Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-04-12 04:39:51

LRC Technical Analysis: Bearish Trend Approaches $0.70 Mark

LRC coin price experiences an increase in selling pressure with the breakout of the $1 mark. Will the downtrend surpass $0.70? Key technical points: The LRC price falls under the $1 mark. The market price trades below all the crucial daily EMAs. Finally, the 24-hour trading volume of Loopring is $167.88 Million, marking a 105% rise. Past Performance of LRC LRC coin price fails to sustain above the $1.20 mark resulting in a sharp fall to the $1 level, which broke after a few days of consolidation. Today, the prices fell by 7.94% resulting in the bearish breakout of the consolidation range and the psychological barrier of $1. The downtrend accounts for a 32% fall within the past two weeks and showcases a boom in selling pressure, evident by the 100% jump in trading volume. Source-Tradingview LRC Technical Analysis LRC coin price shows an ongoing downtrend below the $0.900 with the growing bearish engulfing candlestick. Moreover, the lack of any significant support level before $0.73 indicates a 15% downtrend possibility. The crucial daily EMAs maintain a bearish alignment, with the 50-day EMA failing to halt the downtrend. Hence, the EMAs regain their resistance status with the fallout and will now provide opposition to future bullish attempts. RSI Indicator: The RSI slope continues the downtrend that started after the failure to spike into the overbought zone. The 14-day average line gets influenced by the bearish retracement r...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer