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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
