Loopring Price Augury: LRC Looking to Bounce off a Support Level

• Loopring price forecast: LRC prices trying hard to bounce back.
• The price is about to break a support level, will it survive?
• The coin after an 800% increase is now struggling to even stay above the bare minimum.

What Is Loopring- a Beginners Guide

Loopring is a tech using Ethereum to enable the open protocol, which claims to provide decentralized exchanges (DEX) to allow the exchange of digital assets among users in a decentralized manner.

The founder of Loopring is Daniel Wang,  who is known to be a software engineer as a professional. Furthermore, Daniel has worked in various tech giants like Google and JD. 

During the time of 2017, Loopring raised coins worth $45 Million. However, due to the laws of China, the team returned 80% of the raised funds.

LCR‘s Previous Action and Forecasting

LCR‘s Previous Price Action

The price of LRC was pretty stagnant with some volatility up until November 2021,  when it was raised to 800% in just a matter of a week to 10 days, from $0.387 to $3.97.

However, this spike came crashing down, and with a continuous fall, the price reached back to $0.627. Although, after that, some buying momentum came. But the good blue skies for the bullish investors weren’t for long as it made its high at the end of March 2022.

Current Price Action and Prediction

At the time of writing, the price has been close to $0.222, with a downtrend shown by the moving averages as the 100 DMA seems to surpass the 200 DMA as both of them are $0.421 and $0.4156, respectively.

The support for the current trend will be at the levels of $0.2107 for support 1, which is immediate but had been confirmed twice, and $0.1280 for stronger support 2.

The resisting levels of LCR would be as follows- resistance 1 as $0.432 and $0.599 as resistance 2.

The RSI is also showing a long-term downtrend, with the strength decreasing. It is currently at 39, which may continue to fall, regarding the current situation.

The prediction for the end of 2023 with the DMA as discussed above is showing a negative trend of pricing if a reversal comes after the price above $0.432. Although the 2nd resistance is not so far away, only if it sustains, this is the only way for the investors to survive.

Conclusion

Loopring, founded by Daniel Wang is an Ethereum-based technology that provides the creation of DEXs for easy exchange of digital assets. 

Its native token, LCR, is currently in a long bearish trend as the DMAs show. Although there are good supports available, the price will be decided by the breakout for the year.

Technical Insights

Support: $0.210, $0.128

Resistance: $0.432, $0.599

RSI: 38

200 DMA: $0.415

100 DMA: $0.421