Loopring price ready to resume uptrend following LRC’s 34% correction
- Loopring price had a major rally towards $0.621 but also suffered a significant 34% correction.
- The digital asset has bounced back up from a low of $0.4 as several indicators show it’s poised for a recovery.
Loopring saw a 260% rally in the past three days from a low of $0.17 to a two-year high at $0.621. The digital asset had its biggest trading volume spike at $1 billion in 24 hours and it’s still in an uptrend.
Loopring needs to defend crucial support level to resume uptrend
LRC has found strong support at $0.4 and has experienced a 21% bounce from this level. The digital asset remains bullish and the TD Sequential indicator has just presented a buy signal in the form of a red ‘9’ candlestick on the 2-hour chart.
LRC/USD 2-hour chart
The In/Out of the Money Around Price (IOMAP) chart indicates that the strongest support area is located between $0.396 and $0.41, which adds credence to the bullish outlook above. It also shows very little resistance to the upside when compared to the $0.4 support point.
LRC IOMAP chart
However, the $0.4 support level is the only strong one nearby. If bulls fail to hold this point and LRC drops below it, it could easily dip towards the psychological level at $0.3 in the longer-term, which would be a clear shift in favor of the bears.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
