Loopring has been pretty static over the past couple of months as the cryptocurrency ranges between $0.078 and $0.053 - not being able to make any movement above or below either direction. Despite the recent overall stagnation, the cryptocurrency still has dropped by a total of 20% over the past month which has seen the price for the coin drop to the $0.05583 level.
Loopring presently sits in the 123rd ranked position whilst it holds a $48.35 million market cap value. This may seem pretty dull - however, for those waiting on the sidelines, this presents a great buying opportunity to enter into a great project at a very reduced rate.
This does not mean to say that Loopring will not head lower, in fact, it is trending to head lower and could possibly break beneath the $0.050 support level - however, considering Loopring has not been on a bullish USD run lead by Bitcoin this presents a great buying opportunity provided it shows some signs of promise.
Looking at the daily chart above we can clearly see the range between $0.077 and $0.052 that the market has been trapped within during both May and June. If the selling continues to push Loopring lower toward the $0.050 level - we expect a strong level of support to be located between $0.051 and $0.048.
If the selling pressure overwhelms the bulls and pushes the market beneath $0.048, further support can be expected at $0.045, $0.042 and $0.040. If the bears continue to push price action beneath $0.04 - added support is then located at $0.037 and $0.032 - the December 2018 low.
Alternatively, if the buyers can hold at the current support and remain above the $0.05 level - we can expect immediate higher resistance to be located at $0.06, $0.065 and $0.07. Above $0.07, the next level of strong resistance lies at the May 2019 high at $0.07632 - the bulls will require significant momentum to break above here. If they can, further resistance is then located at $0.078, $0.080, $0.085 and $0.090.
The market does look like it wants to hold the current support around $0.052 - however, the overall bearish nature seen during June may prove to be too strong causing Loopring to drop toward $0.050. The RSI is showing some signs of promise but it still needs to break above the 50 level to show that the bulls have taken charge of the market.
Overall, if Loopring does hold above $0.050 over this next week - we can expect the crypto to continue higher toward $0.070.