LoopRing price (LRC) continues its range in the low-end region and hasn’t shown any signs of relief from Tether. Even with relief bounces from other cryptocurrency on the market that produced double-digit gains for LoopRing, it still looks dormant. Data from Binance
LoopRing Analysis of the Weekly Chart
The chart shows that LRC’s weekly low was $0.35. LRC prices bounced back from $0.35 to $0.4 per week, as LRC is not able to demonstrate much strength in trending higher.
LRC weekly candle closed with the bearish sentiment, with the new week’s candle looking indecisive.
It has shown little to no traction. If LRC’s weekly chart price holds this pattern, then it may retest $0.35 which is the key support area on the weekly charts.
LRC must break resistance at $0.5 to move higher. This will allow for higher prices and more double-digit gains.
Weekly resistance for the price of LRC – $0.5.
Weekly support for the price of LRC – $0.35.
LRC Price Analysis On The Daily (1D), Chart
LRC prices have been seen swaying in what seems like a loop to prevent them from moving higher.
LRC’s price has been between $0.35 and $0.5, with the support price acting as support while the resistance price acting as resistance. LRC’s price must move above $0.5 to continue trending higher. A region around $0.65 would be key resistance to any single-digit LRC.
LRC could break this range with more volume and buy orders; however, if LRC fails to breakout, the price can retest $0.35. If there’s a market selloff, the price may drop below $0.35.
LRC currently trades at $0.39. This is just below the 50-200 Exponential Moving average (EMA) which corresponds with prices of $0.42 to $0.65 and acts as resistances to LRC’s price.
Relative Strength Index, (RSI), for LRC’s price is shown on the daily charts. It is higher than 40. This means that there has been a small volume of purchase orders.
Daily (1D) resistance for LRC price – $0.5-$0.65.
Daily (1D) support for LRC price – $0.35.
LRC Chart Price Analysis on The Four-Hourly (four hours)
LRC prices have continued to exhibit a bullish trend lower than the 50 and the 200 EMA values, which represent $0.42 to $0.399 and act as resistances.
LRC must break above 50 and 200 EMA in order to be bullish. If LRC does not break above these levels, the price could retest its support level at $0.35.
Four-Hourly (4H) resistance for LRC price – $0.42, $0.399.
Four-Hourly (4H) support for LRC price – $0.35.
Featured Image from zipmex. Charts from TradingView.com