Levels

Pivot Levels	Short-Term	Long-Term
Moving Average(MA)- 50	$1.74	$2.3
Moving Average(MA)- 200	$1.97	$1.03
Resistance	$1.89	$2.11
Support	$1.54	$1.45

Summary

The Loopring price in both the short & long term is bearish, yet in the short term, one can expect a notable consolidation. The RSI which determines the strength of the rally is neutral in both cases and hence manifests a clear accumulation phase. Also, a similar trend is pointed out by MACD which lets out the buy or sell signal. Both the MACD and the signal line are going hand-in-hand and hence manifesting a strong consolidation phase. 

The Bull-Bear power is presently neutral which means neither the bulls nor the bears are strong to act on the price. Additionally yet another indicator, the Ultimate Oscillator that considers 3 different time frames to nullify the false divergence is also neutral. Interestingly, the William Percentage range which shows the overbought or oversold levels is rolling out a bullish signal in the long term. Meaning, the price in the long term is hovering in an oversold region and hence may flip at any moment.

Coming to the pivot levels, the LRC price in the short term is moving along the 50-day MA levels and hence may attempt to rise to hit the immediate resistance at 200-day MA levels. The strong resistance is very less distinct and hence a slight uptrend may ignite the price towards these levels. However, in contrast, if the price falls into a bearish well, the support levels in the short term are not very strong to hold and hence may plunge below $1.5 to test the long-term support levels.

Loopring(LRC)/USDT Technical Analysis for the Week

Loopring price maintained a strong consolidation to end the 2021 yearly trade. Yet the recent sell-off drained a huge amount of gains. No doubt the recovery also ignited quickly, yet it also remained only for a short time. The bears quickly jumped in and dragged the price below $1.7 and compelled it to consolidate as the buying volume is failing to end the bearish trend.

Source: Tradingview Date: 08-01-2021 Time:12:50pm

• The LRC price maintained a constant downtrend ever since it smashed its highs during the mid-Q4 2021
• Currently, after undergoing extreme ups and downs, the LRC price is accumulating gains so that, even if the asset attempts for a surge, yet the uptrend needs to be backed by heavy buying volume
• Loopring is swinging within 0 & 0.23 FIB levels in the short-term and hence may continue to do so for another couple of days. Once enough strength is gathered, then one can expect a notable upside trajectory in the upcoming week.
• Currently, the LRC price must sustain at the current levels and slowly range high to achieve the upper FIB levels one after the other. In doing so, the LRC price can eventually hit the upper FIB levels at 1.6 at around $2.4.

Loopring(LRC)/USDT Technical Analysis for Today: 08 January 2022

The Loopring price in the short-term is swinging within a descending triangle and almost reaching the apex. Currently, the volume is also pretty low and hence we cannot expect an extreme price movement. Therefore, the triangle may get extended until the beginning of the next weekly trade, where-in a strong trend reversal may be expected in the upcoming week. 

At the press time, the LRC price is around $1.69 with a drop of 2.20% compared to the previous day’s trade. The trading volume remains reduced by more than 50% while the market capitalization also plunged by 2.2%. The asset began the daily trade above the average price of $1.72 but currently is trading much below these levels. Therefore a daily close around the average levels is mandatory to maintain a healthy consolidation.

Where & How to buy Loopring(LRC)

Loopring (LRC) is widely available for trade on almost all platforms, including India’s most trusted platform CoinDCX. Here one can not only experience smooth and timely trades but also enjoy huge benefits with additional features. To start your trade journey here is pretty easy, just download the CoinDCX mobile App on your smartphone and register with your personal & bank details. 

As the new year 2022 began with a bash, CoinDCX App is also about to upgrade with a new version called ‘CoinDCX Pro’. The Pro App offers many advanced features like faster order placement, unlimited access to the technical charts which are pretty advanced, new design for the lucrative look, etc. Download the app today and start your hassle-free trade at a single touch. 

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