Loopring $LRC Technical Analysis 26 Apr 2021

By Mandrakata | On The Edge | 26 Apr 2021


Loopring coin is an ERC20 token running on the Ethereum blockchain.  LRC is the governance token for Loopring, a Decentralized Exchange (DEX) protocol with a special type of scaling solution built on Ethereum Layer-2 protocol.
$LRC has a circulating supply of 1.2 Billion $LRC coins and a maximum supply of 1.37 Billion.  It has a deflationary nature as 10% of the Loopring fee pool gets burned.
Already listed and tradable on all major cryptocurrency exchanges like Coinbase and Binance, $LRC is a well-established altcoin.

Technical Analysis

53f2d8d289b8f1d5e5b8946f1f0e45060604848674498f0065d7a475353523d2.png

https://www.tradingview.com/x/cqmP2CLP/

Moving average pattern is bullish. Still uncrossed each other, 200-MA was doing is work as support.
We have an accumulation zone between 2 Fib retracement levels: $0.51 and $0.49. Breaking these levels will do a start of new trend.
Moreover actual price position in the trending channel suggest that we can have space to testing last high zone in 2021 ($0,71 Fib first retracement level).
The momentum indicator (RSI) confirm that we are in the lowest side for the mid term.
Anyway technically price must be above the 50% Fib retracement level to be safe for an uptrend.
I'm Long, still Holding.

 

⚠️ Disclosure ⚠️ I wrote this article myself, and it expresses my own opinions.  Above ideas is for educational purpose only, it is not intended to be investment advice.
Some of reported links are affiliate links where I'll earn a small commission if you make a purchase at no additional cost to you.  I will never promote anything I don't truly believe in.

 

🔑 Best Crypto Wallets
🌐 Best Crypto Exchanges (where I buy crypto) 
💹 Best Crypto Tools for Trading
👍 Free Crypto Faucets (daily airdrops)

 

How do you rate this article?


4

0

Mandrakata
Mandrakata

Risk taker. Creativity solves everything. I practice what I post.


On The Edge
On The Edge

Trading outside your comfort zone. My technical analysis Ideas and Trading journal.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.