LRC Technical Analysis: Bearish Breakout Brings Downtrend To 200-day SMA

The LRC coin price shows a free fall as it breaks below the flag pattern and hangs close to the 200-day SMA. Will it manage to rise again? LRC represents the Ethereum-powered crypto token used by Loopring. It is an open protocol that was designed to facilitate the creation of decentralized crypto exchanges. LRC tokens were made available to the general public in the initial coin offerings (ICO) during August 2017. The Loopring protocol was launched on the Ethereum main net in December of 2019. Let us move ahead to read about LRC technical analysis. Past Performance of LRC LRC coin price breaks below the flag pattern in the daily chart and retests it before giving a downfall to the $1 mark. It results in a free fall of more than 30% in the past week, forecasted in our previous article. However, the price action shows long tail formations in the daily chart near $1 that may soon result in a morning star pattern. LRC/USD Daily Chart LRC Technical Analysis The LRC coin price hangs close to the $1 mark after the downfall from the flag pattern. However, the recent downfall in the coin price reflects increased bearish momentum that may shortly break below the $1 mark. The Loopring token prices hinge near the confluence of $1 and the 200-day SMA in the daily chart. Moreover, the spark fall in the 50-day SMA indicates a high possibility of a bearish crossover with the 100-day SMA. The Super Trend indicator shows a downtrend in action a...