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Amsterdam
6 February 2023
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Altcoins

LOOPRING token price analysis: LRC token price is getting ready for a big move.

  • The LRC token price is trading at the demand zone on a daily time frame.
  • The LRC token price is forming a falling wedge pattern on a daily time frame.
  • The pair of LRC/BTC is trading at the price level of 0.00001467 with a decrease of 1.12% in the past 24 hours.
Source: LRC/USDT by tradingview

On a smaller time period, the LRC token price is trading towards the supply zone, whereas on a bigger time frame, the token price is trading near the demand zone. The LRC token price is trading above the long-term demand zone after a significant rebound. Despite the market’s strong adverse emotions, the token price has managed to stay above the demand zone.

On an hourly basis, the LRC token price is forming higher high and higher low patterns. On a longer time scale, the token price is still generating lower lows and lower highs. The token price is now trading below the 50 and 25 Moving Averages. Following the negative trend, the token price has fallen below the 50 and 25 moving averages. As the token price rises, it is met with significant resistance from these moving averages.

The token price has likewise failed to break through the top band of the Bollinger band, remaining in the centre of it. Volatility has increased as a result of increased volume, so investors should remain cautious and wait for a clear trend.

The LRC token price is forming a falling wedge pattern on a daily time frame 

Source: LRC/USDT by tradingview

Supertrend: The LRC token price has been sideways, as it managed to sustain above the demand zone on the daily timeframe. Recent bullishness resulted in the LRC token price rising above the important short-term demand zone. Previously the LRC token price was resting in the super trend buy zone. Despite the rise in the token price it has failed to surpass the super trend sell line which is acting as a strong supply zone. Moving upwards the token price can be seen facing strong bearish pressure from the super trend sell line if bulls fail to overpower the bears.

Moving Average Convergence Divergence: Recent movement in the price of LRC tokens seems to be bearish on the weekly time frame as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the downside indicating bearish momentum in the upcoming days. If the token price can sustain above the current short-term demand zone, then the MACD indicator can be seen to turn positive. If the LRC token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown.

Average Directional Movement Index: The LRC token price has been on a rise for the past couple of days and recently it started consolidating near the supply zone. As a result the ADX curve also fell, depicting the consolidation. Moving upwards if the token price can sustain above the demand zone, the ADX curve can be seen dipping out of the 25 mark, as the token price breaks the supply zone. If not, then the token price can be seen falling leading to the ADX curve falling further. 

Conclusion: The LRC token price is hovering around the supply zone on a lower time frame. As per the price action, the token price is forming a reversal chart pattern. The technical parameters are indecisive due to sideways movement. It remains to see if the token price will break the chart pattern on the upside or break the demand zone. 

Support: $0.20 and $0.19

Resistance: $0.28 and $0.44

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