Loopring set for an explosive launch after flipping this resistance
|- Loopring price shows signs of an incoming bull run after flipping the $1.17 resistance barrier into a support level.
- The recent move allows LRC to trigger an exponential surge to $2.
- A daily candlestick close below $1.03 will invalidate the bullish thesis.
Loopring price has set a stable bottom after the downtrend vanished on January 22. Since then, LRC has managed to flip multiple hurdles, turning them into reliable support levels. With the recent flip of a significant level, investors can expect the altcoin to trigger another run.
Loopring price edges closer to a bulll run
Loopring price set a swing low at $1.03 on March 25 and pushed through the $1.17 hurdle, flipping it into a support level. This move is a significant buy signal since there are not many meaningful blockades that could prevent a run-up.
Therefore, investors can expect the Loopring price to trigger a vertical rally as it did in late October and early November 2021. Assuming such an exponential run-up being, investors can expect Loopring price to retest the $1.96 hurdle after a 55% ascent.
In some cases, the rally could extend a little to tag the $2 psychological level, bringing the total gain to 58%. Beyond the $1.96 barrier, there could be consolidation before any new leg-up origins.
LRC/USDT 1-day chart
While things are looking optimistic for Loopring price, a breakdown of the recently flipped resistance barrier at $1.17 will serve as a headwind for bulls.
Moreover, a daily candlestick close below $1.03 will invalidate the bullish thesis for Loopring price. This development opens the path for a further descent, where, LRC could revisit the $0.93 support level, allowing buyers to regroup for another attempt at an uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.