Loopring (LRC) & Basic Attention Token (BAT) price analysis
Loopring (LRC) & Basic Attention Token (BAT) price analysis

By zulonga | Zulonga | 1 Jun 2020


When I realized that I already have a very interesting amount of BAT and LRC, I decided to enter the graphics of both and do a study on the opportunities that the graphics gave me, as everyone who reads or writes regularly on this site receives these tokens as a way As a reward, I think my private study may interest many people who don't know what to do with such tokens. If you are interested in this content please comment so that I regularly bring updates about these two tokens and the next ones that will be added to the platform.

Loopring (LRC)

Initially, I need to say that the analysis of Loopring will be in the bitcoin parity (LRC/BTC) of the binance broker because it is the graph that presents greater consistency in terms of daily traded volume and the graphs with stable coins such as USDT (LRC/USDT) despite being present in the tradingview are not a possibility of trade in binance.

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Before actually starting to analyze the LRC chart I bring the dominance of bitcoin which is important because it has a very interesting connection with the price and the valuation of altcoins against bitcoin. We can see that bitcoin's market dominance has been steadily falling since its peak in September 2019, with that it enters a descending channel where it remains until then, note that since its last touch on the bottom of the graph it has found strength to return to go up as you made ascending tops looking for the upper edge of the channel, now it’s falling to the green line where it’s supposed to be the next support region before the channel’s midline, if these supports are broken we’ll see a wave of appreciation for the altcoins in relation to bitcoin, among them loopring.

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I placed the Loopring graph itself on the dominance graph and we can clearly see the relationship mentioned above, whenever the dominance falls, the Loopring value goes up and vice versa. So looking at the dominance graph and projecting that the next move is to break the uptrend line, we can consider that the price of loopring will continue to rise, let's now look at the graph of Loopring itself and see what it tells us.

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What I did on this chart was to trace a fibonacci retraction from the bottom of the beginning of the year to the top of the top, so it is possible to clearly see the resistance zones formed up to the top, the most relevant before the top is currently 0.786 where I believe that we will not have so much difficulty to pass. After that I plotted a pitchfork that currently shows me a resistance zone that has been respected since the most recent fund, having played three times and presented two false breaks, we are currently in a decisive moment where the price is (at the exact moment I write trying to break through this region, it is interesting to note that he was also trying to break through the 0.618 zone and yesterday he found support in that region, which may give us conviction to believe that this may be the expected breakout. Finally, I plotted the 365-day moving average (this was by chance, I was testing a setup on another graph) and it is currently located exactly on the pitchfork median line which is also point 1 of the fibonacci retraction, that in itself already makes this area magnetic for the price, when the price reaches that region you will find a very strong confluence of various resistances.

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The technical indicators show us a clear consensus of purchase on both the daily and weekly charts, giving even more confidence when making the decision whether to buy or sell our tokens now.

Basic Attention Token (BAT)

Now the darling of many (if not all) users of this site.

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The BAT brings me a very simple formation in reality, we can see that since it left the $ 0.10 zone it has formed a descending upside-down right triangle, projecting from the bottom to the top we have to when the price breaks the current resistance region he seeks the $ 0.40 zone. Areas where he will possibly stop before that are $ 0.27 which coincides with the 0.786 point of fibonacci retracement and the last top that preceded the fall by 0.33.

 

I hope my personal study has helped you in something, if you want me to bring you more frequent updates on these two tokens please comment, thanks for reading :D


zulonga
zulonga

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Zulonga
Zulonga

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