The Loopring (LRC) price has entered a symmetrical triangle pattern on the daily chart in the face of continuous bearish pressure.
The bulls have begun to retreat, and LRC needs buyers in order for a breakout.
However, there is a possibility of a bearish breakthrough and the token’s price falling below $0.30. Loopring is trading at $0.37 as of this writing, a decrease of 4% over the last seven days, according to statistics provided by Coingecko on Wednesday.
It began 2017 on a positive note for the entire crypto market. But, the market was beginning to show signs that it would not be easy in 2022.
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Gloomy Market – Loopring drags down loopring
Today’s crypto market is extremely negative. It has seen a minor crash during May and June.
Loopring is also suffering from the strong bearish trend. It has dropped 80% in year to date due to this aggressive bearishness. The coin’s trading volume is 69 million, while its market capitalization is 488 million.
Loopring’s volatility has been in a downward triangle pattern for the past two-months. LRC also tested the falling trendline again, which could spark another bear cycle within this pattern.
Loopring, one of the few projects to show signs of recovery during June, was one of those. A significant bullish push was evident in the first five days. But, the bullish move was soon followed by a substantial bearish trend that caused a price drop of 41 percent.
LRC market capital total at $494 Million according to the daily chart. Source: TradingView.com| Source: TradingView.com
LRC faces a tough road ahead
The first 15 days of June also began to improve, resulting in the reversal of some of the month’s losses because of a nearly 40 percent price increase. Loopring however appears to be continuing its bearish trend and has lost 14% of its value over the week.
The current recession is largely due to the same factors that are affecting stocks and other markets. Consumer prices are increasing at the highest annual rate in more than 40 years, and the latest Federal Reserve rate increase is still being felt on the bitcoin market.
Loopring’s price and those of other altcoins are continuing to fall due to economic forecasts that predict a worsening economy.
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Featured image taken from CHVNRadio. Chart from TradingView.com