Pair Set to Correct Below $1.024

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You would have been cor­rect if you had a Loopring price pre­dic­tion of a poten­tial cor­rec­tion on the LRC/USDT pair. The dai­ly chart indi­cates a minor trend to the upside, but this trend has been punc­tu­at­ed sev­er­al­ly by price cor­rec­tions as the mar­ket con­tin­ues its see­saw movements. 

The LRC/USDT pair has shown a sur­pris­ing­ly strong cor­re­la­tion to Bit­coin prices in the last three months. The lat­est decline in the price of Loopring fol­lows a sim­i­lar cor­rec­tion on the BTC/USDT pair, fol­low­ing Bitcoin’s sur­prise jump above 47,000 last week. At the same time, the LRC/USDT pair spiked to 1.3620, the high­est since the start of the year. If you love to trade per­pet­u­al CFD con­tracts on cryp­tocur­ren­cies, this is one pair to watch for as it has excel­lent volatil­i­ty and a pos­i­tive cor­re­la­tion with Bitcoin.

It is impor­tant to note that the cor­rec­tion from Novem­ber 2021 was a retrace­ment of more than 80% from the asset’s highs. The tide appears to have turned after the bounce on the 0.6342 price mark. How­ev­er, the accom­pa­ny­ing recov­ery move is expect­ed to face sev­er­al hur­dles before the LRC/USDT pair can get close to its pre­vi­ous highs. The 2022 high at 1.3620 appears to be the imme­di­ate hur­dle in the medi­um term that needs to give way for any bull­ish Loopring price pre­dic­tions to take hold. 

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Loopring Price Prediction

The break­down of the rec­tan­gle pat­tern and sub­se­quent decline com­pletes the pattern’s expect­ed role as a con­tin­u­a­tion pat­tern. The mea­sured move is expect­ed to end at the 1.0247 sup­port lev­el (8 Feb­ru­ary and 25 March low). How­ev­er, this lev­el is fac­ing severe pres­sure from the bears. A break­down of this price lev­el tar­gets the 0.9561 sup­port lev­el. If the decline con­tin­ues, sub­se­quent piv­ots at 0.8545 and 0.7586 will be engaged and will become addi­tion­al tar­gets to the south. 

On the flip side, a bounce at 1.0247 will result if the bulls can suc­cess­ful­ly defend this price mark. The accom­pa­ny­ing bounce will tar­get 1.0990 ini­tial­ly, before 1.2136 (for­mer ceil­ing of the rec­tan­gle pat­tern). 1.300 and 1.3767 are addi­tion­al tar­gets to the north, but these will become viable if the bulls take out the 1.2136 price resistance.

LRC/USDT: Daily Chart

Fol­low Eno on Twit­ter.



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