Loopring (LRC) Attempts Breakout From 163-Day Resistance Line
Loopring (LRC) has been moving upwards since Feb 24 and is close to breaking out from an important resistance level.
LRC has been falling underneath a descending resistance line since reaching an all-time high price of $3.85 on Nov 10. The downward movement has so far led to a low of $0.62 on Feb 24. The ensuing bounce served to validate the $0.67 area as support.
Currently, LRC Is making its fourth attempt at breaking out from the aforementioned descending resistance line. If successful, the next closest resistance area would be at $1.87. This is the 0.382 Fib retracement resistance level when measuring the entire drop. On top of this, it is also a horizontal resistance area.
Indicator readings
Technical indicators in the daily time frame are quite neutral. The RSI is right at the 50 line and the MACD is at 0. Furthermore, neither has an upwards moving slope. Therefore, they are no help in determining if LRC will manage to break out from the long-term resistance line.
Cryptocurrency trader @Livercoin tweeted a chart of LRC, stating that he will long a potential reclaim of the $1 area towards $1.15.
According to the two-hour chart, it would be likely for LRC to move above $1. The reason for this is that the price has already broken out from a descending resistance line and reclaimed the $0.91 horizontal area afterwards, validating it as support on April 22 (green icon).
If the upward movement continues, the next closest resistance would be at $1.15, created by the 0.618 Fib retracement resistance level.
In turn, this would likely cause a breakout from the long-term resistance line.
LRC/BTC
The LRC/BTC chart is more bullish, since it shows that the price has already broken out from a descending resistance line. Similar to the USD pair, the resistance line had been in place since Nov 2021.
If the upward movement continues, there would be strong resistance at 4150 satoshis, created by the 0.5 Fib retracement resistance level.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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