Traders need to watch this pattern to trade Loopring price profitably as 40% gain in the works
|- Loopring price has been sliding lower after it slipped back below important support.
- LRC trading volume abates as a clear pattern emerges for 2023.
- Traders could book a 40% gain on the back of this pattern and see LRC hitting $0.50 soon.
Loopring (LRC) price is not making big waves for the month of March in comparison to its stellar performance in February with a peak near $0.50. Since then price action has been trading lower, and trading volume has been decreasing. The volume chart shows an important element that traders can use to pinpoint the next rally.
Loopring price on the rebound to $0.50
Loopring price is trading higher in 2023 on the back of a clear investor inflow that is jacking up the traded volume intraday. What follows after that is often another few candles that see follow-through in the coming candles. This means that traders who keep an eye on the volume chart can pinpoint when the next rally is underway and can await confirmation before trading the pure technical levels.
LRC has seen its volume in the past few days abating quite quickly, which means that a breakout will soon occur. Watch for any green spikes that match the spikes from March 13 or 14 or those that break higher. Once those become visible, expect a leg higher that could reach $0.50 by the end of April.
LRC/USD 4H-chart
The drop-off in volume could point as well to a bigger underlying issue. Watch out for red volume spikes that point to big selling volume arriving. That could point to short-term nosedive moves that will end around $0.3125 as seen throughout 2023.
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.